The Aircraft Refurbishing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aircraft Refurbishing Global Market Report 2024, The aircraft refurbishing market size has grown strongly in recent years. It will grow from $5.95 billion in 2023 to $6.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to aging aircraft fleet, retrofitting for regulatory compliance, advancements in avionics, cabin comfort and passenger experience, fuel efficiency improvements, rising air travel demand.
The aircraft refurbishing market size is expected to see strong growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to demand for sustainable practices, integration of connectivity solutions, adoption of new seating configurations, enhanced safety features, economic factors and cost-effective solutions. Major trends in the forecast period include digitalization of cockpit and cabin, integration of sustainable materials, adoption of advanced cabin technologies, customization and personalization, digitalization in design and planning.
Growing air passenger traffic is expected to propel the growth of the aircraft refurbishing market going forward. Air passenger traffic refers to the volume of air passengers commuting; it comprises both domestic and international flight passengers of air carriers registered in the country. Aerospace refurbishment is necessary to maintain an aircraft’s full operational capability and safety for its crew, passengers, and anybody who works on it, as a result, increasing air passenger traffic increases the demand for the aircraft refurbishing market. For instance, in July 2022, according to the Airport Council International (ACI), a Canada-based organization for airport authorities, in 2021, 4.6 billion people travelled via airports worldwide, an increase of 28.3% from the previous year, and a record 125 million metric tons of freight were carried in the air. Therefore, the increase in air passenger traffic drives the aircraft refurbishing market.
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The aircraft refurbishing market covered in this report is segmented –
1) By Aircraft Type: Very Light Aircraft, Wide Body Aircraft, Narrow Body Aircraft, Large Body Aircraft, VIP Aircraft
2) By Fitting Type: Retrofit, IFEC (In-flight Entertainment & Connectivity), Passenger Seats
3) By Refurbishing Service: Interior, Exterior
4) By End User: Government, Commercial
Investments in the refurbishment of the aircraft fleet interiors are the key trend gaining popularity in the aircraft refurbishing market. Major companies operating in the aircraft refurbishing market are investing in the refurbishment of aircraft to strengthen their position. For instance, in August 2022, Emirates, a UAE-based airline invested $2 billion in the refurbishment of the aircraft fleet interiors. This investment is to upgrade cabin interiors in all classes and to enhance its inflight customer experience.
The aircraft refurbishing market report table of contents includes:
1. Executive Summary
2.Aircraft Refurbishing Market Characteristics
3. Aircraft Refurbishing Market Trends And Strategies
4. Aircraft Refurbishing Market Analysis
5. Aircraft Refurbishing Market Size And Growth
6. Aircraft Refurbishing Segmentation
7.Aircraft Refurbishing Regional And Country Analysis
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27. Aircraft Refurbishing Competitive Landscape And Company Profiles
28.Aircraft Refurbishing Key Mergers And Acquisitions
29. Aircraft Refurbishing Future Outlook and Potential Analysis
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