Introduction:
Aircraft Maintenance Repair and Overhaul (MRO) refers to the on-ground activities that include timely maintenance, repair, and replacement of wear and tear as well as overhaul of entire aircraft to meet new aviation standards. As MRO activities are crucial to the operational readiness of the aviation fleet, the segment has majorly benefitted from the increase in the air fleet. Apart from the growing number of commercial aircraft, many of the countries are also focusing on the expansion of existing airports and the establishment of new airports, which has further impacted the ground handling services and new hangers, further promoting the demand for Global MRO services. According to the UnivDatos Market Insights Analysis, growing demand for commercial aircraft repair services with increased efficiency will drive the growth scenario of Aircraft MRO, and as per their “Global Aircraft MRO Market” report, the global market was valued at USD 102,375.50 million in 2023, growing at a CAGR of 3.92% during the forecast period from 2024 – 2032.
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Rising Trend of Electric Aircraft for Commercial Aviation:
Many of the companies are also shifting towards electric aircraft in order to further increase efficiency. As electric aircraft offer better fuel efficiency and sustainable aerial transportation, many of the manufacturers have aligned their offerings towards electric Aircraft manufacturing. These electric aircraft with two to four seats are being used as air taxis for intercity transportation. The segment has exhibited rapid growth among buyers looking to escape city traffic to reach their destinations. For instance, SaxonAir announced the launch of its first certified electric aircraft, the Pipistrel Velis Electro. The aircraft comprises two seats and is better suited for short-distance travel.
Apart from this many of the intercity aviation service providers have planned to launch services in developing countries to expand the presence of electric aircraft. In 2024, Archer Aviation, backed by Stellantis and Boeing announced to start its air taxi trials in India by 2026. The aircraft would be able to carry one pilot and four passengers to 161 km in 7 minutes for USD36-USD48 per trip.
Considering the integration of electric powertrains, the demand for Aircraft MRO services would significantly improve in the segment and is anticipated to promote the market share in the coming years.
Rising Demand for Low-Cost Carriers to Support the Growth of Commercial Aircraft:
Fast-growing economies with a massive middle-class population are looking for budget air travel services. Owning to this factor, a large number of low-cost carrier companies have emerged in the region offering budget airline services for both domestic and international air travel in countries such as India, China, Thailand, Indonesia, etc. Some of the countries where budget airlines hold a sizeable share in airline services are Southeast Asia, and South Asia region, where countries such as India, Indonesia, Thailand, Malaysia, Philippines hold 74%, 63%, 57%, 51%, and 58%, respectively which is above 50% of total passenger flying. The respective share is further anticipated to increase in the coming years as middle-class income is burgeoning, which would fuel the demand for budget airline services. In line with this many of the budget airlines have announced their plans to invest in adding new aircraft in the fleet in the coming years. In another instance, in 2023, Indigo announced the buying of 500 new Airbus A320 aircraft with a total cost of USD 50 billion. All the deliveries will take place by 2030-2035, showing an upcoming robust growth of the MRO market in the coming years, i.e., 2023-2030.
Considering the increasing number of Low-cost carriers across the globe, the demand for aircraft MRO activities will surge in the forthcoming years, i.e., 2024-2032.
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Conclusion:
The Global Aircraft MRO market is experiencing a transformative phase driven by technological advancements, sustainable aviation operations, digitalization, market dynamics, and implementation of government policies. Stakeholders across the industry are embracing these trends to enhance operational efficiency, integrating communication systems, power-efficient systems, etc. As MRO services continue to play a strategic role in improving pilot training, staying abreast of these trends and embracing innovation will be crucial for the Global Aircraft MRO market.
