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US General Aviation Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component (Engine, Avionics, Airframe, Cabin, Landing Gear, and Others) and Wing Type (Fixed Wing and Rotary Wing)
- Report Code : TIPRE00029833
- Pages : 110
The general aviation aircraft MRO market is expected to grow from US$ 3.59 billion in 2022 to US$ 5.24 billion by 2028; it is estimated to register a CAGR of 5.9% from 2022 to 2028.
Retrofitting various components, including implementing newer technologies on older aircraft fleets to increase passenger comfort and safety, will fuel the demand for aircraft MRO. Continuous advancements in aircraft technologies further lead to the upgrade of MRO capabilities, because of which MRO service providers are constantly looking for the upgrade and integration of newer technologies. This integration of new technologies is further helping to service and retrofit older aircraft fleets. In addition, the retrofitting trend is soaring among MRO service providers, driving the general aviation aircraft MRO market. A similar trend is also anticipated to continue over the forecast period, which is further raising the demand for the integration of advanced and modern technologies on older aircraft fleets.
The growing adoption of innovative technologies in the general aviation aircraft MRO market is increasing the demand for real-time data analytics. The impact of integrating the new technologies in the aircraft fleet will remain high in the coming years, as projects such as the Federal Aviation Administration’s NextGen, a modernization project of the US, are driving the adoption of the new technologies. This NextGen project refers to the air transportation system to make flying safer. Moreover, airline companies are introducing new products to integrate with their aircraft fleet to enhance fuel efficiency and passenger safety. Thus, the amalgamation of advanced technologies on the existing aircraft is expected to offer an opportunity for the general aviation aircraft MRO market growth.
The rise in spending on maintenance and repair activities of various aircraft components will fuel the market growth. MRO service providers continually focus on creating integrated technologies, such as digital MRO technology, which enables service providers to carry out MRO activities more efficiently. Hence, the rising adoption of digital MRO technology is further boosting the general aviation aircraft MRO market forecast. Furthermore, the country has the presence of several international MRO service providers, which are continuously working on expanding their business in the US. For instance, in March 2022, Southwest Airlines and United Airlines announced that they were preparing to open new aircraft hangars for their MRO operations in Houston and Los Angeles, respectively. Also, airlines in the US are engaged in MRO outsourcing activities to cut costs associated with MRO, further fueling the US general aviation aircraft MRO market growth.
Impact of COVID-19 Pandemic on US General Aviation Aircraft MRO Market
The rapid drop in demand for charter flights across the airport was observed after the New York tri-state order to halt travel plans both domestically and internationally for general aviation passengers to combat the spread of SARS-CoV-2 across the country. These factors negatively impacted the general aviation industry across the US. The significant decrease in demand for charter flights and a complete halt on general aviation travel across the country to combat the spread of the virus further significantly impacted the US general aviation aircraft MRO market negatively.
The overall general aviation aircraft MRO market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information on the general aviation aircraft MRO market. The process also serves the purpose of obtaining an overview and forecast of the general aviation aircraft MRO market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the general aviation aircraft MRO market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Research Methodology
3.1.1 Data Collection:
3.1.2 Primary Interviews:
4. US General Aviation Aircraft MRO Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. US General Aviation Aircraft MRO Market– Key Industry Dynamics
5.1 Market Drivers
5.1.1 Growing Regulation in General Aviation
5.1.2 The Emergence of Digital Technology for the MRO Industry
5.2 Key Market Restraints
5.2.1 OEMs Entering the Aftermarket
5.3 Key Market Opportunities
5.3.1 The Growing Trend of Retrofitting of Older Aircraft Fleet
5.4 Future Trends
5.4.1 Blockchain Technology Changing MRO Landscape
5.5 Impact Analysis of Drivers and Restraints
6. US General Aviation Aircraft MRO Market Overview
6.1 Market Overview
6.2 US General Aviation Aircraft MRO Market Forecast and Analysis
6.3 Market Positioning –Key Players
7. US General Aviation Aircraft MRO Market Analysis – by Component
7.1 Overview
7.2 US General Aviation Aircraft MRO Market, by Component (2021 and 2028)
7.3 Engine
7.3.1 Overview
7.3.2 Engine: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.4 Avionics
7.4.1 Overview
7.4.2 Avionics: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.5 Airframe
7.5.1 Overview
7.5.2 Airframe: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.6 Cabin
7.6.1 Overview
7.6.2 Cabin: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.7 Landing Gear
7.7.1 Overview
7.7.2 Landing Gear: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
7.8 Others
7.8.1 Overview
7.8.2 Others: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
8. US General Aviation Aircraft MRO Market Analysis – by Wing Type
8.1 Overview
8.2 US General Aviation Aircraft MRO Market, by Wing Type (2021 and 2028)
8.3 Fixed Wing
8.3.1 Overview
8.3.2 Fixed Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
8.4 Rotatory Wing
8.4.1 Overview
8.4.2 Rotatory Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
9. Impact of COVID-19 Pandemic on General Aviation Aircraft MRO Market
9.1 US
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Mergers & Acquisitions
11. Company Profiles
11.1 .Ametek Inc
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 SKYWAY GROUP INC.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Safran SA
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Honeywell International Inc
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 The Boeing Co
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 GKN Aerospace Services Limited
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 ST ENGINEERING
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 MTU Aero Engines AG
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 STANDARDAERO
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Textron Aviation Inc.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. US General Aviation Aircraft MRO Market Revenue and Forecasts to 2028 (US$ Bn)
Table 2. Glossary of Term: General Aviation Aircraft MRO Market
LIST OF FIGURES
Figure 1. General Aviation Aircraft MRO Market Segmentation
Figure 2. US General Aviation Aircraft MRO Market Overview
Figure 3. US General Aviation Aircraft MRO Market, by Component
Figure 4. US General Aviation Aircraft MRO Market, by Wing Type
Figure 5. US: PEST Analysis
Figure 6. Expert Opinion
Figure 7. US General Aviation Aircraft MRO Market: Impact Analysis of Drivers and Restraints
Figure 8. US General Aviation Aircraft MRO Market Forecast and Analysis, (US$ Bn)
Figure 9. US General Aviation Aircraft MRO Market, by Component (2021 and 2028)
Figure 10. Engine: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 11. Avionics: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 12. Airframe: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 13. Cabin: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 14. Landing Gear: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 15. Others: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 16. US General Aviation Aircraft MRO Market, by Wing Type (2021 and 2028)
Figure 17. Fixed Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 18. Rotatory Wing: US General Aviation Aircraft MRO Market Revenue and Forecast to 2028 (US$ Billion)
Figure 19. Impact of COVID-19 Pandemic in US Country Markets
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the US general aviation aircraft MRO market.
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the US general aviation aircraft MRO market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
The List of Companies – US General Aviation Aircraft MRO Market
• AMETEK. Inc.
• SKYWAY GROUP, INC.
• ST Engineering
• Safran SA
• Honeywell International Inc.
• Boeing
• Textron Aviation Inc
• StandardAero
• MTU Aero Engines AG
• GKN Aerospace Services Limited.
According to our latest research study on “General Aviation Aircraft MRO Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Component and Wing Type,” the market is expected to grow from US$ 3.59 billion in 2022 to US$ 5.24 billion by 2028; it is estimated to register a CAGR of 5.9% from 2022 to 2028.
All non-scheduled flights, including aircraft that are not operated by the military or commercial airlines, are categorized under general aviation. General aviation is opted for a weekend visit to the desired destination, emergency medical evacuation, overnight package delivery, crop dusting, inspection trips to remote construction sites, etc. Growing disposable income per capita in US, is significantly increasing the demand for aerial photography, parachuting, and sightseeing. Since it is easier to acquire a license for flying a general aviation aircraft and the safety standards are not as stringent as those for any other commercial or military aircraft, demand for aircraft training courses is increasing considerably. These factors are collectively driving the growth of the general aviation industry across the country, thereby offering lucrative business opportunities to the US general aviation aircraft MRO service providers over the years.
As of 2020, there are ~440,000 general aviation aircraft across the world, ranging from small training aircraft and helicopters to intercontinental business jets. According to the General Aviation Manufacturers Association (GAMA) ~205,000 of these aircraft are present in the US and the general aviation industry in the US contributes more than US$ 247 billion to the country’s economy annually. In the US, each year, general aviation aircraft flying accounts for ~25.5 million flight hours. Corporate or business purposes account for two-thirds of this flying time. Thus, the fast presence of general aviation across the country is positively impacting the demand for MRO services thereby contributing to the growth of the US general aviation aircraft MRO market size.
Impact of COVID-19 Pandemic on General Aviation Aircraft MRO Market
The COVID-19 pandemic adversely impacted the US general aviation sector. The industry observed a significant decline in traffic and revenue across its general aviation airports. For instance, according to the National Business Aviation Association (NBAA), several general aviation airports across the US witnessed a decrease in the sale of aviation gasoline and jet fuel to one-tenth of the general fuel earnings in April 2020. Airports that experienced a decline in demand for fuel included Gainesville Municipal Airport (GLE) in Texas, Okeechobee County Airport (OBE) in Florida, and Texas Gulf Coast Regional Airport (LBX). This drop in fuel sales across the airports was directly related to the decrease in general aviation traffic. For instance, according to NBAA, Florida’s Fernandina Beach Airport (FHB) experienced a decrease in demand for charter flights by ~80% in Q1 of 2020. The rapid drop in demand for charter flights across the airport was observed after the New York tri-state order to halt travel plans both domestically and internationally for general aviation passengers to combat the spread of the virus across the country. These factors negatively impacted the general aviation industry across the US.
The US general aviation aircraft MRO market size is segmented based on component and wing type. Based on component, the general aviation aircraft MRO market is segmented into engine, avionics, airframe, cabin, landing gear, and others. Based on wing type, the general aviation aircraft MRO market is bifurcated into fixed wing and rotary wing.
Textron Aviation Inc, Safran SA, MTU Aero Engines AG, Honeywell International Inc., and GKN Aerospace Services Limited AG Aero Group are among the key general aviation aircraft MRO market players operating in the country. During this study, several major general aviation aircraft MRO market players were analyzed to get a holistic view of the US market and its ecosystem.
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