Aircraft Refurbishing Market Value to Surpass US$ 7.4 Bn as Demand for Retrofitting Increases by 5.7% CAGR: FMI

Rising air passenger traffic is being experience, owing to the surging demand for fast-paced travel amongst the millennial population. On account of this, the aircraft refurbishing market is expected to surpass US$ 7.4 Bn by the end of 2031. Rising air passenger traffic is being experience, owing to the surging demand for fast-paced travel amongst the millennial population. On account of this, the aircraft refurbishing market is expected to surpassUS$ 7.4 Bnby the end of 2031. For...

Rising air passenger traffic is being experience, owing to the surging demand for fast-paced travel amongst the millennial population. On account of this, the aircraft refurbishing market is expected to surpass US$ 7.4 Bn by the end of 2031.

For instance, according to a report by the International Air Transport Association (IATA), approximately 4.9 billion air travel passengers were reported in 2019 across the world. Hence, increasing focusing on providing better comfort and luxury to the passengers during air travel, is creating lucrative growth opportunities in the market.

Numerous airline companies are actively investing in interiors of their aircrafts by installing advanced in-flight entertainment systems, comfortable seating, and LED lightings, to enhance the passenger experience.

In addition to this, growing demand for VIP cabin refurbishing due to rising air traffic in first class is anticipated to accelerate the sales of aircraft refurbishing market. As per Future Market Insights, the market is projected to expand at 5.8% CAGR over the forecast period 2021-2031.

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On the basis of fitting type, the retrofitting segment is projected to exhibit the fastest growth in the market, expanding at 5.7% CAGR through 2031. Increasing installation of avionics systems, technologically advanced connectivity solutions, and new cabins to increase the safety and comfort in aircraft is driving the growth in the segment.

"Increasing demand for air transport maintenance, repair, and overhaul (MRO) services and upsurge in the trend of the passenger to freighter aircraft conversions is creating high growth prospects in the market," says a FMI analyst.

Key Takeaways from Aircraft Refurbishing Market Study

Key Drivers

Key Restraints

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Competitive Landscape

As per FMI key players in the global aircraft refurbishing market include Safran SA, Raytheon Technologies, Gulfstream Aerospace Ltd., Lufthansa Technik AG, AFI KLM E&M. These companies are estimated to cumulatively account for around 89.8% of the total revenue share in 2021.

Leading players are intensively investing to developing advanced technological innovations for aircraft interior components to gain competitive edge. Also, some of the companies are also focusing in entering into strategic partnerships, agreements, and collaborations with other industry players to strengthen their footprint. For instance,

Some of the key players operating in the market profiled by FMI are:

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More Valuable Insights on Aircraft Refurbishing Market

The latest report by FMI provides a detailed analysis of the global aircraft refurbishing market, providing vital insights into key factor driving the market through 2021 and beyond. The study also disclosed sales projections on in aircraft refurbishing market with detailed segmentation:

By Fitting Type:

By Aircraft Type:

By Refurbishing Type:

By Region:

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Key Questions Covered in the Report

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