Aircraft Refurbishing Market to Grow at 5.82% CAGR, Reaching USD 8.69 Billion by 2034

Posted on 2024-10-08 by Future Market Insights in Automotive // 0 Comments

The aircraft refurbishing market is set to surpass USD 4,938.26 million in 2024 and is projected to reach USD 8,694.18 million by 2034, growing at a CAGR of 5.82% from 2024 to 2034.

The industry is increasingly leveraging modern technologies like IoT and AI to enhance efficiency and optimize operations. These innovations enable better diagnostics, streamline processes, and offer additional customization options, resulting in quicker and higher-quality refurbishment projects that improve overall market competitiveness.

Airlines and private aircraft owners are also investing in cabin modifications to elevate passenger experience and satisfaction. Upgrades such as advanced entertainment systems, luxury amenities, and flexible seating layouts are becoming more common. These enhancements help airlines differentiate themselves, attract more customers, and drive revenue by offering a more personalized and comfortable flying experience.

Sustainability is another key focus in aircraft refurbishing, with operators adopting circular economy strategies to reduce waste and environmental impact. This includes collaborating with suppliers to source eco-friendly materials, implementing recycling processes for used parts, and exploring ways to upcycle or repurpose components. By integrating sustainable practices, the industry is meeting growing environmental demands, adhering to regulatory standards, and improving brand image through responsible operations.

Comprehensive Market Insights: Full Report Overview

Key Takeaways from the Aircraft Refurbishing Market Report:

The global aircraft refurbishing market size expanded at a 5.41% CAGR from 2019 to 2023.
The retrofit segment holds 66.00% of market shares in 2024.
The narrow body aircraft segment captured 58.60% of market shares in 2024.
The market size in the United States is projected to rise at a 5.40% CAGR through 2034.
The market size in Germany is anticipated to develop at a 5.70% CAGR through 2034.
The market size in Japan is estimated to surge at a 5.30% CAGR through 2034.
The market size in India is expected to increase at a 6.80% CAGR through 2034.

Competitive Landscape:
The aircraft refurbishing market is marked by fierce rivalry between prominent competitors fighting for market dominance and differentiation. Established firms, such as Lufthansa Technik AG, ST Aerospace, and HAECO Group, dominate the industry given their significant expertise, global presence, and diverse service offerings. These huge corporations use economies of scale, technological competence, and existing ties with airlines, OEMs, and suppliers to maintain a competitive edge and gain lucrative contracts for aircraft refurbishments.

Recent Developments:

In February 2024, Bristow Group Inc., a leading global supplier of innovative and sustainable vertical flight solutions, signed an agreement with Leonardo for 10 AW189 super medium helicopters, with the option to buy another ten. The new AW189 helicopters will carry out offshore transport and search and rescue (SAR) missions.
In October 2023, VistaJet introduced the VistaJet Wellness Program across four continents and 20 disciplines for its flyers.

Aircraft Refurbishing Market Segmentation:

By Fitting Type:

Retrofit
IFES & Lighting
Passenger Seats

By Aircraft Type:

Large Body Aircraft
Wide Body Aircraft
Narrow Body Aircraft

By Refurbishing Type:

VIP Cabin Refurbishing
Commercial Cabin Refurbishing

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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