Aircraft Refurbishing Market: which delivers detailed overview of the aircraft refurbishing market in terms of market segmentation by aircraft, by refurbishing, by application, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The refurbishing of an aircraft includes restructuring and redesigning the interiors of an aircraft including cabins and cockpit. Owing to its various added advantages such as reduction in operational costs and boosting the travel experience to end users, the global aircraft refurbishing market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. Based on aircraft, the market is bifurcated into very light aircraft, wide body, narrow body and others, out of which, the highest market share is estimated to be held by the segment for narrow body aircraft. This can be attributed to the fact that the narrow design of aircraft are deemed essential for optimal aerodynamics and fuel efficiency and also for providing easy and comfortable travel experience to end users in the market.
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The market is further segmented by application into transforming passenger to freight aircrafts, commercial aircraft cabin refurbishing, VIP cabin refurbishing and others. Among these segments, the passenger to freight transformation was the largest revenue generating segment in 2019 owing to various factors such as growing global e-commerce, international trade and emergency medical supplies to fight the pandemic.
Geographically, the global aircraft refurbishing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East Africa region. Among these regions, the market in North America is predicted to hold the leading share on account of presence of leading market players in the region providing aircraft refurbishing services. Additionally, the growing domestic demands and the need for enhanced air travel experiences in countries like India and China is anticipated to drive the market growth in Asia-pacific region.
The demand for aircraft refurbishing market is high owing to the fact that aircraft refurbishing is directly influenced by customer-perceived quality and brand image of the airline. The growing disposable incomes among the middle class population across the world and rise in airline players in the domestic markets globally is estimated to drive the market growth for these services. Additionally, manufacturers are focused on developing high-quality aircraft components to cater to the specific requirements from OEMs and airline carriers to improve the aircraft fuel efficiency and reduce operational costs. Such factors are anticipated to significantly drive the market growth. However, high capital investment attributed to restructure and remodeling aircrafts of different airlines is estimated to hamper the market growth.
Major players include in the global Aircraft Refurbishing market:
- Boeing,
- Bombardier,
- SIA Engineering Company,
- Safran, Lufthansa Technik,
- Sabreliner Aviation,
- Collins Aerospace, Inc.,
- Diehl Stiftung Co. KG,
- Hong Kong Aircraft Engineering Company Limited.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aircraft refurbishing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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