Asia-Pacific Aircraft MRO Market: Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecast: 2022-2031

Japan, Japan, Fri, 01 Apr 2022 03:00:11 / Comserve Inc. / -- The Asia-Pacific aircraft MRO market is expected to register a CAGR of over 5% during the forecast period.

The Asia-Pacific aircraft MRO market is expected to register a CAGR of over 5% during the forecast period.

- Asia-Pacific is the fastest-growing region in the world for the aviation industry. With the air-passenger traffic growing rapidly and the airlines increasing their fleet size, the market for aircraft MRO in the region is growing rapidly and the growth is expected to continue during the forecast period.
- In the military segment, though several countries are procuring new aircraft every year, the region still has some of the oldest aircraft fleets in the world, which is also increasing the demand for the aircraft MRO activities.
- The recent outbreak of the Covid-19 pandemic and the subsequent lockdowns has forced several commercial airlines and general aviation aircraft operators in the region to ground their aircraft, which is expected to increase the demand for MRO activities for the grounded aircraft, as the airline must maintain the airworthiness of its aircraft fleet.

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Key Market Trends

Commercial Aviation Segment Projected to Dominate the Market During the Forecast Period

The commercial aviation segment held the largest market share in the region in 2019 and is expected to continue its growth during the forecast period. The growth of the market is primarily due to the increasing passenger traffic, which is propelling the growth in commercial aircraft movements of the region. The region is also witnessing an increase in the penetration and expansion of low-cost carriers, thereby increasing the demand for aircraft MRO. China, India, Japan, Thailand, Singapore, and South Korea are some of the countries in the Asia-Pacific region that are experiencing significant growth in the commercial aviation passenger traffic and are witnessing an increasing trend for commercial aircraft MRO activities. The airlines in the region are also planning to strengthen their MRO capabilities, in addition to awarding contracts to other specialized MRO providers. For instance, InterGlobe Aviation Ltd (Indigo Airlines) announced that it will be constructing its second MRO center at Kempegowda International Airport in Bengaluru, to cater to its growing MRO needs. The 13,000 sq.m facility features an engine shop, a warehouse, and engineering offices, and will be able to house two narrow-body aircraft. Such developments are expected to drive the commercial aviation segment during the forecast period.

China Held the Largest Market Share in 2019

In segmentation by country, China held the largest share in the market as of 2019. The main reason for the higher revenue share of the country is the large-scale civil aviation sector of the country, which witnesses a large number of flight activities per day. The air traffic in China is one of the largest in the world. According to data released by the Civil Aviation Administration of China, China's air passenger numbers increased by 6.9 percent year-on-year to reach 1.35 billion in 2019. China is now the second-largest aviation market in the world, in terms of air passenger traffic, and is projected to overtake the US to become the largest aviation market in the world by 2022. Correspondingly, the airlines of China are planning to procure a large number of aircraft during the forecast period, which is expected to further increase the demand for commercial aircraft MRO activities in the country. Several MRO contracts are being awarded by Chinese airlines to various MRO providers. In March 2020, Aviage Systems was awarded a three-year contract to provide avionics MRO services for the Hainan Airlines fleet of Boeing 787s. The contract covers the inspection, repair, and overhaul service of the Boeing 787's integrated modular avionics components. Such contracts are expected to boost market growth in China during the forecast period. In the military segment, the Chinese government is working to make its air force stronger, more efficient, and more technologically advanced to become a top-tier force within the next thirty years. With the rapid induction of new aircraft, the need for quality MRO services also becomes significant to maintain the airworthiness of the fleet. The country also has the largest number of general aviation aircraft in the Asia-Pacific, which is reflected in the higher demand for the general aviation MRO activities. All these factors are expected to support the dominance of the Chinese Aircraft MRO industry during the forecast period.

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Competitive Landscape

ST Engineering, SIA Engineering Company, Hong Kong Aircraft Engineering Company Limited (HAECO), AAR, Lufthansa Technik are some of the prominent players in the market. Players from Singapore and Hong Kong dominate the MRO market in Asia. In recent years, several players from other Asian countries have increased their investment in MRO facilities, in a pursuit to replicate the success of the players from Singapore and Hong Kong in this sector. Simultaneously, companies from Indonesia and Thailand are entering the market to challenge the dominance of established Singapore-based players, which is expected to change the competitive landscape of the region in the years to come. In addition, due to the huge potential of the Asia-Pacific aviation market, several global players are establishing new centers in the region to cater to the growing demand. For instance, AAR has recently obtained several new maintenance contracts with customers from China, Japan, and India, and the company is also planning to inaugurate its new MRO hangar in India. Moreover, with the growing dominance of the OEMs, small and independent MRO facilities have to rework on their business models to sustain the increasing competition in the MRO industry in the Asia-Pacific.

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