Aircraft Refurbishing Market Size- By Refurbishing Service, By Aircraft Type, By Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Aircraft Refurbishing Market Overview

According to SPER Market Research, the Global Aircraft Refurbishing Market is estimated to reach USD 1.01 billion by 2032 with a CAGR of 7.45%.

The term "aircraft refurbishing" describes the modification of the aircraft's interior and appearance. Upgrading and renovating an aircraft may involve changing out parts, making structural repairs, updating the avionics, and other things. To lessen the gross weight of the aeroplane, many interior components are composed of various lightweight materials, such as plastic, board, form, cloth, and other composite materials. The companies that refurbish aeroplanes are concentrated on offering innovative, fuel-efficient, more robust, more reasonably priced, and lighter-weight aircraft. In order to incorporate fuel-efficient components into their aircrafts and offer consumers comfort and convenience, airline manufacturers are modernising and repairing their current fleets of aircraft. The expansion of the worldwide aeroplane refurbishing market is projected to be aided by elements including an increase in commercial aviation operations and rising demand from developing nations.

However, it is anticipated that throughout the projection period, the spike in production and delivery of new aircraft and the high maintenance cost of refurbished aircraft would restrain the expansion of the worldwide aircraft refurbishing market. In the near future, the market is anticipated to benefit from an increase in air travel activity, air traffic, and demand for luxury aircraft cabins. The global demand for aeroplane refurbishing has increased overall as a result of the growing demand for aircraft interiors. Passengers' increasing demand for first-rate experiences has also given rise to prosperous new business opportunities. Additionally, the market for aircraft refurbishing has more room to grow due to the rise in demand for narrow-body aircraft. The market for aeroplane refurbishing has grown as a result of increased fuel efficiency and decreased operating costs. The market has expanded as a result of the increase in end-user industries' purchases of ex-airliner aircraft for commercial usage.

Impact of COVID-19 on the Global Aircraft Refurbishing Market

Governments all around the world were driven by the COVID-19 outbreak to enact strict lockdown measures and limit import-export of goods used to produce raw materials. To stop the COVID-19 virus from spreading, governments everywhere imposed stringent lockdowns and mandated social seclusion. Consequently, several businesses started work from home programs as a preventative strategy. This caused a dramatic drop in travel demand on a global scale, which had an impact on the aviation sector. However, Omicron has a smaller effect outside of Asia, therefore international air traffic is still recovering. In recent years, the rise in air travel following the pandemic has provided enormous potential for businesses that renovate aircraft. Plans for a reopening are anticipated to provide impetus for the aircraft industry's revival, opening up new growth prospects for the market for aircraft refurbishing. By 2023, passenger traffic should return to its pre-COVID levels as it is currently recovering gradually. Airline route networks are being expanded, and new airlines are launching new domestic routes as demand for air travel returns to pre-COVID levels. These programs aim to quicken market expansion.

Scope of the Report

Report Metric Details:

• Market size available for years: 2019-2032

• Base year considered: 2021

• Forecast period: 2022-2032

• Segments covered: By Refurbishing Service, By Aircraft Type, By Type, By End Use.

• Regions covered: Asia-Pacific, Europe, Middle East and Africa, North America, Latin America

• Companies Covered: AFI KLM E&M, B/E Aerospace, Diehl Shiftung & Co. KG, Gulfstream Aerospace Ltd., Hong Kong Aircraft Engineering Co. Ltd, Jamco America Inc., Jet Aviation AG, Lufthansa Technik, Nextant Aerospace, Raytheon Technologies, Rose Aircraft Services, Sabreliner Aviation LLC, Safran SA, SIA Engineering Co. Ltd, Timco Aviation Services, Zodiac Aerospace, Inc.

Global Aircraft Refurbishing Market Segmentation:

• By Refurbishing Service: Based on the Refurbishing Service, Global Aircraft Refurbishing Market is segmented as; Interior, Exterior.

• By Aircraft Type: Based on the Aircraft Type, Global Aircraft Refurbishing Market is segmented as; Very light aircraft, Wide body aircraft, Narrow body aircraft, Large body aircraft, VIP aircraft.

• By Type: Based on the Type, Global Aircraft Refurbishing Market is segmented as; Passenger to freighter, Commercial Aircraft Cabin, VIP Cabin Refurbishing.

• By End Use: Based on the End Use, Global Aircraft Refurbishing Market is segmented as; Government, Commercial.

• By Region: Due to the existence of key market participants and the growing need to improve design to match client preferences, North America now leads the market and will continue to do so. On the other hand, Asia-Pacific will experience significant growth and have the greatest growth rate over the projected period because of the rise in domestic aircraft demand and the dominance of local companies.