Covid 19 impact did not spare the commercial aircraft aftermarket parts sector. For instance, Airbus SAS deliveries dropped from 571 aircraft in 2019, to 341 aircraft in 2020. Globally one saw 40% of aircraft deliveries negatively impacted. This naturally had a chain reaction across MRO and commercial spare parts or aftermarket parts businesses, reflected by the sharp reduction in the demand for the above activities.
The good news is that the global aircraft aftermarket parts market is projected to grow from USD 31.22 billion in 2021 to USD 47.33 billion in 2028 at a CAGR of 6.12% in the forecast period. This rise in CAGR, can be attributed to a buoyant market, spurring demand and growth to return to pre-pandemic levels.
Driving this growth will be the instance of an increasing number of retired aircraft and the growing demand for MRO facilities. Importantly, businesses have adopted newer ways in their working processes like introducing use and analysis of Big Data and Digitization. Improvement from these changes in the aftermarket parts’ operational processes is expected to result in growth.