The global aerospace aftermarket industry is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the aerospace aftermarket industry exhibits an inclination toward emerging strategies and developments by market players.
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The prominent players in the aerospace aftermarket adopted strategies of facility expansion, service launches, contracts, and partnerships, and collaborations to expand their businesses. The companies are also involved in some of the other developments that include acquisition, certifications from the government to set up their facilities or introduction of new services, and investment to develop advanced systems for aircraft. Due to the intensive competition, the aerospace aftermarket requires MROs and OEMs to constantly provide cost-effective service solutions with the existing and forthcoming industry standards pertaining to the commercial and military industry.
The increase in the defense budget by various countries, including the U.S., India, Russia, China, Saudi Arabia, South Korea, and South Africa, for modernizing their defense systems by procuring defense-related products and services is playing a major role in strengthening the market growth.
Changing outlines of national security, evolving national interests, and geopolitical issues are some of the factors that motivate various economies to reshape their defense strength with modern aircraft along with regular support of airframe logistics and maintenance. The U.A.E. and Saudi Arabia also have an adequate defense budget and are willing to pay for high-end advanced aircraft with improved maintenance services.
The strategies employed to gain a significant market share in this growing industry have been varying from certification, service or tool launches, partnerships, collaborations, joint ventures, and contracts, facility expansion, and other strategies. This segment provides comprehensive insights regarding development activities that the key players in the industry are adopting to compete directly. To lead the market as well as engage in the process of overall growth, a company needs to introduce new services to the market, improve the existing service network, work in collaboration with the top airlines, MROs or win new contracts, and acquire the relatively small scale companies into its stronghold.
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Based on type, the aerospace aftermarket is classified in four categories, namely, line maintenance, component, engine, and airframe. Engine dominated the market owing to the rise in the initiative by various companies to manufacture advanced engines (using expensive materials and innovative technologies) to limit the need to replace life-limited parts and other scheduled maintenance visits. Further, the increase in service agreements among MRO and airlines to maximize engine performance, and fleet availability also expected to propel the market growth in the future. For instance, in November 2019, Vietnam Airlines entered into a 12-year EngineWise Comprehensive service agreement with Pratt & Whitney. Under this agreement, Pratt & Whitney is expected to provide its GTF engine maintenance for the Vietnam Airline’s fleet of 20 Airbus A321neo aircraft.
UPCOMING INDUSTRY TRENDS 