Global Aircraft Interior Refurbishment and Repair Market

Aircraft Interior Refurbishment and Repair Market Size, Share, Growth Analysis, By Aircraft Type(Narrow body aircraft, Wide body aircraft, Large body aircraft), By Refurbishment Type(Interior refurbishment and Exterior refurbishment), By End User(Commercial airlines, private aircraft owners, and military aircraft), By Region - Industry Forecast 2025-2032


Report ID: SQMIG20W2002 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 88 | Figures: 79

Aircraft Interior Refurbishment and Repair Market Dynamics

Driver

Growing popularity of premium economy class among tourists

  • Premium economy class is popular with travellers because it offers a significant upgrade over regular economy class without the higher cost of a business class. Passengers prefer premium economy class because it provides greater room and comfort, premium meals with complimentary bar service, and quicker check-in and baggage delivery at the airport. All this factors drive the growth of global aircraft interior refurbishment and repair market.

Increasing demand for VIP refurbishment of aircrafts 

  • North America followed by Europe and Asia Pacific is largest population of high net worth individuals. VIP refurbishment is one of the most profitable businesses as the cost of complete services including manufacturing, engineering, interior design, installation and certification of custom interiors is really high. The VIP cabin consists of a long area, bedroom, first class seats and a dining room. This is expected to fuel the market growth over the forecast period.

Restraint

Introduction of low-maintenance aircraft of the next generation

  • Next-generation aircraft are built with advanced engines and systems, making them more efficient, mission capable, cost-effective and comfortable for customers. The advanced engine provides improved fuel efficiency, these factors encourage buyers to go for next-generation aircraft instead of buying refurbished old aircraft, which is expected to hamper the market growth. Customers are encouraged to purchase the next-generation aircraft because the new aircraft has a five-year warranty on its equipment, engine, airframe, and interior.
  • Strict regulatory policies regarding air and noise pollution and safety of passengers. Many countries have adopted strict regulatory policies related to noise and air pollution to reduce the effects of greenhouse gases. This will significantly reduce aircraft renewals and force owners to scrap their aircraft and buy new ones. Aircraft with older technology engines emit large amounts of greenhouse gases due to engine failure. These factors are expected to hamper the growth of global aircraft interior refurbishment and repair market.
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FAQs

Aircraft Interior Refurbishment and Repair Market size was valued at USD 1.8 billion in 2022 and is expected to grow from USD 1.88 billion in 2023 to reach USD 2.61 billion by 2031, at a CAGR of 4.2% during the forecast period (2024-2031).

Key market players are focusing on growing their customer base in order to gain a competitive advantage. As a result, key players are adopting variety of strategic initiatives, such as mergers & acquisitions and partnerships. To increase penetration across profitable areas, major players in the aircraft refurbishing industry are maintaining successful relationships with airline companies, where they supply cabin interiors and aircraft system parts. 'Lufthansa Technik AG', 'ST Aerospace Ltd.', 'HAECO Group', 'AAR Corporation', 'Air France-KLM Engineering & Maintenance', 'Delta TechOps', 'Jet Aviation', 'SR Technics', 'GMF AeroAsia', 'TIMCO Aviation Services Inc.', 'China National Aviation Corporation (Group) Ltd. (CNAC)', 'Air Works', 'Flying Colours Corp.', 'TAP Maintenance & Engineering', 'Mexicana MRO Services', 'Aeroman', 'Dunlop Aircraft Tyres', 'Airborne Maintenance & Engineering Services', 'Jamco America Inc.', 'Sabena technics', 'In February 2024, Banyan Air Service, a company based in Fort Lauderdale, Florida, signed a deal with StarLink to provide internet connection on airplanes using satellites in low earth orbit. They are also working on getting certifications for different types of aircraft to offer this service. ', 'In February 2024, Premier Private Jets, a national charter provider, bought new maintenance, repair, and overhaul (MRO) facilities and a fixed-base operation (FBO) in Dayton, Ohio from Stevens Aerospace and Defense Systems. Stevens had planned to close these facilities as part of its consolidation efforts. ', 'In January 2024, an Engineering Company based in Bengaluru made history in the Indian aviation industry by unveiling India's inaugural aircraft passenger seat at Wings India 2024.'

Premium economy class is popular with travellers because it offers a significant upgrade over regular economy class without the higher cost of a business class. Passengers prefer premium economy class because it provides greater room and comfort, premium meals with complimentary bar service, and quicker check-in and baggage delivery at the airport. All this factors drive the growth of aircraft interior refurbishment and repair market.

Use of brand name is one of the key trend in aircraft interior refurbishment and repair market. Airlines use the cabin as a presentation of their brand image and gain importance in the market by providing competitive features, service, ambience and comfort. Many airlines tend to include LED lighting, large windows and overhead lockers to enhance their brand recognition.

On the basis of region, aircraft interior refurbishment and repair market is divided into North America, Europe, Asia-Pacific,Latin America, and MEA. The market in North America is anticipated to hold the largest share in the market and accounted leading market players in the region which offer aircraft refurbishing services. North America has the largest aircraft fleet and is growing in size due to adoption of high technology in aircraft maintenance which is leading to rapid growth of new generation aircraft in the region. With the increase in air travel and the increase in air passenger traffic for tourism and business purposes, the need for aircraft refurbishment is also increasing across North America.

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Global Aircraft Interior Refurbishment and Repair Market

Report ID: SQMIG20W2002

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