Aircraft Refurbishing Market Overview
Aircraft Refurbishing Market Size was valued at USD 3.4 billion in 2022. The aircraft refurbishing market industry is projected to grow from USD 3.5 Billion in 2023 to USD 4.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.40% during the forecast period (2023 - 2030).
Various airline businesses are currently concentrating their efforts on improving cabin interiors and giving passengers a world-class experience, increasing their brand value. This is due to airline companies' increased desire to provide luxury services, which necessitates the refurbishment of commercial and VIP cabins. This dramatic growth surge is ascribed to many factors, including airlines and business jet owners retrofitting their aircraft in a quicker time frame than in the early days of civil aviation. The many forms of work that comprise the full process of a chain of comprehensive conversions or cabin refurbishing will be the future of this aircraft refurbishing market growth. Aircraft manufacturers or owners typically outsource these works to institutes known as the completion centre.
The method of renovating the cabin interior, installing new facilities, and making required changes to an aircraft, to improve the comfort and provide a world-class experience to the passengers, is known as aircraft refurbishing. This does not only comprise interior modifications but also, exterior modifications, aerodynamic modifications, and other upgrades.
The factors driving the growth of the market are thee rising need to modify aircraft interiors and increasing demand for narrow body aircraft. However, a major challenge to this market growth is the high initial investment required for aircraft refurbishing.
Key Players
The key players in the aircraft refurbishing market manufacturers are AAR (U.S.), Air France Industries KLM E&M (France), Ascent Aviation Services (U.S.), GKN (UK), Hong Kong Aircraft Engineering Company (China), Jamco America Inc. (U.S.), JCB Aero (France), Lufthansa Technik (Germany), SIA Engineering Company (Singapore), and Singapore Technologies Engineering Ltd. (Singapore).
Market Segmentation
This study provides an overview of the global aircraft refurbishing market manufacturers, tracking three market segments across five regions. The report studies the key players, providing a five-year annual trend analysis that highlights market size, volume, and share in North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The report also provides a forecast, focusing on the market opportunities for the next five years in each region. The study segments the global Aircraft refurbishing market manufacturers by aircraft type, refurbishing type, application, and region.
Aircraft Type
Wide-Body
Narrow-Body
Refurbishing Type
Partial or Complete Refurbishing
In-Flight Entertainment and Connectivity System
Cockpit
Others
Application
Passenger to Freighter
Commercial Cabin Refurbishing
VIP Cabin Refurbishing
By Region
North America
Europe
Asia-Pacific
Middle East & Africa
Latin America
Regional Analysis
The aircraft refurbishing market industry in Europe is expected to witness the highest growth during the forecast period. This growth is attributed to the increasing demand for aircraft refurbishing in this region during the forecast period. Moreover, countries such as the U.K, Germany, and France are expected to contribute to the growth of the regional Aircraft refurbishing market manufacturers.
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