What Has Been the Growth Trajectory for the Aircraft Refurbishing Market in Recent Years?
The aircraft refurbishing market has seen considerable growth due to a variety of factors.
•In the last few years, the aircraft refurbishing market has been experiencing a significant increase in size. The market, which was valued at $6.26 billion in 2024, is projected to expand to $6.7 billion in 2025, achieving a compound annual growth rate (CAGR) of 7.0%.
The historic rise in this sector can be linked to several factors including the aging of aircraft fleets, regulatory compliance refurbishing, advancements in avionics and cabin comfort, improved passenger experiences, enhancements in fuel efficiency, and an escalating demand for air travel.
How Does the Forecast Look for the Aircraft Refurbishing Market?
The aircraft refurbishing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the aircraft refurbishing market is predicted to experience robust expansion. The market is set to reach $8.71 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 6.8%.
This development over the forecasted period can be attributed to various factors such as the need for sustainable measures, incorporating connectivity solutions, new seating arrangements, improved safety features, economic influences, and affordable solutions. Noteworthy trends during the forecast period consist of cockpit and cabin digitization, the use of eco-friendly materials, the adoption of advanced cabin technologies, customization and personalization tendencies, and the rise of digitalization in design and planning.
What Are the Critical Driver Fuelling the Aircraft Refurbishing Market's Growth?
Expected growth in the aircraft refurbishing market is believed to be driven by the increasing number of air passengers. The term air passenger traffic covers the total number of air travelers, including both domestic and international passengers on planes registered in the country. The refurbishment of aircraft plays a crucial role in ensuring the total operational efficiency and safety of the plane for its crew and passengers, as well as those servicing it. As a result, as air passenger traffic escalates, the demand for aircraft refurbishing also rises. For example, in the first quarter of 2024, the European Union logged 198 million air passengers, according to the Statistical Office of the European Union (Eurostat), based in Luxembourg. This marked an 11.5% improvement over the same timeframe in 2023. Hence, the burgeoning air passenger traffic is propelling the growth of the aircraft refurbishing market.
How Is the Aircraft Refurbishing Market segmented?
The aircraft refurbishing market covered in this report is segmented –
1) By Aircraft Type: Very Light Aircraft, Wide Body Aircraft, Narrow Body Aircraft, Large Body Aircraft, VIP Aircraft
2) By Fitting Type: Retrofit, IFEC (In-flight Entertainment & Connectivity), Passenger Seats
3) By Refurbishing Service: Interior, Exterior
4) By End User: Government, Commercial
Subsegments:
1) By Very Light Aircraft: Single-Engine Very Light Aircraft, Multi-Engine Very Light Aircraft
2) By Wide Body Aircraft: Boeing 747, Airbus A350, Boeing 777
3) By Narrow Body Aircraft: Boeing 737, Airbus A320, Embraer E-Jet Series
4) By Large Body Aircraft: Boeing 767, Airbus A330, Boeing 787
5) By VIP Aircraft: Business Jets, Executive Airliners, Private Helicopters
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What New Trends Are Influencing the Aircraft Refurbishing Market?
The latest trend in the aircraft refurbishing market involves substantial investments in the rejuvenation of aircraft fleet interiors. To consolidate their standing in the market, leading companies are pumping money into refurbishing aircraft. One such example is Emirates, a UAE-based airline, which in August 2022, committed $2 billion towards the renovation of its aircraft fleet interiors. The aim of this investment is to elevate the overall customer experience by upgrading cabin interiors across all classes.
Who Are the Key Players in the Aircraft Refurbishing Market?
Major companies operating in the aircraft refurbishing market include:
• Autotrade Aviation Private Limited
• Diehl Stiftung & Co KG
• Duncan Aviation Inc.
• Gulfstream Aerospace Corporation
• Hong Kong Aircraft Engineering Company Limited
• Jamco America Inc.
• Jet Aviation AG
• MAC Aero Interiors Inc.
• Rose Aircraft Services Inc.
• Intech Aerospace Inc.
• Greenpoint Technologies LLC
• Nextant Aerospace Inc.
• The Boeing Company
• Bombardier Inc.
• Pemco Conversions Inc.
• Lufthansa Technik AG
• Singapore Technologies Engineering Ltd
• AAR Corp.
• SR Technics Switzerland Ltd
• Dassault Falcon Jet Corporation
• RUAG Holding AG
• HAECO Group
• Comlux Aviation Services LLC
• Flying Colours Corporation
• StandardAero Inc.
• Textron Aviation Inc.
• Deer Jet Co Ltd.
• Constant Aviation LLC
• JCB Aerospace LLC
• JET MS LLC
• VIP Completions Ltd.
• Associated Air Center
• Basel Aero AG
• SIA Engineering Company
• Jet Support Services Inc.
• AMAC Aerospace Inc.
• Elliott Aviation
• Midcoast Aviation Inc.
• West Star Aviation Inc.
What Is The Most Dominant Region In The Aircraft Refurbishing Market?
North America was the largest region in the aircraft refurbishing market in 2024. The regions covered in the aircraft refurbishing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
