The air transport USM market size has experienced robust growth in recent years, surging from $5.34 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. This upward trajectory in the historic period is attributable to various factors, including the aging aircraft fleet, cost-efficiency in aviation operations, stringent regulatory standards, the expansion of global air travel, and sustainability initiatives. Looking ahead to 2028, the market is anticipated to continue its strong performance, projecting a size of $7.23 billion at a CAGR of 6.2%. The forecasted growth is driven by an increasing demand for aircraft maintenance, the expansion of low-cost airlines, the adoption of circular economy practices in aviation, market expansion in emerging regions, and the resilience displayed in post-pandemic recovery. Key trends in the forecast period involve the emergence of on-demand USM marketplaces, the integration of artificial intelligence (AI) for inventory optimization, remote diagnostics and maintenance support, a heightened emphasis on regulatory compliance, and collaborative partnerships for USM solutions.
Major Driver In The Air Transport USM Market
The rise in the number of air passengers is expected to propel the air transport USM market. An air passenger refers to a person or business involved primarily in the transportation of people by aircraft in interstate commerce. As air traffic grows, it becomes more important to maintain aircraft through repairs and component rebuilds regularly. For instance, in March 2022, the International Air Transport Association (IATA), a Canada-based association that supports airline activity, projects that there will be 4.0 billion passengers worldwide in 2024 (including multi-sector connecting flights as one passenger), reaching pre-COVID-19 levels. The total number of travelers in 2021, and in 2022, 83% are anticipated, followed by 94% in 2023, 103% in 2024, and 111% in 2025. Therefore, the increase in the number of air passengers is driving the growth of the air transport USM market.
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Air Transport USM Market Competitive Landscape
HNA Group Co. Ltd., Raytheon Technologies Corporation, Boeing Company, Delta Air Lines, Singapore Technologies Engineering Ltd., Fanuc Corp., Lufthansa Technik AG, MTU Aero Engines AG, AirLiance Materials LLC, HEICO Corporation, Triumph Group, VSE Aviation Inc., GA Telesis LLC, Aviation Technical Services Inc., AerSale Inc., Unical Aviation Inc., AJW Group, Magnetic Group, TurbineAero Inc., Precision Aircraft Solutions, AAR Corporation, TES Aviation Group, A J Walter Aviation Limited, Liebherr Group, Air France Industries and KLM Engineering & Maintenance, Satair Inc., Wencor Group, WABNET GmbH, Aircraft Inventory, Avtrade Ltd.
Key Air Transport USM Market Trend
Strategic partnerships are a key trend in the aircraft transport used serviceable material (USM) market. Major players are forming partnerships to leverage resources and expand their market presence. For instance, in June 2021, Pratt & Whitney CSA partnered with Next Level Aviation to sell USM for aircraft engines. This partnership strengthens Next Level Aviation's position as a leading global supplier of USM, supporting Boeing and Airbus aircraft platforms and related jet engines.
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Air Transport USM Market Segmentation
The air transport USM market covered in this report is segmented –
1) By Product Type: Engine, Components, Airframe
2) By Aircraft Type: Narrow-Body Aircraft, Wide-Body Aircraft, Turboprop Aircraft, Regional Aircraft
3) By Application: Original Equipment Manufacturer (OEM), Aftermarket
By Geography:The regions covered in the air transport usm market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the air transport USM market in 2023.
The Air Transport USM Global Market Report 2024 furnishes information about the global air transport usm market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
