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IMARC Group’s report titled “Aircraft Refurbishing Market Report by Type (Commercial Aircraft Cabin, VIP Cabin Refurbishing, Passenger to Freighter), Refurbishing Service (Interior, Exterior), Aircraft Type (Very Light Aircraft, Wide Body Aircraft, Narrow Body Aircraft, Large Body Aircraft, VIP Aircraft), and Region 2024–2032”. The global aircraft refurbishing market size reached US$ 32.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.91% during 2024–2032.
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Factors Affecting the Growth of the Aircraft Refurbishing Industry:
· Aging Fleet:
As aircraft age, they inevitably face wear and tear, necessitating refurbishments to ensure they remain competitive. Many airlines operate fleets that include older models that may no longer meet contemporary standards for efficiency, safety, and passenger comfort. Refurbishing these aircraft allows airlines to extend their service life and delay the purchase of new planes. Upgrades can include structural repairs, interior redesigns, and modernized avionics. This not only enhances performance but also aligns older aircraft with newer models in terms of technology and passenger experience, ensuring fleet consistency.
· Technological Advancements:
The rising focus on integrating advanced technologies in aircraft is impelling the market growth. Modern materials, more efficient engines, advanced avionics, and state-of-the-art in-flight entertainment systems can be retrofitted into older aircraft to enhance their performance and passenger appeal. The integration of lightweight materials can reduce aircraft weight, leading to fuel savings. Upgrading to the latest avionics improves navigation and safety, while new cabin technologies can enhance passenger comfort and connectivity. Such technological upgrades are essential for airlines to remain competitive, as they can offer enhanced services and improve operational efficiency.
· Regulatory Compliance:
Aviation is a highly regulated industry with stringent safety, environmental, and operational standards. As regulations evolve, older aircraft often require updates to meet new mandates, such as noise reduction, emission controls, and safety enhancements. Refurbishment can be an efficient way to ensure compliance with these regulations. Installing more efficient engines can help meet emission standards, while structural and avionics upgrades can address safety requirements. Compliance is not only crucial for legal operation but also impacts an airline’s reputation and ability to operate in various jurisdictions. Refurbishment ensures that airlines can meet regulatory requirements without the significant financial outlay associated with purchasing new aircraft.
Leading Companies Operating in the Aircraft Refurbishing Industry:
Air France–KLM S.A.
Ascent Aviation Services
Diehl Stiftung & Co. KG (Diehl Verwaltungs-Stiftung)
Gulfstream Aerospace Corporation (General Dynamics Corporation)
Hong Kong Aircraft Engineering Company Limited
InTech Aerospace
Jamco America Inc. (JAMCO Corporation)
Lufthansa Technik AG (Deutsche Lufthansa AG)
Nextant Aerospace
Rose Aircraft Services
Safran S.A.
SIA Engineering Co. Ltd. (Singapore Airlines)
Aircraft Refurbishing Market Report Segmentation:
By Type:
Commercial Aircraft Cabin
VIP Cabin Refurbishing
Passenger to Freighter
Commercial aircraft cabin represents the largest segment, which can be attributed to the rising focus on enhancing the passenger experience to maintain a competitive edge.
By Refurbishing Service:
Interior
Exterior
Interior holds the biggest market share due to the increasing need for enhanced comfort among travelers.
By Aircraft Type:
Very Light Aircraft
Wide Body Aircraft
Narrow Body Aircraft
Large Body Aircraft
VIP Aircraft
Narrow body aircraft accounts for the largest market share, driven by its widespread use in short and medium-haul routes.
Regional Insights:
North America (the United States and Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others)
Europe (Germany, France, the United Kingdom, Italy, Spain, and others)
Latin America (Brazil, Mexico, and others)
Middle East and Africa.
North America enjoys a leading position in the aircraft refurbishing market on account of the presence of advanced aviation infrastructure.
Global Aircraft Refurbishing Market Trends:
The growing need for airlines to expand and modernize their fleets on account of the rising air travel among individuals worldwide is offering a favorable market outlook. Refurbishing older aircraft becomes a practical solution to increase capacity and improve service quality quickly and cost-effectively. Additionally, thriving travel and tourism sector is encouraging airlines to modernize their fleet. Refurbishment allows airlines to offer updated and more comfortable cabins, meet passenger expectations, and enhance overall travel experiences without higher costs associated with acquiring new aircraft.
Airlines are increasingly focusing on improving the passenger experience to differentiate themselves in a competitive market. Refurbishments can include upgrading seats, adding more legroom, installing state-of-the-art in-flight entertainment systems, and improving overall cabin aesthetics.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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