Aircraft Refurbishing Global Market Report 2024

The aircraft refurbishing market has grown strongly in recent years. It will grow from $5.95 billion in 2023 to $6.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed in the historic period can be ascribed to several factors, including an aging aircraft fleet, retrofitting activities to ensure regulatory compliance, advancements in avionics, enhancements in cabin comfort and passenger experience, improvements in fuel efficiency, and a notable increase in air travel demand.

The aircraft refurbishing market is expected to see strong growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to the increasing demand for sustainable practices, the integration of connectivity solutions, the adoption of new seating configurations, the incorporation of enhanced safety features, and economic factors favoring cost-effective solutions. Major trends expected during the forecast period include the digitalization of cockpit and cabin systems, the integration of sustainable materials, the adoption of advanced cabin technologies, a focus on customization and personalization, and the digitalization of design and planning processes.

The anticipated growth in the aircraft refurbishing market is expected to be propelled by the increasing air passenger traffic. Air passenger traffic, encompassing both domestic and international flight passengers, is a key factor influencing the demand for aircraft refurbishment. The need for aerospace refurbishment arises to maintain an aircraft's operational capability and ensure safety for crew, passengers, and maintenance personnel. The surge in air passenger traffic, exemplified by the record-breaking 4.6 billion people traveling via airports globally in 2021 (a 28.3% increase from the previous year), as reported by the Airport Council International (ACI), drives the demand for aircraft refurbishing. This growth is indicative of the market's responsiveness to the rising demand for air travel.

The growing demand for in-flight Wi-Fi is anticipated to contribute significantly to the expansion of the aircraft refurbishing market. In-flight Wi-Fi services enable passengers to connect to the internet during flights, facilitated by air-to-ground (ATG) towers or satellite connections. Aircraft refurbishing involves the replacement of aging components, including wiring and avionics, providing an opportunity to integrate modern Wi-Fi systems. The importance of in-flight Wi-Fi is underscored by a 2022 survey conducted by Inmarsat, a UK-based satellite telecommunications company, revealing that around 40% of respondents consider Wi-Fi crucial for a positive flying experience, and 82% are willing to rebook with an airline offering a positive Wi-Fi experience. This growing demand for in-flight connectivity contributes to the overall growth trajectory of the aircraft refurbishing market.

The aircraft refurbishing market is experiencing a notable trend with a focus on investments in the refurbishment of aircraft fleet interiors. Leading companies in the aircraft refurbishing market are actively engaging in refurbishment initiatives to strengthen their market positions. In August 2022, Emirates, a UAE-based airline, made a substantial investment of $2 billion in the refurbishment of aircraft fleet interiors. This investment is aimed at upgrading cabin interiors across all classes, enhancing the overall in-flight customer experience for Emirates passengers.

Collaborations and partnerships are key strategic approaches adopted by major companies in the aircraft refurbishing market to provide reliable services to customers. A strategic partnership involves a structured affiliation between two or more commercial enterprises, typically established through one or more business agreements or contracts. For example, in November 2023, Global Airlines, a UK-based aircraft wet lease specialist, announced a partnership with JETMS Completions, a UK-based provider of end-to-end capacity solutions for a comprehensive aircraft refurbishment and overhaul program. This collaborative effort is set to elevate the onboard experience for Global's passengers across all cabins, including First, Business, and Economy. The project will be implemented in two phases, involving the refurbishment of the first aircraft's interior to the highest standards and a complete overhaul of the remaining A380 interiors to align them with Global's new high-spec vision.

In February 2023, Flexjet, a US-based airline company, acquired Constant Aviation for an undisclosed amount. This acquisition allows Flexjet to expand its aviation maintenance support infrastructure in business aviation and includes plans to build new facilities in Sanford, expanding its maintenance footprint in the heart of Florida. The acquisition enhances Flexjet's capabilities in delivering comprehensive aviation maintenance support. Constant Aviation, based in the US, specializes in providing aviation maintenance, repair, and overhaul (MRO) services.

Major companies operating in the aircraft refurbishing market report are 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.

North America was the largest region in the aircraft refurbishing market in 2023. The regions covered in the aircraft refurbishing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aircraft refurbishing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of aircraft for refurbishing include very light aircraft, wide-body aircraft, narrow-body aircraft, large-body aircraft, and VIP aircraft. A very light aircraft is defined by meeting JAR-VLA criteria, featuring no more than two seats, weighing no more than 750 kilograms, and stalling at no more than 45 knots in the landing configuration. Various fitting types within the refurbishment process include retrofit, IFEC (in-flight entertainment and connectivity), and passenger seats. The refurbishing services cover both interior and exterior aspects and cater to diverse end-users, including government and commercial entities.

The aircraft refurbishing market research report provides aircraft refurbishing market statistics, including aircraft refurbishing industry global market size, regional shares, competitors with an aircraft refurbishing market share, detailed aircraft refurbishing market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft refurbishing industry. This aircraft refurbishing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aircraft refurbishing market includes revenues earned by entities by providing engine, cabin interior, and airframe refurbishing services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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