The changing dynamics in Aircraft Refurbishing Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Refurbishing Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Refurbishing Market was likely to witness an impressive CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Several factors are attributed to this sudden spurt in growth, which include airlines and business jet owners undertaking retrofit of their aircraft in a shorter cycle than in the initial days of civil aviation. The future of this market will majorly be the various types of work which entail the overall process of a chain of complete conversions or cabin refurbishing, these works are characteristically outsourced by the aircraft manufacturers or owners to centers known as center of completions.
Aircraft Refurbishing Market Segment Insights:
By Aircraft Type:
The narrow-body aircraft segment dominated the market in 2018, and is estimated to continue its dominance during the forecast period, driven by the growing demand for commercial narrow-body aircraft.
By Refurbishing Type:
The passenger-to-freighter market is expected to depict the highest growth during the forecast period. The high growth is owing to investment by airlines in passengers-to-freighter conversions so as to utilize their fleet effectively and also save up money.
By Region:
North American region accounted for the largest share of the market for aircraft refurbishing in 2018, and is likely to maintain its dominance during the forecast period. The market is driven by the presence of key aircraft manufacturers, such as the Boeing Company (US) and Bombardier Inc. (Canada) in this region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.