US General Aviation Aircraft MRO Market is growing at a CAGR of 5.9% to reach US$ 5.24 billion by 2028 from US$ 3.59 billion in 2022 by Component, and Wing Type.
Report: US General Aviation Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component (Engine, Avionics, Airframe, Cabin, Landing Gear, and Others) and Wing Type (Fixed Wing and Rotary Wing)
According to our latest research study on “General Aviation Aircraft MRO Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Component and Wing Type,” the market is expected to grow from US$ 3.59 billion in 2022 to US$ 5.24 billion by 2028; it is estimated to register a CAGR of 5.9% from 2022 to 2028.
All non-scheduled flights, including aircraft that are not operated by the military or commercial airlines, are categorized under general aviation. General aviation is opted for a weekend visit to the desired destination, emergency medical evacuation, overnight package delivery, crop dusting, inspection trips to remote construction sites, etc. Growing disposable income per capita in US, is significantly increasing the demand for aerial photography, parachuting, and sightseeing. Since it is easier to acquire a license for flying a general aviation aircraft and the safety standards are not as stringent as those for any other commercial or military aircraft, demand for aircraft training courses is increasing considerably. These factors are collectively driving the growth of the general aviation industry across the country, thereby offering lucrative business opportunities to the US general aviation aircraft MRO service providers over the years.
As of 2020, there are ~440,000 general aviation aircraft across the world, ranging from small training aircraft and helicopters to intercontinental business jets. According to the General Aviation Manufacturers Association (GAMA) ~205,000 of these aircraft are present in the US and the general aviation industry in the US contributes more than US$ 247 billion to the country’s economy annually. In the US, each year, general aviation aircraft flying accounts for ~25.5 million flight hours. Corporate or business purposes account for two-thirds of this flying time. Thus, the fast presence of general aviation across the country is positively impacting the demand for MRO services thereby contributing to the growth of the US general aviation aircraft MRO market size.
The COVID-19 pandemic adversely impacted the US general aviation sector. The industry observed a significant decline in traffic and revenue across its general aviation airports. For instance, according to the National Business Aviation Association (NBAA), several general aviation airports across the US witnessed a decrease in the sale of aviation gasoline and jet fuel to one-tenth of the general fuel earnings in April 2020. Airports that experienced a decline in demand for fuel included Gainesville Municipal Airport (GLE) in Texas, Okeechobee County Airport (OBE) in Florida, and Texas Gulf Coast Regional Airport (LBX). This drop in fuel sales across the airports was directly related to the decrease in general aviation traffic. For instance, according to NBAA, Florida’s Fernandina Beach Airport (FHB) experienced a decrease in demand for charter flights by ~80% in Q1 of 2020. The rapid drop in demand for charter flights across the airport was observed after the New York tri-state order to halt travel plans both domestically and internationally for general aviation passengers to combat the spread of the virus across the country. These factors negatively impacted the general aviation industry across the US.
The US general aviation aircraft MRO market size is segmented based on component and wing type. Based on component, the general aviation aircraft MRO market is segmented into engine, avionics, airframe, cabin, landing gear, and others. Based on wing type, the general aviation aircraft MRO market is bifurcated into fixed wing and rotary wing.
Textron Aviation Inc, Safran SA, MTU Aero Engines AG, Honeywell International Inc., and GKN Aerospace Services Limited AG Aero Group are among the key general aviation aircraft MRO market players operating in the country. During this study, several major general aviation aircraft MRO market players were analyzed to get a holistic view of the US market and its ecosystem.
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