Stratview Research, a global market research firm has launched a new research report titled ‘Air Transport Used Serviceable Material (USM) Market’ segmented by Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft, Turboprop Aircraft, and Regional Aircraft), by Product Type (Engine, Components, and Airframe), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Despite suffering a huge decline in 2020, the aircraft USM market is set to grow enormously with a rate of >60% through 2022. Stratview Research projects that the Aircraft USM Market is likely to grow at a promising CAGR of 4.1% in the long run to reach US$ 9.5 Billion in 2027.
This report focuses on the market dynamics, current and emerging trends, competitive landscape, and regional analysis of the market. The study also elaborates on the industry forecast and the potential of the market.
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
According to the report, a host of factors drive the Air Transport Used Serviceable Material (USM) Market, some of which are mentioned below:
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Stratview Research has segmented the market in the following ways which fulfils the data needs of multiple stakeholders across the industry value chain.
The aircraft USM market is segmented into narrow-body aircraft, wide-body aircraft, turboprop, and regional aircraft. After being impacted by the pandemic, the wide-body aircraft is expected to rebound at the fastest pace in the market during the forecast period, owing to the gradual opening up of long-haul travel coupled with increasing preference for more efficient wide-body aircraft programs, such as A350 and B787, by replacing older A330ceos and B777s with them. In addition, airlines will be laser-focused on decreasing material costs as air travel resumes. With USM becoming a more acceptable lower-cost alternative to new OEM components, substantial demand for USM is projected in the sector, especially in the near future.
The market is segmented as engine, components, and airframe. Engine is expected to remain the dominant as well as the fastest-growing product type in the market during the forecast period, mainly due to increasing demand from engine MROs for wide-body engine parts.
Which region offers the best opportunity and growth?
Asia-Pacific is expected to remain the largest market for aircraft USMs during the forecast period, owing to its largest fleet size. Emerging economies in Asia have seen the fastest fleet expansion for several years, which will eventually make the region a market leader. North America is also likely to create sizeable opportunities in the coming five years, driven by the macroeconomic recovery that will affect both, leisure and business travel markets.
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
The increase in future developments and recovery in the supply chain has led the industry to drive forward, resulting in improved R&D and other investments, thereby, increasing overall operational performance. The used serviceable material market is fragmented with multiple players providing singular solutions. The following are the key players in the Air Transport Used Serviceable Material (USM) Market.
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