According to a new market research report, ‘Global Aircraft Refurbishing Market (Commercial, Cargo And Business Aircraft) (2012 - 2017)", the total aircraft refurbishing market is expected to reach $4.3 Billion by 2017 with a CAGR of 7.0%.
The global aircraft refurbishing market was based on data collected and researched; assumptions were made with the help of primary sources who had given their insights on frequency and distribution of the cycles of refurbishing an aircraft, based on which we were able to estimate for all the markets covered in this report.
The main emphasis laid on short haul flights is about on-time performance and cheap fares as comfort and other additional amenities are not expected from the passengers. Airlines in general do not intend to take up narrow body refurbishments in a large scale operation. Short haul aircrafts are refurbished in a large extent as they are mainly done to keep the aircraft in line with the concept of fuel reduction i.e. greener aircrafts. This is primarily done to increase the seating capacity as airlines look at generating more revenue than fly an empty business class.
Freighter conversions will be the one to look out for as trade among nations is becoming popular due to free trade agreements signed by the governments. Most of the conversions happen in North America due to voluminous trade of goods and services. VIP modifications will be the one for the future as more and more business heads have their own private jets and to customize the cabins will involve a lot of money. North America, Europe and Middle East will be the markets to target for while APAC will draw attention.
The estimated revenue for refurbishing market has increased from $3.04 bn in 2012 to $4.26 bn in 2017 globally. The CAGR of 2012 to 2017 is estimated to be 7.0%. The revenues for aircraft refurbishing market show an increase over the forecasted period and will continue to be a fast evolving market.
Source: ASDReports - Market Research
Date: Jan 22, 2013