Monday, April 8, 2024
According to the latest Global Services Forecast by Airbus, the market for commercial aircraft services in North America is poised to expand from its current value of US$31 billion to US$45 billion by 2042, marking a growth of 45%. This region has demonstrated resilience and strength, being the first to recover in the aftermath of the pandemic. The resurgence last year highlighted a growing preference for both domestic and international air travel, with forecasts predicting a consistent annual passenger traffic growth rate of 2.1% in North America, as outlined in Airbus’ Global Market Forecast.
This anticipated growth is fueled by an increase in annual air traffic, fleet expansion, and a heightened demand for digitally-enabled and connected aircraft. The requirement for services is expected to span the entire lifecycle of the aircraft, from delivery to retirement, covering fleet maintenance, modernization efforts, and training programs.
Airbus predicts that the maintenance market in this region will escalate from US$25.9 billion to US$37.8 billion over the next two decades, achieving a Compound Annual Growth Rate (CAGR) of 2%. This growth will be partly driven by the market for passenger-to-freighter conversions and the use of serviceable materials, projected to reach a cumulative value of US$17 billion within the same timeframe, thus contributing to a sustainable approach to aircraft retirement.
The sector of enhancements and modernization is anticipated to experience the most significant average annual growth at 4.1%, expanding from US$1.9 billion to US$4.1 billion between 2023 and 2042. Demand for cabin and system upgrades will surge, especially until 2030, to support fleet and air traffic infrastructure modernization. The push towards aircraft connectivity is a major growth driver, with the current 60% of North American fleet being connected expected to reach 90% by 2042, facilitating improved communication for airline operations and enhancing the passenger experience.
Training and operations services are also set to grow, from US$2.5 billion in 2023 to US$3 billion by 2042, following a surge as the industry rebounds from pandemic-induced workforce losses. Over the next 20 years, North America will require 366,000 new skilled professionals, including 104,000 pilots, 120,000 technicians, and 142,000 cabin crew members.
“North America is a region of choice when we think about aftermarket services, with many opportunities for additional efficiency, simplification and sustainable operations. Airbus will continue to play an important role in supporting airlines and the aviation industry at large in responding to those opportunities,” said Dominik Wacht, Vice President-Customer Services, Airbus North America.
Airbus leads the way in creating a sustainable aerospace industry, ensuring safety and global unity. This company is dedicated to innovation, offering solutions that are both efficient and cutting-edge in aerospace, defense, and connected services. Within the commercial aircraft sector, Airbus focuses on designing and building airliners that are not only modern but also fuel-efficient, along with providing related services.
Monday, April 29, 2024
Monday, April 29, 2024
Monday, April 29, 2024
