Release date : 2020-09-09
The Chinese spare parts’ market is expected to undergo triple expansion
As the OEM organizations are becoming increasingly substantial in the aviation industry, the MRO service providers direct their focus towards the rapidly emerging Asian aviation markets. By 2030 the Chinese aircraft fleet is expected to increase three times; therefore there is no surprise that Locatory.com experts maintain that it will inevitably result in significant spare parts’ market growth.
Locatory.com predicates that due to the old aircraft fleet widely operated within the country the existing aircraft will require more and more spare parts and equipment for maintenance and repairs. Although China hosts several major aircraft and parts’ manufacturers it might be still fairly difficult to maintain high quality standards. That is why in the short-run the growth will still be largely dependent on imported components.
In the last ten years alone the Chinese aviation parts and components import market has grown four times
‘The region is now expected to introduce large spare parts’ warehouses. Changing old aircraft fleet will result in increased aircraft part-out volumes as well as demand for prompt parts’ supply and delivery. In the last ten years alone the Chinese aviation parts and components’ import market has grown four times – last year it was valued at an astonishing USD 1 billion. It will inevitably increase the demand for spare parts’ platforms in the developing regions’, – commented the Locatory.com Vice-president for Development Dmitry Voskresensky.
Within the next twenty years when China becomes the second largest market in the world, the regional airlines will be in need of 5 thousand new aircraft. According to the 2011 price catalogue they will amount to USD 6 billion. In the meantime, in four years time the number of airports should reach 230, the demand for aviation engineers and pilots – 108 thousand and 73 thousand respectively by 2030. With the perspective to market growth rate, by 2030 the Chinese aircraft manufacturers are expected to join the four largest aircraft manufacturers in the world.