The aviation industry and businesses at its periphery are experiencing robust growth with the expansion of the global population. Affordable air travel and the rising disposable income of the middle class are pushing passenger travel to a record level. This has influenced the demand for a new fleet of aircraft from airliners, boosting the MRO market's growth to ensure the availability and airworthiness of aircraft.
The air industry relies heavily on MRO services to keep aircraft in operational condition, and MRO providers work to minimize downtime and reduce costs for their customers. As airlines seek to improve efficiency and reduce costs, they increasingly outsource their MRO needs to specialized service providers who can offer cost-effective solutions and expertise in maintaining and repairing aircraft. The demand for MRO services is also driven by the increasing complexity of modern aircraft, which require specialized knowledge and equipment to maintain and repair. As aircraft become more advanced and incorporate modern technologies, the demand for skilled technicians and engineers will increase, driving growth in the MRO industry.
The aviation sector is growing fast and will continue to grow. According to International Energy Agency (IEA) (France), air passenger demand recovered gradually in 2021, with domestic traffic at 68% of 2019 and international traffic at just 28%. This represents an overall increase of 28% versus 2020. In 2022, European carriers saw full-year traffic jump 132.2% compared to 2021. Air cargo, however, showed stronger growth in 2021, rising by nearly 7% above the pre-pandemic peak. In addition, according to the most recent estimates by the International Civil Aviation Organization (ICAO) (Canada), the demand for air transport will increase by an average of 4.3% per annum over the next 20 years. The International Air Transport Association (IATA) announced that the recovery in air travel continued in December 2022 and for the full year. With the expected boost in air travel over the next few years, the aviation MRO market is projected to grow.
- Total traffic in 2022 (measured in revenue passenger kilometers or RPKs) increased by 64.4% compared to 2021. Globally, the full-year 2022 traffic was at 68.5% of pre-pandemic (2019) levels. December 2022 total traffic rose 39.7% compared to December 2021, reaching 76.9% of the December 2019 level.
- International traffic in 2022 climbed 152.7% versus 2021 and reached 62.2% of 2019 levels. In December 2022, international traffic climbed 80.2% over December 2021, reaching 75.1% of the level in December 2019.
- Domestic traffic for 2022 rose 10.9% compared to the prior year. 2022 domestic traffic was at 79.6% of the full-year 2019 level. December 2022 domestic traffic was up 2.6% over the earlier period year, at 79.9% of December 2019 traffic.
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