Global aircraft MRO market shrinks 17% to $68.5bln

SourceZawya
SectorTourism
CountryMiddle east

The global aircraft MRO (maintenance, repair and operations) market shrunk from $82.4 billion in 2019 to an estimate of $68.5 billion in 2021, reflecting a decrease of 16.89%, said an industry expert.“Additionally, rising fuel prices, security costs and stiff competition pushes operators to outsource the MRO services. And the time to do that is right – the competition between MRO providers and OEMs is fierce and the companies invest a lot of energy and time to attract new clients.”While MRO providers and OEMs rush to outperform one another, the biggest winner in the situation is the client.“Now is the best time to maintain aircraft. MRO companies bend over backwards to attract and retain clients so the service price-quality ratio is great,” the CEO of JET MS commented.Even industry leaders that previously stood strong behind their names and pricing, are now looking to compete with smaller MRO service providers for every client and are willing to slash their prices.“It is something we have never seen in the MRO industry before,” said Vytis Zalimas. “With the changing industry, big names are no longer as important to clients as they used to be and with prices assimilating between major brands and small providers, ...read more...