Pandemic-legacy disruptions across aviation have spurred a growing demand for aircraft parts, according to Locatory.com, an Avia Solutions Group-owned supplier.
“The aircraft part[s] market is steadily growing,” said chief executive Toma Matutye.
The increased demand comes on the back of “a fragile supply chain, halted aircraft part manufacturing, and long backlogs”, the company reported, resulting in “a significant growth period” for the parts market.
“During the global pandemic, airlines and aircraft operators delayed or even dropped their new aircraft orders,” the company said, hold-ups that “forced suppliers to be left with stranded inventory and eventually prompted them to suspend production and lay off people”.
A related “order backlog on industry giants Airbus and Boeing” has in turn compelled airlines “to continue depending on the current fleet which requires more upkeep than new aircraft would”, Locatory.com said.
In 2019, the global aircraft parts market was valued at US $537.04bn. It is expected to reach US $826.01bn by 2028, according to Locatory.com.
