The Speed Handle Segment to Dominate Asia Pacific Commercial Aircraft Maintenance Tooling Market during 2021-2028
According to The Insight Partners market research study on “Asia Pacific Commercial Aircraft Maintenance Tooling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Tool Type, Users Application, and Country,” is expected to reach US$ 459.50 million by 2028 from US$ 302.34 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific commercial aircraft maintenance tooling market along with the drivers and restraints pertaining to the market growth. Incrementing number of aircraft MRO hangars and upsurge in the need for vibration meters are major factors driving the growth of the Asia Pacific commercial aircraft maintenance tooling market. However, less availability of skilled laborers may hinder the growth of Asia Pacific commercial aircraft maintenance tooling market.
According to the International Air Transport Association’s (IATA) report published in June, Asia Pacific airlines faced the worst challenges. The Q4 of 2020 had been turbulent for the Asia Pacific aviation industry as Southeast Asia recorded exorbitant number of COVID-19 cases that forced lockdowns, hampering travel plans. Due to the massive spread of more contagious strains of the COVID-19, several nations such as Singapore, Thailand, Malaysia, and Vietnam have reimposed strict movement restrictions. This has severely affected the Southeast Asian airlines, and the future of some airlines is uncertain, which is subsequently hampering the adoption of new maintenance tools.
The market for Asia Pacific commercial aircraft maintenance tooling is segmented into tool type, users, application, and country. Based on tool type, the market is further segmented into speed handle, wrenches, safety wire pliers, vibration meters, metal working tools, NDT tools, and others. In 2020, the speed handle segment held the largest share in Asia Pacific commercial aircraft maintenance tooling market. Based on users, the Asia Pacific commercial aircraft maintenance tooling market is divided into MRO service providers and airline operator. The MRO service providers segment is expected to be the fastest growing segment over the forecast period. Based on application, the market is categorized into engine, airframe, landing gear, line maintenance, and others. In 2020, the airframe segment held the largest share in Asia Pacific commercial aircraft maintenance tooling market. Based on country, the Asia Pacific commercial aircraft maintenance tooling market is divided into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific commercial aircraft maintenance tooling market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific commercial aircraft maintenance tooling market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for commercial aircraft maintenance tooling.
HYDRO SYSTEMS KG; Red Box Aviation.; Stanley Black & Decker, Inc.; Shanghai kaviation Techology Co., Ltd.; STAHLWILLE Eduard Wille GmbH & Co. KG; Field International Group Limited; Henchman Products; Dedienne Aerospace; Tronair Inc. and Snap-On Incorporated are some of the leading companies in the Asia Pacific commercial aircraft maintenance tooling market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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