Asia Pacific Engine Stand Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type (Gasoline Engine Stand and Diesel Engine Stand), and Application (Automotive, Aircraft, and Others)
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The engine stand market in APAC is expected to grow from US$ 103.88 million in 2019 to US$ 132.91 million by 2027; it is estimated to grow at a CAGR of 3.8% from 2020 to 2027.
Australia, China, India, Japan, South Korea are major economies in APAC. Rising popularity of MRO facilities in APAC countries is the major factor driving the APAC engine stand market. The exponential growth of the aviation sector has complemented the establishment of MRO facilities in the world over the years. The scope of MRO facilities is expected to rise in different parts of the world, especially in Asia. Owing to the rising adoption of low-cost carriers (LCCs), the outlook of the civil aviation industry has evolved drastically in Asian countries. The rise with the aviation sector is rapidly accelerating the aircraft maintenance business growth, especially in APAC. Countries such as China and India are emerging as economic powerhouses for fleet acquisition. AirAsia (Malaysia) and Lion Air (Indonesia), among others, have placed huge orders of aircraft in the last few years. Therefore, with the growing fleet acquisition, need for having sufficient MRO capabilities is also on rise. Southeast Asian countries such as Malaysia, Indonesia, and Thailand are emerging as destinations for making significant investments for the establishment of MRO facilities. In line with this, Thai Airways International (THAI) and Airbus signed an agreement to inaugurate new joint venture MRO facility at the U-Tapao International Airport near Bangkok. Moreover, Singapore houses over 100 aerospace companies that have apprehended quarter of the Asian MRO market. Goodrich Corp. and ST Aerospace are a few of the prominent players in the MRO market in Singapore; they offer services ranging from aircraft modifications and conversions to airframe maintenance and engine overhaul. Further, AAR, a US-based aircraft maintenance service provider, has signed a joint venture with Indamer Nagpur (India) for the establishment of MRO facility. Hindustan Aeronautics Limited (HAL) and Rolls-Royce plan to enlarge their partnership in India; the agreement states about enhancing the supply chain for Civil & Defence Aerospace and also establishing a maintenance centre for Adour Mk871 engines to assist customers of Rolls-Royce. Such developments in the MRO marketplace in APAC countries are projected to benefit the engine stand manufacturers in the coming years.
Because of a massive number of cases in China and India, the APAC region is greatly affected by COVID-19, the country also homes the largest population across the world, thereby imposing greater risk of many individuals; it is also a world leader of many brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such as India, Australia and Japan, and the region is thus experiencing a downward inflation. The sudden closedown of all economic activities which includes manufacturing plants of both essential products and luxurious items has impacted the overall economy of the countries in the region. China being the manufacturing hub of the world has many major players and distributers located in the country. The temporary shutdown of supply chain to manufacturers of the engine stand is expected to negatively impact the market. Additionally, the reduction in demand of power by 25-30% has been observed across countries like India which in turn will lead to less demand of engine stands from the energy and power sector. This decrease in demand, combined with slow recovery, would have a negative effect on the engine stand market across the region owing to the pandemic.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC engine stand market. The APAC engine stand market is expected to grow at a good CAGR during the forecast period.
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APAC Engine Stand Market Segmentation
APAC Engine Stand Market – By Product Type
- Gasoline Engine Stand
- Diesel Engine Stand
APAC Engine Stand Market – By Application
- Automotive
- Aircraft
- Others
APAC Engine Stand Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Engine Stand Market - Companies Mentioned
- AGSE LLC
- DAE Industries
- DEDIENNE AEROSPACE
- HYDRO SYSTEMS KG
- Mahle GmbH
- Vega Aviation Products Pvt. Ltd.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC engine stand market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC engine stand market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the engine stand market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution