European aircraft manufacturer Airbus has forecast that North America’s commercial aircraft services market will increase in value by 45% between 2023 and 2042.
Currently the commercial aircraft services market in North America is valued at $31 billion but by 2042 Airbus believes this will surge to a $45 billion industry.
Details regarding Airbus’ predictions were included in the company’s Global Services Forecast (GSF), which also commented that the demand for services will be driven by demand, fleet evolution and aircraft replacement.
“Driven by the rise in annual air traffic, fleet growth and the requirement for more digitally enabled and connected aircraft, the growth in demand for services will be reflected in solutions implemented across all phases of the aircraft from delivery to end-of-life including fleet maintenance, aircraft modernization and training,” Airbus said.
Airbus said that North America’s commercial aviation industry had bounced back particularly strongly following the COVID-19 pandemic and that passenger traffic growth will continue at a steady compound annual growth rate (CAGR) of 2.1% in the region.
Airbus forecasts the maintenance market will grow from $25.9 billion to $37.8 billion in the region, with $17 billion of this from passenger-to-freighter conversion and used serviceable material.
The market for enhancements and modernization will see the largest average annual growth (+4.1%) across the categories between 2023 and 2042, from $1.9 billion to $4.1 billion.
The market for training and operations is also expected to increase from $2.5 billion in 2023 to $3 billion in 2042.
Airbus anticipates a need for 366,000 new skilled professionals in North America over the next 20 years, comprising 104,000 new pilots, 120,000 new technicians and 142,000 new cabin crew members.
“North America is a region of choice when we think about aftermarket services, with many opportunities for additional efficiency, simplification and sustainable operations. Airbus will continue to play an important role in supporting airlines and the aviation industry at large in responding to those opportunities,” Dominik Wacht, Vice President-Customer Services, Airbus North America, said.