India Aircraft Aftermarket Parts Market by Application

Synopsis
The above chart is India Aircraft Aftermarket Parts Market by Application (USD Million)

Market Dynamics

aircraft aftermarket parts play a crucial role in the aviation industry as they are responsible for the maintenance, repair, and overhaul of aircraft. these aftermarket parts are necessary for ensuring the safe operation of aircraft and are in high demand in the indian market. firstly, the indian aviation industry has been growing at a rapid pace in recent years. according to the directorate general of civil aviation (dgca), the annual traffic grew by 11.6% in 2019, making india one of the fastest-growing aviation markets in the world. with such rapid growth, the demand for aircraft aftermarket parts has also increased significantly. as airlines expand their fleets and schedule more flights, the need for maintenance and repairs on aircraft also increases, resulting in higher demand for aftermarket parts. another major factor driving the demand for aircraft aftermarket parts in india is the ageing of the country's current aircraft fleet. according to a report by deloitte, india has one of the oldest airplane fleets in the world, with an average age of 8.5 years. this means that these aircraft require more maintenance and repair work, leading to a higher demand for aftermarket parts. as airlines in india continue to add new aircraft to their fleets, the demand for aftermarket parts is expected to increase even further. in addition to commercial airlines, the demand for aircraft aftermarket parts is also driven by the military and defense sectors in india. the country is one of the largest importers of defense equipment in the world, and with the government's aim to make india self-reliant in defense production, the demand for aftermarket parts is expected to grow. moreover, with the increasing focus on the safety and reliability of aircraft, there is a growing need for high-quality aftermarket parts. this has led to an increase in the demand for original equipment manufacturer (oem) parts, which are known for their durability and reliability. as a result, oems are expanding their presence in the indian market, further driving the demand for aftermarket parts. in conclusion, the demand for aircraft aftermarket parts in india is expected to continue rising in the coming years due to the growth of the aviation industry, ageing aircraft fleet, and increasing demand from the defense sector. this presents a lucrative opportunity for aftermarket part manufacturers and suppliers to cater to the needs of the indian market.