Airbus has predicted that North America’s commercial aircraft services market will grow to $45bn by 2042, a 45% increase from today’s $31bn, according to the manufacturer’s latest Global Services Forecast.
With North America’s predicted passenger growth to continue at a steady compound annual growth rate (CAGR) of 2.1%, ‘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,’ explains Airbus. Dominik Wacht, vice president of customer services, Airbus North America, added that the region was “a region of choice when we think about aftermarket services, with many opportunities for additional efficiency, simplification and sustainable operations”.
The maintenance market is set to grow at a similar rate (2% CAGR) to the overall traffic increase, with passenger-to-freighter conversion and used serviceable material from retired aircraft estimated to be worth a cumulative $17bn over the next 20 years. Meanwhile, the market for enhancements and modernisation will register the largest annual growth (4.1%) between 2023 and 2024, driven by cabin and system upgrades alongside aircraft connectivity solutions.
To keep up with increased demand, Airbus also predicts a requirement for 336,000 new skilled professionals in North America over the next 20 years (including 104,000 new pilots, 120,000 new technicians and 142,000 new cabin crew staff).
Airbus forecasts US aircraft services market to be worth $45bn by 2042
