Aviation MRO Logistics Market Size to Grow by over USD 3.75 Billion through 2020-2024 | Forecast and Trend Analysis
Technavio has been monitoring the aviation MRO logistics market and it is expected to grow by USD 3.75 billion, accelerating at a CAGR of over 4% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
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Aviation MRO Logistics Market: Emerging Trends to Impact Market Growth
The aviation industry witnessed significant growth over the last few years due to factors such as the drop in fuel prices which led to an increased return on investment capital (ROIC). With the changing market dynamics, the coming years will offer significant growth prospects. This will, in turn, trigger the growth of the aircraft MRO industry. The recovery of the aviation industry post the pandemic will drive the demand for aircraft MRO in the coming years. This will subsequently drive the need for logistics services that are efficient, less cost-consuming, and highly-reliable.
The growing adoption of AR and blockchain technology are the key aviation MRO logistics market trends that will gain traction in the market. As blockchain systems use a chain of cryptographically protected records, it removes the need for the maintenance of a central authority. This makes the MRO business processes cost-effective as well as efficient. Top MRO companies are already engaging in strategic partnerships to offer blockchain technology. For instance, Coyote Logistics, a subsidiary of United Parcel Service joined the Blockchain in Trucking Alliance (BiTA), a forum for the promotion, education, and encouragement for developing and adopting this emerging technology.
Aviation MRO Logistics Market: Vendor Analysis
The market is concentrated due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. CMA CGM S.A., Deutsche Bahn AG, Deutsche Post AG, DSV Panalpina A/S, Expeditors International of Washington Inc., Fedex Corp., Kuehne + Nagel International AG, Nippon Express Co. Ltd., SEKO Logistics, and United Parcel Service Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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