COMMERCIAL AIRCRAFT MARKET ANALYSIS

Market Concentration and Competitive Landscape

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As commercial aircraft fleets age, airlines are increasingly undertaking fleet replacement and modernization programs to reduce maintenance and fuel costs through the adoption of new-generation fuel-efficient planes. While some carriers extend the operational lives of older planes through refurbishment and component replacements, most full-service network carriers prefer replacing their oldest and least economical jets with new aircraft featuring state-of-the-art engines and aerodynamic designs. This allows substantial reductions in operating expenses through lower maintenance and fuel burn. Additionally, newer aircraft meet enhanced safety and emission regulations while providing enhanced passenger comfort and services. Low-cost carriers too are standardizing their operations around specific modern aircraft types to benefit from common pilot/crew training, inventories, and maintenance practices. Global aircraft fleet age profiles indicate a large number of aircraft built in the 1990s and early 2000s will need replacement in the coming decade. This is driving requirements for new narrowbody and widebody deliveries to support fleet revamp programs across Asia Pacific, North America, Europe, and other regions.