NEW YORK, Feb. 28, 2024 /PRNewswire/ -- The commercial aviation fleet is projected to grow 28% over the next 10 years, expanding from today's 28,400 aircraft to 36,400 by 2034, according to a new report from consulting firm Oliver Wyman, a business of Marsh McLennan (NYSE:MMC). The data come from the 24th edition of the Global Fleet and MRO Market Forecast 2024-2034.
"Having clawed its way back from COVID, the industry is finally out of recovery mode and on a growth trajectory," said Anthony DiNota, Vice President of Oliver Wyman's CAVOK. "But the pandemic is having a lasting impact. Before COVID the fleet was slated to reach 39,000 aircraft by 2030. However, this won't happen until 2036, with COVID wiping out six years of growth."
Meanwhile, the maintenance, repair, and overhaul (MRO) sector will grow almost 3% in 2024, reaching $104 billion, and expand 1.8% annually on average through 2034.
Key findings of the forecast include:
"The aviation industry is grappling with a multitude of challenges, including a fragile manufacturing supply chain, labor shortages, and higher capital costs. These obstacles are further complicated by geopolitical tensions and the pressing issue of climate change. The industry needs to position itself for sustainable growth while addressing the challenges it currently faces," said Brian Prentice, Partner, Oliver Wyman, and co-author of the report.
About the Global Fleet and MRO Market Forecast 2024-2034
The 2024-2034 edition of Oliver Wyman's Global Fleet and MRO Market Forecast represents its more than two-decade commitment to the understanding and assessment of the commercial airline transport fleet and the associated MRO market outlook. The commentary is the go-to resource of aviation executives—whether a manufacturer, operator, or aftermarket provider, as well as for those with financial interests in the sector through private equity firms and investment banks. The report provides a 10-year outlook for the commercial airline transport fleet and the associated maintenance, repair, and overhaul (MRO) market. This annually produced report, along with our Airline Economic Analysis, are staple resources to executives working in aerospace manufacturing, airlines, MRO, and financing of the sector through private equity firms and investment banks.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has 7,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on LinkedIn and X.
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SOURCE Oliver Wyman