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Strategic Analysis of Asia Pacific PMA Parts Market
Frost & Sullivan, Feb 2008, Pages: 95
Rising Aircraft Operating Costs likely to Increase PMA Adoption
Rising aircraft operating costs are expected to ignite the penetration of parts manufacturer approval (PMA) parts in the Asia Pacific region. On account of the cost of aero engine overhaul and maintenance, material costs represents at least 60 percent of the overhaul price, and due to this, many airlines are looking to make massive savings through the extensive use of lower priced PMA parts for their replacement instead of sourcing them to the original equipment manufacturers (OEMs). What is more, the growth of the PMA and maintenance, repair and overhaul (MRO) markets is largely dependent on air traffic growth and the Asia Pacific region continues to witness a massive surge in this regard.
However, one of the challenges in using PMA parts is the risk that will be faced by either the airlines operator or the owner of the MRO company. The risk involved is not in terms of quality but that of warranty, which is not as comprehensive as the warranty provided by the OEM parts suppliers. 'Airlines and MROs – the main customers for PMA parts – are still of the perception that PMA parts are not as good and trusted as OEM parts,' notes the analyst of this research service. 'However, PMA parts used in certain circumstances are found to be better than compared to the OEM parts, as normally PMA manufacturers use the latest technology to manufacture PMA parts.'
Military MRO Segment Generating the Largest Revenues
Penetration of PMA parts in the Asia Pacific commercial and civil MRO market is in the range of 0.73 percent to 1.41 percent of the total Asia Pacific aircraft and engine aftermarket parts. The penetration percentage of PMA parts is likely to grow at a compound annual growth rate (CAGR) of 6.8 percent from 2003 to 2013, resulting in revenue CAGR of 18.1 percent. Penetration rate in the Military MRO segment is about ten times higher with penetration rate from 10.2 percent to 14.8 percent, but with expected lower revenue CAGR of 9.2 percent.
Overall, the Asia Pacific PMA parts market is still dominated by suppliers from the North American region due to the Federal Aviation Administration’s long-standing involvement in the PMA parts market. In recent years, the European Aviation Safety Agency (EASA) has been looking at the aftermarket industry with the introduction of the European Parts Approval (EPA) certification requirements. Although PMA/EPA manufacturers are commonly considered to be the competitors of OEM parts suppliers, they also have gained the rights to manufacture parts under the OEM license.
This Frost & Sullivan research service titled Strategic Analysis of Asia Pacific PMA Parts Market provides current and future industry dynamics, revenue forecasts, and market penetration strategies. In this research, Frost & Sullivan's expert analysts thoroughly examine the PMA parts market penetration in commercial and military MRO.
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