Aircraft maintenance industry has been accompanied by the development of aviation, especially civil aviation. In recent years, China's civil aviation industry has achieved rapid development. According to the latest statistics released by the Civil Aviation Administration of China (CAAC), the total transport turnover of China's civil aviation passenger traffic reached 107.24 million in Feb 2019, up 12.9% year on year. Civil aviation passenger turnover was 191.797 billion passenger kilometers, up 13.8% year on year.
With the rapid development of civil aviation, the aircraft maintenance demand of airlines has also been rising greatly, creating great opportunities for China's aviation maintenance industry. Aircraft in 6 - 10 years will usher in the overhaul cycle, in recent years the market has achieved rapid growth in capacity. China's aviation maintenance market is expected to reach nearly $10 billion by 2022, with a compound annual growth rate of 8.6%.
At present, China has become the largest civil aircraft market in the world except the United States. According to the calculation and forecast analysis, the space of China's civil aircraft market in the next 20 years will exceed $1.5 trillion. China's domestically developed C919 has attracted 28 domestic and foreign customers, with a total of 815 orders, and the ARJ21 has attracted 21 customers, with a total of 453 orders. And the growing air transport business also provides a strong market demand for aviation maintenance industry, the industry's future development prospects are bright.
Over the next decade, the global aviation maintenance market will remain a huge opportunity, benefiting from the emergence of new models, engines and components, as well as the need to replace old and damaged aircraft and engines.