Market Trends of Colombia Commercial Aircraft MRO Industry
This section covers the major market trends shaping the Colombia Commercial Aircraft MRO Market according to our research experts:
Growing Air Traffic Across Colombia Propels the Market Growth
Colombia's aviation sector has witnessed a significant increase in air passengers. Rising demand for new regional jets and growing air traffic to and from the country drive market growth. Colombia is the third largest aviation market in Latin America, with 16 international airports and 26 airlines connecting the country with 28 countries. In 2022, Ultra Air became the new Colombian airline. It transported more than 900,000 passengers by November 2022. It currently operates with 6 Airbus A320ceo on fifteen domestic routes and plans to launch its first international routes by 2023.
Furthermore, JetSMART is planning to launch domestic flights in Colombia. The company plans to have 12 Airbus A320neo, which will be incorporated over three years. These aircraft will be based at El Dorado International Airport (BOG), Bogota. Furthermore, Viva Air, the Colombian low-cost carrier, plans to expand its aircraft fleet in the next few years. It plans to add 28 more Airbus aircraft to its existing fleet and reach 50 units by 2025. Thus, growing investment in new planes and increased domestic flights from airlines boost the market growth.
Narrow-Body Aircraft Segment is Estimated to Show Remarkable Growth During the Forecast Period
The narrow-body aircraft segment will showcase remarkable growth during the forecast period. The increase is attributed to sizeable narrow-body aircraft fleets in airlines such as Avianca S.A., LATAM Airlines Group, Viva Air, and others driving the market growth. Growing spending on aircraft modernization and increasing MRO contracts from Colombian airlines boost the market growth. For instance, in April 2022, Safran Nacelles signed a 10-year service contract with Viva Air Colombia for the nacelles for the airline's growing fleet of A320neo aircraft powered by CFM International LEAP-1A engines.
Also, Viva Air, a low-cost carrier in Colombia, signed a contract with the IFS, a cloud enterprise applications company for MRO software. Under the contract, the IFS's MRO and fleet planning software will support Viva Air's maintenance planning and execution across its fleet of aircraft. The airline operates 21 Airbus A320-200 and A320neo aircraft. Thus, increasing narrow-body aircraft modernization programs and MRO contracts will drive market growth during the forecast period.
