2025-06-10-Jefferies-国情咨文_杰富瑞售后市场峰会-低退役率导致USM_6页_83kb

Aftermarket MRO Industry Analysis Summary

Retirement Trends

The average retirement age for aircraft is extending from 20-24 years to approximately 30 years, reducing annual retirements to about 400 in 2024 and even lower in 2025 YTD, compared to historical averages of ~700. This is driven by carriers delaying retirements due to macro headwinds and OEM delays, allowing aircraft to operate longer than the 20-24-year norm.

USM Adoption Growth

Certified used parts (USM) acceptance is increasing, with a global market share of ~10% and North America leading. Cost savings can be up to 40-50% compared to OEM parts, benefiting all levels including Tier 1 operators. Adoption is driven by reliability, cost efficiency, and sustainability, reducing stigma previously associated with USM. Long-term plans for expansion include new facilities by companies like Setna and Revima.

Demand and Market Expansion

Strong demand for MRO services faces supply constraints, with companies like VAS reporting growth of +40% in 2023 and +38% in 2024, expected to reach ~30% this year. Supply chain issues and engine durability problems on new-generation aircraft drive interest in older-gen services. Private equity is influencing asset sales and creating potential demand spikes, with firms like Unical monitoring sustainable demand to maintain long-term growth. Erica Reynolds notes ongoing growth expectations.

Competitive Strategies

Competition in the aftermarket industry is addressed through technological investments, market expansion, and operational diversification. For example, VAS enhances supply programs with IT and targets landing gear markets; Setna expands disassembly capabilities and piece-part repairs; and Revima builds capacity with plans to establish facilities in new regions to handle growing demand. Strategies focus on efficiency, elasticity, and long-term sustainability.