Commercial Aircraft Manufacturing Market in South Korea 2014-2018
South Korea is a potential market for the manufacture of commercial aircraft parts and MRO services. Currently, there is no company in South Korea that completely manufactures commercial aircraft, thus the country relies on the import of commercial aircraft from other countries such as the US and the UK. However, there are some vendors in South Korea that manufacture commercial aircraft parts for Airbus SAS and The Boeing Co.
The Commercial Aircraft Manufacturing market in South Korea is expected to witness high growth in the coming years. The Commercial Aircraft Parts Manufacturing market in South Korea and MRO market in South Korea are expected to reach US$1,541.9 million and US$1,343.6 million, respectively, by 2018. The leading companies in South Korea that manufacture commercial aircraft parts and offer MRO are Korea Aerospace Industries Ltd. (KAI) and Korean Air Lines Co. Ltd.
Source: TechNavio Analysis
There are several factors that drive the growth of the Commercial Aircraft Manufacturing market in South Korea. Growth in air passenger traffic is expected to boost the growth of the Commercial Aircraft Manufacturing market in the country. Increasing government support and foreign investments in the Aviation sector in South Korea are also expected to fuel the growth in domestic aircraft manufacturing activities in the country. In addition, the increase in airport infrastructure development initiatives undertaken by the government would lead to more demand for commercial aircraft in South Korea.
Despite the growth prospects in the Commercial Aircraft Manufacturing market in South Korea, the market is pegged with certain growth inhibitors. Some of the key challenges confronting the market are fluctuating jet oil prices and heavy reliance on the import of commercial aircraft. There is no company in South Korea that completely manufactures commercial aircraft, which forces domestic airline companies to rely on the import of commercial aircraft.
Despite the presence of these challenges, the Commercial Aircraft Manufacturing market in South Korea is witnessing some emerging trends in the market. One of the key trends is the growing focus on aviation safety measures to improve safety performance of aircraft. Another major trend in the market is the increasing focus on commercial aircraft manufacturing activities in South Korea.
The Commercial Aircraft Manufacturing market in South Korea is expected to witness high growth in the coming years. The Commercial Aircraft Parts Manufacturing market in South Korea and MRO market in South Korea are expected to reach US$1,541.9 million and US$1,343.6 million, respectively, by 2018. The leading companies in South Korea that manufacture commercial aircraft parts and offer MRO are Korea Aerospace Industries Ltd. (KAI) and Korean Air Lines Co. Ltd.
Source: TechNavio Analysis
There are several factors that drive the growth of the Commercial Aircraft Manufacturing market in South Korea. Growth in air passenger traffic is expected to boost the growth of the Commercial Aircraft Manufacturing market in the country. Increasing government support and foreign investments in the Aviation sector in South Korea are also expected to fuel the growth in domestic aircraft manufacturing activities in the country. In addition, the increase in airport infrastructure development initiatives undertaken by the government would lead to more demand for commercial aircraft in South Korea.
Despite the growth prospects in the Commercial Aircraft Manufacturing market in South Korea, the market is pegged with certain growth inhibitors. Some of the key challenges confronting the market are fluctuating jet oil prices and heavy reliance on the import of commercial aircraft. There is no company in South Korea that completely manufactures commercial aircraft, which forces domestic airline companies to rely on the import of commercial aircraft.
Despite the presence of these challenges, the Commercial Aircraft Manufacturing market in South Korea is witnessing some emerging trends in the market. One of the key trends is the growing focus on aviation safety measures to improve safety performance of aircraft. Another major trend in the market is the increasing focus on commercial aircraft manufacturing activities in South Korea.
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