July 22, 2024
Aircraft Parts Market

Aircraft Parts Market is Estimated To Witness High Growth Owing To Increasing Air Travel Demands and Technological Advancements

The Aircraft Parts Market is estimated to be valued at US$ 537.0 Bn in 2019 and is expected to exhibit a CAGR of 5.1% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Aircraft Parts Market encompasses a wide range of components and equipment that are vital for the functioning and maintenance of aircraft. These parts are necessary for safe and efficient operations, ensuring the reliability and performance of aircraft. The market includes products such as engines, avionics, landing gear, airframe, and other accessories. With the growing air travel demands and the increasing fleet size of commercial aircraft, the demand for aircraft parts is expected to witness significant growth in the coming years.

Market Dynamics:
The growth of the Aircraft Parts Market can be attributed to two main drivers. Firstly, the rising number of air passengers worldwide is driving the need for expanded fleets and increased aircraft production. This, in turn, creates a demand for aircraft parts to support the maintenance and repair activities. Secondly, the rapid technological advancements in the aviation industry are leading to the introduction of innovative and more advanced aircraft parts. These advancements aim to improve fuel efficiency, reduce weight, enhance performance, and ensure passenger safety. The market presents significant opportunities for manufacturers and suppliers to meet the growing demand and capitalize on the advancements in the industry.

Segment Analysis:

The aircraft parts market can be segmented based on component type, aircraft type, application, and region.

Based on component type, the market can be divided into airframe, engine, system, and avionics. The airframe segment dominates the market due to the high demand for structural components, such as wings, fuselage, and landing gear. These components are essential for the proper functioning and safety of the aircraft, leading to their dominance in the market.

In terms of aircraft type, the market can be categorized into commercial aircraft, military aircraft, and general aviation. The commercial aircraft segment holds a significant market share due to the increasing air travel demand, leading to the expansion of commercial airline fleets globally. Moreover, the growing focus on fuel efficiency and the replacement of aging aircraft contribute to the dominance of this segment.

On the basis of application, the market can be segmented into OEM (Original Equipment Manufacturer) and aftermarket. The OEM segment has a higher dominance as aircraft manufacturers procure a wide range of parts during the production stage. This includes various components, such as engines, avionics systems, and structural parts, making the OEM segment the dominant revenue generator in the market.

PEST Analysis:

Political: The aircraft parts market is influenced by political factors such as government regulations, trade policies, and international relations. Political stability and favorable regulations for the aviation industry can promote market growth.

Economic: Economic factors, such as GDP growth, disposable income, and airline profitability, impact the aircraft parts market. A strong economy and increased air travel contribute to the demand for aircraft parts.

Social: Social factors, including demographic changes, air travel trends, and passenger preferences, influence the market. Growing middle-class populations in emerging economies and changing travel patterns drive market growth.

Technological: Technological advancements in the aviation industry, such as lightweight materials, additive manufacturing, and advanced avionics, play a significant role in shaping the aircraft parts market. Constant innovation and adoption of new technologies are vital for market competitiveness.

Key Takeaways:

The Global Aircraft Parts Market Demand is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period (2023-2030), primarily driven by the increasing demand for air travel and the replacement of aging aircraft.

In terms of regional analysis, North America is the fastest-growing and dominating region in the aircraft parts market. The presence of major aircraft manufacturers and significant investments in research and development activities contribute to the region’s market dominance.

Key players operating in the aircraft parts market include Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd., Teijin, Lockheed Martin Corporation, and Triumph Group, Inc. These players have a strong market presence and focus on strategic collaborations, acquisitions, and product innovations to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2.         We have leveraged AI tools to mine information and compile it