April 24, 2024

The Aircraft Parts Market is Driven by Increasing Air Passenger and Freight Traffic Globally

 

Aircraft parts include a variety components that are essential for the functioning of aircraft. Some key aircraft parts include engines, landing gear, hydraulic and pneumatic components, avionics, aircraft electrical systems, and aircraft interiors. With the growing demand for air transport of both passengers and freight globally, the demand for new aircraft is increasing steadily. This in turn is propelling the demand for aircraft parts for maintenance, repair, and overhaul activities of the existing aircraft fleet. The global aircraft fleet is aging and requires frequent replacement of parts which is another factor fueling growth of this market. Moreover, development of lightweight and advanced materials to improve fuel-efficiency and reduce maintenance cost of aircraft is a major trend in the aircraft parts manufacturing industry. The global Aircraft Parts Market is estimated to be valued at US$ 64 Billion in 2031, and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the aircraft parts market is 3D printing technology. 3D printing helps in reducing waste, lowering manufacturing costs, and speeding up production times for aircraft components. It allows fabricating complex parts with intricate internal structures that would be difficult to produce through conventional methods. Leading aircraft parts manufacturers have started adopting 3D printing for production of small aircraft parts and components such as brackets, ducts, and tools. They are also exploring possibilities of 3D printing larger aircraft structural parts like fuselage and wings in the future. This technology has potential to disrupt the aircraft manufacturing industry and supply chain in coming years.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the aircraft parts market is moderate. High capital requirements and stringent regulations for aircraft parts manufacturing pose a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is high in this market. Major OEMs have significant influence over aircraft parts manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers face intense price competition due to presence of numerous players.

Threat of new substitutes: There is low threat from substitutes as aircraft parts have limited alternatives.

Competitive rivalry: The rivalry is high among existing manufacturers to gain market share.

Key Takeaways
The global aircraft parts market is expected to witness high growth over the forecast period.

Regional analysis: North America is the largest market for aircraft parts owing to the presence of major aircraft manufacturers such as Boeing and Airbus. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising aircraft fleet and increasing demand for MRO services in countries like China and India.

Key players: Key players operating in the aircraft parts market are Boeing, Airbus, Spirit AeroSystems, Honeywell International, Safran, Woodward, GE, and Raytheon Technologies. Spirit AeroSystems is one of the largest manufacturers and suppliers of aerostructures for Boeing and Airbus programs.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it