The global Aircraft Parts Market is estimated to be valued at US$ 655.22 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The aircraft parts market involves manufacturing of components and parts that are used to assemble aircrafts. Some key parts include wings, engines, fuselage, landing gear and others. Aircraft parts are critical in delivering optimum performance, safety, comfort and fuel efficiency.
Market key trends:
One of the major trend in the aircraft parts market is the increasing demand for lightweight and fuel-efficient aircraft components. With growing environmental concerns and rising fuel prices, aircraft manufacturers are focusing on reducing the overall weight of aircrafts by developing lightweight and advanced materials for various parts like wings, fuselage and landing gear. This helps in improving fuel efficiency and reducing operating costs. For instance, advanced composites are being increasingly used instead of metals to manufacture lightweight aircraft parts.
SWOT Analysis
Strength: The aircraft parts market is dominated by few major players like Airbus and Boeing who possess strong engineering and manufacturing capabilities. They enjoy economies of scale due to large business volumes.
Weakness: High R&D investments and highly complex and regulated manufacturing processes make the market vulnerable to risks. The market is also vulnerable to economic cycles.
Opportunity: Growth in the commercial aircraft fleet, especially in Asia Pacific region provides substantial growth opportunities. Increased fleet size leads to higher aftermarket service and replacement demand.
Threats: Economic slowdowns can significantly reduce orders and demand. Rising costs of raw materials like aluminum and increasing labor costs pose threats. Stringent regulatory environment and certification requirements increase compliance burdens.
Key Takeaways
The Global Aircraft Parts Market Share is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand for commercial aircraft from emerging economies like China and India. Asia Pacific airline passenger traffic is growing at a faster pace driven by increasing incomes and expanding middle class in the region.
Regional analysis: North America dominated the market in 2023, accounting for around 35% of the global market share. However, Asia Pacific is expected to witness highest growth during the forecast period due to rising construction of assembly plants by major OEMs in countries like China and India. Countries like China, Japan and South Korea are emerging as aircraft parts manufacturing hubs to cater to the growing regional fleet.
Key players operating in the Aircraft Parts Market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd., Teijin, Lockheed Martin Corporation, and Triumph Group, Inc. These top players have significant production facilities and supply a wide variety of aircraft components including engine components, fuselage, wings, cabin interiors and avionics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it