The aerospace parts manufacturing market provides critical components and assemblies for various aerospace applications. Some of the key parts manufactured include engines, airframes, interiors, and advanced aircraft system parts. There is a growing demand for lightweight and durable aerospace parts to enhance fuel efficiency and reduce maintenance costs. The market is driven by increasing commercial aircraft deliveries due to rising air passenger traffic globally. Key original equipment manufacturers (OEMs) rely on tier players for critical and bulky aerospace parts to be integrated into modern aircraft.
The Global aerospace parts manufacturing market is estimated to be valued at US$ 918.7 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Aerospace Parts Manufacturing Market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation, Triumph Group, Inc, Safran , JAMCO Corporation, Rolls-Royce plc. These players are focusing on new product development and adopting advanced manufacturing technologies to gain a competitive advantage.
The aerospace parts manufacturing market provides significant growth opportunities, especially in developing economies experiencing strong air traffic growth in Asia Pacific and Middle East regions. Key OEMs are also expanding their tier 1 supplier network globally to ensure seamless aircraft parts supply.
Increasing MRO activities and additional demand for commercial aircraft from budget carriers will further boost the aftermarket sales of aerospace components. Leading suppliers are exploring opportunities in aircraft engine MRO and component repair domains.
Market drivers for aerospace parts manufacturing include increasing aircraft deliveries for both commercial and military applications. Rising passenger traffic is driving demand for new commercial aircraft, especially in emerging markets. Ongoing modernization programs are also fueling demand for military aircraft.
Key market restraints include economic downturns negatively impacting commercial aviation, potential supply chain disruptions, and strict quality certifications for aerospace parts. Lucrative opportunities in business aviation and urban air mobility could be offset by global political uncertainties.
Segment Analysis
The aerospace parts manufacturing market is dominated by engines sub segment with 30% share. Engines are vital component of aircrafts and there is continuous demand from OEMs and MRO service providers to replace older engines or add new engines to expanding fleet. Even with grounded airline fleet during pandemic, engine manufactures were able receive sizable orders for future deliveries indicating strength of this sub segment.
Avionics is another fast growing sub segment expected to witness 6.8% CAGR during forecast period. Modern aircrafts use advanced avionics systems for critical activities like navigation, communication and require regular upgrades. This is driving demand for avionics parts from commercial as well as defense aircraft manufacturers.
Global Analysis
North America holds around 35% share of global aerospace parts manufacturing market led by presence of major OEMs like Boeing, Lockheed Martin, Northrop Grumman in the region. Major MRO hubs and highest demand for commercial aircraft also contributes to dominance of North America.
Asia Pacific region is fastest growing market and anticipated to expand at 8% CAGR during forecast years. Countries like China, India and Japan are awarding increased defense budgets that is propelling growth of domestic aircraft manufacturing industry and supporting aerospace component suppliers. Regional and urban air mobility projects are other factors behind aerospace market growth of Asia Pacific.
Get more insights on Aerospace Parts Manufacturing Market
With a multi-disciplinary approach, Fact.MR elaborates an extensive analysis of the historical, current and future outlook of the global Aerospace Parts Manufacturing market as well as the factors responsible for such a growth.
Our highly dedicated professionals have inputted critical and accurate insights associated with every industry, and region by doing thorough primary and secondary research.
The global Aerospace Parts Manufacturing market is poised to expand at a CAGR of over 7% during the forecast period (2019-2029).The recent report on the global Aerospace Parts Manufacturing market published by the Fact.MR includes the impact of COVID-19 on the Demand of Aerospace Parts Manufacturing market.
Severe economic crisis are being faced by each and every country of the world.
This has affected each and every market in the world and it will take a good amount of time to recover.
The Aerospace Parts Manufacturing market study includes the current market scenario on the global platform and also forecasts the market development during the forecast period.
A latest report published by Fact.MR takes into account the Aerospace Parts Manufacturing market from a global as well as local viewpoint.
The global Aerospace Parts Manufacturing market is poised to expand at a CAGR of over 7% during the forecast period.
This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of Aerospace Parts Manufacturing.
The study also provides dynamics that are responsible for influencing the future status of the Aerospace Parts Manufacturing market over the forecast period.The recent report on the global Aerospace Parts Manufacturing market published by the Fact.MR includes the impact of COVID-19 on the Aerospace Parts Manufacturing market.
Severe economic crisis are being faced by each and every country of the world.
This has affected each and every market in the world and it will take a good amount of time to recover.
Global Aerospace Parts Manufacturing Market Report 2027 size is projected to value at USD 1.25 trillion by 2027, according to a new report published by Million Insights, with a CAGR of 4.1% from 2020 to 2027.
Rising freight traffic and passengers in developing countries are accelerating the demand for advanced aircraft, which is predicted to drive market growth.
Request free sample @ https://www.millioninsights.com/industry-reports/global-aerospace-parts-manufacturing-market/request-sample Market Synopsis of Aerospace Parts Manufacturing Market: Most of the aerospace manufacturing units are connected through the value chain and are active in the manufacturing process.
This industry is predominantly focused in Europe and North America due to the large-scale existence of eminent aircraft companies.
India and China are anticipated to emerge as potential markets in the upcoming years due to the widespread growth of export and aircraft part manufacturing activities.
The world trade in sub-assemblies and components has gone up by around 25% in the last ten years.
