The aircraft parts market comprises a diverse range of components and systems for different aircraft including commercial, military, general aviation, and unmanned aerial vehicles. Key components include engines, landing gear, nose to tail kits, avionics, and interior and exterior lights. The demand is driven by the need for safety, reliability, efficiency and performance in the aviation industry.
The global aircraft parts market is estimated to be valued at US$ 688.63 billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period of 2024 to 2031.
Key Takeaways
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 are engaged in new product development and strategic collaborations to strengthen their market position. The increasing aircraft orders and demand for aftermarket services present significant growth opportunities in the coming years. Major aircraft OEMs are expanding their manufacturing and MRO facilities globally to support international operations.
Market Drivers
Rising aircraft deliveries driven by increasing passenger and freight traffic globally is a major driver for the aircraft parts market. International Air Transport Association (IATA) forecasts 43,000 new aircraft deliveries worth $6.8 trillion will be needed by 2039 to support passenger travel growth. Growing military aircraft procurement to modernize aging fleets and budget allocation for defense also drives the demand for military aircraft parts.
Market Restraints
Stringent regulatory standards for aircraft parts certification along with long lead times increase development costs. Geo-political tensions can potentially impact weapons systems procurement and result in delayed or cancelled orders impacting certain aircraft parts. Supply chain disruptions and availability of raw materials are other challenges faced.
Segment Analysis
The aircraft parts market can be segmented by application into aircraft engine parts, aircraft hydraulic & pneumatic system parts, aircraft electrical system parts, aircraft landing gear parts, aircraft parts, aircraft airframe parts, and others. The aircraft airframe parts segment dominated in 2020 as airframe parts are critical for airframe integrity and safety. This segment is projected to remain dominant during the forecast period due to stringent regulations mandating periodic replacement of major airframe parts.
Global Analysis
Regionally, North America dominated the global aircraft parts market in 2020 and is expected to continue its dominance during the forecast period. This is due to increased aircraft orders from major aircraft manufacturers in the US. Asia Pacific is expected to be the fastest growing market due to rising aircraft fleet, especially in China and India. Countries like China, India, and Japan are expected to drive the demand for aircraft parts in the region. Major manufacturers are focusing on emerging economies in Asia Pacific to tap the market potential.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it