Aircraft parts are components and systems that are used for assembling an aircraft. Avionics, engine components, airframes, cabin interiors are some of the major aircraft parts used in the aircraft manufacturing and maintenance process. With the growing commercial aviation industry worldwide, the demand for new commercial aircraft has increased exponentially over the years. Airlines are focusing on modernizing and expanding their fleet sizes to accommodate the rising air passenger traffic. This large-scale procurement of new aircraft is fueling the growth of the global aircraft parts market. The global Aircraft Parts Market is estimated to be valued at US$138 billion in 2023 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:
The increased procurement of new aircrafts is one of the major trends positively impacting the growth of the global aircraft parts market over the forecast period. According to data by Airbus, over 39,000 new commercial aircraft will be required over the next 20 years to meet the rising global passenger traffic. This projected demand for new aircraft from airlines will generate strong demand for aircraft parts required for manufacturing as well as maintenance, repair and operations of the aircraft fleet. As aircraft parts wear out with extended usage, airlines are also replacing old parts to comply with regulatory requirements of maintaining safe aircraft operations. This aftermarket demand for aircraft parts alongside the OEM procurement will drive the market growth during the forecast period.
The global aircraft parts market is dominated by the engine segment. This is because the engine is one of the most complex and costly components of an aircraft. It requires frequent overhaul and replacement of parts which drives the demand for aircraft parts in the engine segment. The other major segments include avionics, cabin interiors, fuselage, and others.
The global aircraft parts market is expected to witness high growth during the forecast period of 2024 to 2031. The growing commercial aviation sector and replacement of old aircraft with new fuel-efficient models are driving the demand for aircraft parts.
Regional analysis: North America holds the highest share in the global aircraft parts market currently. This is attributed to the presence of major aircraft OEMs and MRO companies in the region. However, the Asia Pacific region is expected to grow at the fastest pace during the forecast period. Countries like China, India, and Japan are witnessing increased procurement of new aircraft, thereby boosting the demand for aircraft parts in the region.
Key players: Key players operating in the aircraft parts market are Safran, Collins Aerospace, GE Aviation, Meggitt, Eaton Corporation, Honeywell, and Thales. Safran is a leader in the aircraft engine parts business with a strong presence across major aircraft engine programs. Collins Aerospace is a leading provider of systems and services for commercial and military aircraft cabin interiors, flight deck avionics, and electronics.
- Source: Coherent Market Insights, Public sources, Desk research
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