Aircraft Parts Market by Parts (Cabin Interiors, Empennage, Engines), Material Type (Aluminum Alloy, Carbon Fibers, Composite Material), Application - Global Forecast 2024-2030

Aircraft Parts Market by Parts (Cabin Interiors, Empennage, Engines), Material Type (Aluminum Alloy, Carbon Fibers, Composite Material), Application - Global Forecast 2024-2030

The Aircraft Parts Market size was estimated at USD 929.16 billion in 2023 and expected to reach USD 978.87 billion in 2024, at a CAGR 5.46% to reach USD 1,348.68 billion by 2030.

The aircraft parts market encompasses the manufacturing, distribution, and aftermarket services for various components utilized in assembling, maintaining, repairing, and overhauling commercial and military aircraft. This sector includes airframe systems, avionics systems, propulsion systems, landing gear systems, interiors, and cabin elements, among other miscellaneous components. The primary application of this market is in the aerospace industry for commercial airlines, cargo carriers, charter operators, regional airlines, and military aviation. Growing demand for air travel owing to globalization and rising disposable incomes; technological advancements that enable more efficient designs with enhanced performance capabilities. The defense sector plays a significant role in global security affairs; therefore, higher expenditures on military equipment also positively impact the growth of this market. However, there are challenges faced by the aircraft parts market, including stringent regulatory compliance requirements that could hinder growth. Also, rising costs of raw materials and production of aircraft parts and potential supply chain disruptions due to geopolitical tensions or natural disasters may hamper market growth. Potential opportunities within the sector involve using eco-friendly materials driven by environmental awareness and increasing adoption of 3D printing and nanotechnology in aviation part manufacturing for cost-effective production of customized aircraft parts, which is expected to create growth opportunities in the aircraft part market.

Regional Insights

In the Americas, the United States and Canada constitute a significant portion of the global aircraft parts market owing to their well-established aerospace industry. The region is home to major aerospace manufacturers and has witnessed demand for aircraft parts in commercial aviation, defense & security sectors. The EMEA region has also experienced considerable growth in its aircraft parts industry due to increased air passenger traffic levels and investments in modernizing commercial fleets. However, stringent regulations on carbon emissions from aviation are driving efforts toward more fuel-efficient designs or alternative propulsion systems. The Asia-Pacific region has witnessed unprecedented growth in its aircraft parts industry due to rapid economic development and rising disposable incomes, which have fueled air travel demand across countries such as China, India, and Indonesia. This surge in air traffic has led to fleet expansion by various carriers, thereby increasing the need for aircraft components such as engines, avionics systems, and interiors.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Aircraft Parts Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Rise in disposable income and surge in number of air travelers
• Growing demand for light-weight and fuel-efficient aircraft
• Rising defense aircraft spendings across economies

Market Restraints

• Rising costs of raw materials and production of aircraft parts

Market Opportunities

• Advent of 3D printing and nanotechnology in aviation part manufacturing
• Advancements in raw materials and continuous development of new parts

Market Challenges

• Stringent regulatory norms and safety regulations

Market Segmentation Analysis

• Parts: Wide application of empennage for flight control and stability
• Material Type: Significant demand for aluminum alloys for primary structural elements
• Application: Rising demand of aircraft parts on the commercial aircraft for operational efficiency and cost-effectiveness

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Aircraft Parts Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Aircraft Parts Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Ethiopian Airlines and Boeing New for Collaboration Aircraft Parts

Ethiopian Airlines (ET) has entered into a collaboration with Boeing for the manufacturing of aircraft parts, with an investment of USD 15 million. This agreement involved the participation of the Industrial Parks Development Corporation and was officially announced by the Ethiopian Investment Commission. This strategic partnership aims to enhance the production of high-quality aircraft parts, contributing to the growth and development of the aviation industry.

Capgemini and Aws Announce the Launch Of A Technology Platform to Improve the Lifespan of Aircraft Parts

Capgemini and Amazon Web Services (AWS) collaborated to introduce Lifecycle Optimization for Aerospace, a cutting-edge platform that focuses on promoting circular economy practices within the aviation industry. This platform, developed with the active participation of major players, is being utilized by these industry leaders as early adopters. It facilitates the secure collection and analysis of in-service operations data, offering a comprehensive and insightful view of the usage patterns of aircraft parts over time. Furthermore, the ultimate objective is to expand the capabilities of this platform to encompass the recycling of parts, aiming to maximize the value of their constituent materials.

GE Aerospace, Tata Advanced Systems extend USD 1 billion contract for aircraft engine components

GE Aerospace and Tata Advanced Systems Ltd. (TASL) signed a long-term contract worth USD 1 billion for the production and supply of commercial aircraft engine components. Under this agreement, the components will be manufactured at Tata Centre of Excellence for Aero Engines (Tata-TCoE). This collaboration between GE and TASL in the aerospace industry highlights the strong and growing relationship between the two companies. The contract signifies their commitment to delivering high-quality and reliable engine components for the aviation sector.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Aircraft Parts Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Aircraft Parts Market, highlighting leading vendors and their innovative profiles. These include A J Walter Aviation Limited, Aventure International Aviation Services, BAE Systems PLC, Bombardier Inc., Diehl Stiftung GmbH & Co. KG, Ducommun Incorporated, Eaton Corporation PLC, General Electric Company, GKN Aerospace, Griffon Aerospace, Honeywell International Inc., Indy Honeycomb, Intrex Aerospace, JAMCO Corporation, Mitsubishi Heavy Industries, Ltd., Moog Inc., Parker-Hannifin Corporation, Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran S.A., Senior PLC, Sky Dynamics Corporation, Textron Inc., Thales Group, and The Boeing Company.

Market Segmentation & Coverage

This research report categorizes the Aircraft Parts Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Parts
• Cabin Interiors
• Empennage
• Engines
• Fuselage
• Landing Gear
• Propeller
• Wings & Flaps
• Material Type
• Aluminum Alloy
• Carbon Fibers
• Composite Material
• Steel Alloy
• Titanium Alloy
• Application
• Business Aircraft
• Commercial Aircraft
• Military Aircraft
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year