Aircraft Aftermarket Parts Market

Aircraft Aftermarket Parts Market

Growth Factors of Aircraft Aftermarket Parts Market

The Aircraft Aftermarket Parts market size was valued at USD 42.94 billion in 2023, and the market is now projected to grow from USD 48.71 billion in 2024 to USD 93.52 billion by 2032, exhibiting a CAGR of 8.5 % during the forecast period of 2024-2032.

The pandemic of COVID-19 has adversely affected the aircraft aftermarket parts industry by a sharp decline in the usage of aircrafts leading to grounded fleets. Some aircraft operators postponed deferred maintenance and upgrade programs resulting to low demand for aftermarket parts. Other additional factors that contributed to the increase were supply chain disruptions and slowed down manufacturing. But as flying slowly begins to stabilize, the aftermarket parts segment is also beginning to recover, thanks to the necessity of maintenance of aging plane fleets and resumption of operations. The current approach toward business continuity is centered on supply chain representation and inventory replenishment.

According to the current trends in the aircraft aftermarket parts, there is a move towards the digital platform, especially in areas like the Predictive maintenance and other data analytics, which make the system more efficient and with little or no downtimes. There is also increased concern with green and environment- friendly parts to conform to quality legislative requirement. Further, there has been a continual progress in the use of 3D printing which will allow for efficient and affordable manufacturing of spare parts. In the market, it has been witnessed that many players are incorporating the blockchain technology in an effort to enhance the levels of transparency and flowing of the supply chain. These trends testify to certain tendencies for increasing system’s efficiency and creating scenarios, which could change the industry. These factors are driving the aircraft aftermarket Parts market growth.

There are many factors that are driving aircraft aftermarket parts industry such as the aging of aircraft fleets, which requires constant maintenance or part replacement. With the increasing frequency of air travel and an increase of aircraft usage rate, there is a resultant higher part demand in the aftermarket. Further, advancements in technology are other key factors that are propelling the market growth, such as use of predictive maintenance, 3D printing improving part availability and performance of parts. Safety and compliance to environmental laws continue to increase demand since it enables the airlines to meet the new regulations that are issued hence enhancing reliability.

Comprehensive Analysis Aircraft Aftermarket Parts Market

The aircraft aftermarket parts market is split into many significant categories such as product type where it includes engine parts, airframe, avionics and landing gear. Aircraft type coverage is divided into commercial airplanes, military and business aircraft to satisfy the needs of every segment. End-users include airlines, MROs, and OEMs who are in need of various parts and service needs whereby each of them has a different need for these. Besides that, the market shares by geography, mainly North America, Europe, Asia-Pacific, and the rest of the global market to point out the disparity in demand and the market condition in different regions.

Currently, North America represents the largest aircraft aftermarket parts market share owing to a developed aerospace industry and high requirements for maintenance. These industries include major manufactures of aircrafts and well established network of Maintenance Repair and Overhaul (MRO) service providers. Moreover, technologies are enhanced in the region as well as the safety standards that create a continuous demand for the high-end aftermarket parts. Because airlines in North America appreciate the need to maintain, and in some cases improve their fleet, the region continues to provide considerable market for aftermarket parts.

Key players in this sector include The Boeing Company (U.S.), Collins Aerospace (U.S.), Honeywell International Inc. (U.S.), General Electric Company (U.S.), Eaton Technologies (U.S.), Meggitt PLC (U.K.), UTC Aerospace Systems (U.S.)

Major evolution in the commercial aircraft aftermarket parts market in 2024 includes the establishment of smart; analytic based; predictive maintenance technologies for jet engine of an airliner. These systems use artificial intelligence and more specifically, well-developed machine learning algorithms to sort through, and analyze a large amount of operation data to identify likely failure points and to schedule maintenance. By incorporating this concept, reliability is greatly improved and so is the dependable time since airlines can deal with such problems pro-actively as opposed to them worsening and causing more time to be lost.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 8.5% over 2024 to 2032

Unit Value (USD Billion)

Segmentation

By Parts Type

- MRO Parts

- Consumables

- Rotable Replacement Parts

- Life Limited Parts

By Supply

- OEMs

- USM

- PMAs

By Component Type

- Engine

- Airframe

- Interior

- Cockpit Systems

- Landing Gears

- Others

By Platform

- Commercial

• Narrow Body
• Wide Body
• Cargo Aircraft
• Civil Helicopters

- Military

• Fighters
• Transport Aircraft
• Military Helicopters

- Business Jets

- Regional Jets

By Geography

- North America (By Parts Type, Component, Platform , and Country)

• The U.S. (By Platform)
• Canada ( By Platform)

- Europe (By Parts Type, Component, Platform , and Country)

• The U.K. ( By Platform)
• Germany ( By Platform)
• France ( By Platform)
• Italy ( By Platform)
• Nordic ( By Platform)
• Rest of Europe ( By Platform)

- Asia Pacific (By Parts Type, Component, Platform , and Country)

• China ( By Platform)
• India ( By Platform)
• Japan ( By Platform)
• Australia ( By Platform)
• Rest of Asia-Pacific ( By Platform)

- Rest of the World (By Parts Type, Component, Platform , and Sub-regions)

• The Middle East and Africa ( By Platform)
• Latin America ( By Platform)


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