In 2023, the aerospace parts manufacturing market reached a value of US$ 910 billion, and it is projected to increase at a 3.6% CAGR through 2033. By the end of 2033, it is anticipated that the market for producing aircraft parts would cross the $1 trillion threshold and reach US$ 1,297 billion.
In recent years, air travel has been increasingly popular and is now the most popular mode of transportation globally. The market for aerospace parts is predicted to be primarily driven by an increase in air travel, which has led to a high demand for the manufacture of aircraft.
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Key Pioneers
- Safran Group
- GE Aviation
- Diehl Aviation
- Boeing
- Intrex Aerospace
- Lufthansa Technik AG
- Honeywell International Inc.
- Liebherr International AG
- Thales Group
- Dassault Group
- Textron Inc.
- Raytheon Technologies Corp.
- Rolls Royce plc
- CAMAR Aircraft Parts Company
- Parker Hannifin Corp.
- Mitsubishi Heavy Industries Ltd.
Competitive Landscape
Top aerospace parts manufacturing companies are focusing on collaborations and partnerships to expand their business scope and bolster manufacturing capacity to maximize profits.
- In October 2022, Boeing India, the Indian arm of the world-renowned aircraft manufacturer, and Mishra Dhatu Nigam Limited (MIDHANI), an Indian government-run organization announced that they were working together to develop raw materials for aerospace components in India.
“The industry will witness a hike in demand for energy-efficient components. Market players will also witness a rise in demand for parts of old-aircraft models along with new lightweight counterparts. Technology and material science innovations will play a key role in shaping up the market,” opines Fact.MR in its new research study.
Aerospace Parts Manufacturing Market – Key Driving Factors
- The transition in the aviation industry towards the adoption of lightweight, new generation parts is a key driver.
- Increasing scope for material and process advancements by manufacturers to widen investment opportunities.
- Replacement of end-of-life aircraft with modern counterparts will sustain growth.
- Rising fuel costs and demand for energy-efficient aircraft will be a major growth driver.
Key Segments :
- By Product Type :
- Engines
- Aircraft Manufacturing
- Cabin Interiors
- Equipment, Systems, & Support
- Avionics
- Insulation Components
- By Aircraft Type :
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- Other Aircraft
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?
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