Aircraft parts are components and systems of an aircraft that are essential for the aircraft operation and safety of flight. These include engines, landing gear, doors, windows, seats and other interior and exterior parts. Aircraft parts require high strength, durability and corrosion resistance to withstand varying climatic conditions and air pressure during flight operations. Growing air passenger traffic has led to increased demand for new as well as replacement of existing aircraft parts.
The global Aircraft Parts Market is estimated to be valued at US$ 655.22 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the global aircraft parts market is increased air traffic. According to the International Air Transport Association (IATA), the number of global air travelers is expected to double from 4.1 billion in 2017 to over 8.2 billion by 2037. This sustained increase in air travel is necessitating fleet expansion by major airliners worldwide to meet growing passenger demand as well as replacement of aging aircrafts currently in service. As new aircraft enter service and existing ones require repair and replacement of parts, demand for aircraft parts from commercial aviation is set to increase substantially. manufacturers are enhancing their production capacities and capabilities to capitalize on the market opportunities arising from higher aircraft deliveries and parts replacement cycles over the forecast period.
Segment Analysis
The global aircraft parts market can be segmented by component into engine, landing gear and brake, wing and wing assembly components, and others. The engine segment holds highest market share owing to its involvement of mechanical components that require frequent replacement and maintenance. Engine parts undergo considerable wear and tear and require scheduled as well as unscheduled replacement, thus driving the segment growth.
Key Takeaways
The Global Aircraft Parts Market Size is expected to witness high growth.
Regional analysis: North America holds the largest share in the global aircraft parts market mainly due to presence of major aircraft manufacturers Boeing and Airbus in the region. Asia Pacific is anticipated to register the highest CAGR over the forecast period. Significant rise in passenger traffic coupled with increasing expenditures on aircraft fleet renewal by carriers from China and India are expected to fuel the aircraft parts demand.
Key players operating in the aircraft parts market are Avery Dennison Corporation, Spandex Ltd, IGEPA group GmbH & Co. KG, ORAFOL Europe GmbH, Identity Global, LINTEC Corporation, 3A Composites Holding AG. Avery Dennison Corporation is one of the largest manufacturers and suppliers of aviation parts across the globe. Spandex Ltd is a leading supplier of aircraft graphics and component parts.
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