by Aircraft parts play a critical role in ensuring the safe and efficient operation of aircraft by offering components that enhance aircraft performance, reliability and safety. Key aircraft parts include engine parts, aircraft maintenance repair and overhaul services, avionics components, aircraft wheels and brakes and aircraft cables and connectors. The global aircraft industry has been witnessing strong growth over the past few years on account of rising air traffic and demand for new aircraft, thereby propelling the need for high quality and durable aircraft parts that meet the stringent standards of the aviation industry.
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:
The increasing demand for air travel owing to factors such as rising incomes, lower airfares, and expanding urbanization has directly translated into substantial opportunities within the aircraft parts market. As airline companies ramp up fleet expansion plans to cater to surging passenger traffic, the procurement of replacement parts, retrofitting older aircraft with advanced components and maintenance repairs will significantly drive the demand for aircraft parts over the coming years. Furthermore, the rising preference towards lightweight yet high performance aircraft parts to improve fuel-efficiency and reduce aircraft maintenance costs is another key trend fueling innovation and new product development within the aircraft parts industry. Continuous advances in aircraft aviation technology and materials are further expected to open up new growth avenues for market players.
SWOT Analysis
Strength: Aircraft parts like engines and landing gears etc. have long replacement cycles and provide recurring revenue streams to manufacturers.
Weakness: Aircraft parts manufacturing requires huge investments and developing new technologies is a costly and time taking process.
Opportunity: Growing aircraft fleet size around the world and increasing air passenger traffic is driving the demand for new aircraft which spurs the aircraft parts market.
Threats: Economic instability and fluctuations in crude oil prices affect the financial health of airlines which can negatively impact aircraft parts procurement.
Key Takeaways
The Global Aircraft Parts Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region dominates the global aircraft parts market and is expected to witness the fastest growth during the forecast period. Countries like China and India are investing heavily in developing their commercial aviation sectors which is driving the demand for aircraft parts in the region.
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, Signs Express, EhKo Sign Industries Kft, MACtac LLC (Lintec), Kelly Signs, and L&H Sign Company Inc. These players are focused on expanding their manufacturing facilities and production capacities to meet the growing demand for aircraft parts. New product launches and partnerships with airline companies are other growth strategies being adopted by leading players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
