Aircraft parts are integral components and systems that are used in the manufacturing as well as maintenance of aircrafts. Aircraft parts such as landing gears, propulsion systems, air frames and interiors play a vital role in ensuring safe and efficient functionality of aircraft. The increasing demand for commercial passenger aircrafts all over the world owing to rising air travel is anticipated to drive the demand for aircraft parts over the forecast period. 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 9.0% 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 the growth of the aircraft parts market is the increased usage of commercial passenger aircrafts. The manufacturing of aircraft engines and parts has increased significantly owing to the growing demand for new commercial and cargo aircraft from airlines all over the world. According to Airbus, the global fleet is projected to double in size over the next 20 years owing to rising air traffic. This increased production of commercial aircraft is propelling the demand for various aircraft parts such as landing gears, engine components, and air frames. The growing need to replace aging aircraft fleet with new fuel-efficient models is also contributing to the increased demand for aircraft parts globally.
Segment Analysis
The global aircraft parts market is dominated by the engine segment which holds around 30% share of the overall market. Engines require frequent replacement of parts like turbines, compressors, and shaft due to high stress experienced during operation. Moreover, the growing preference for fuel-efficient engines is driving the demand for advanced engine parts that have longer operability and improved performance.
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 North America region currently dominates the global aircraft parts market owing to high fleet age and frequent refurbishment activities in this region. The growing adoption of new generation aircraft in countries like the US and Canada is further augmenting the demand for aircraft parts from this region.
Key players related content comprisesKey players operating in the Aircraft Parts Market are Intel Corporation, Broadcom Inc., Mellanox Technologies (now part of NVIDIA), Cisco Systems Inc., Juniper Networks Inc., Hewlett Packard Enterprise (HPE), Dell Technologies Inc., Huawei Technologies Co. Ltd., Arista Networks Inc., Extreme Networks Inc., Juniper Networks Inc., Marvell Technology Group Ltd., Fujitsu Limited, NEC Corporation, Microchip Technology Inc.
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