Aerospace Parts Manufacturing Market Will Grow At Highest Pace Owing To Increased Aircraft Manufacturing
The aerospace parts manufacturing market includes firms involved in designing, manufacturing, reworking, repairing, and assembling aircraft parts and auxiliary equipment. Aircraft parts include wings, fuselage, empennage, flight control surfaces, landing gear, and other airframe parts. Auxiliary equipment includes engines, hydraulic and pneumatic systems, electrical systems, cabin environment systems, and auxiliary power units. The aerospace parts manufacturing industry experiences growing demand due to increasing aircraft fleet, modernization and replacement of aging aircraft, rise in air passenger traffic, and defense expenditure.
The Global aerospace parts manufacturing market is estimated to be valued at US$ 918.7 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Aerospace Parts Manufacturing Market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation, Triumph Group, Inc, Safran , JAMCO Corporation, Rolls-Royce plc. These major players account for significant market share and are focusing on expanding their global footprint through new product launches and mergers & acquisitions.
The aerospace parts manufacturing market is driven by growing demand for commercial and military aircraft from emerging economies of Asia Pacific and Middle East. Rising passenger traffic has compelled airlines to purchase new aircraft with modern technologies which is directly increasing the demand for aircraft parts.
Asia Pacific Emerges as Fastest Growing Region
The Asia Pacific region has emerged as the fastest growing market for aerospace parts manufacturing globally. This can be attributed to rising investments by aircraft OEMs and parts suppliers seeking to tap into the growing aviation markets of China and India. Countries such as China, Japan, South Korea are home to well-developed aerospace clusters, offering incentives for foreign companies to establish local manufacturing plants. Rising standards of living have bolstered demand for air travel in the region. Continued government support around infrastructure development, Make in India initiative and growing MRO activities will contribute to Asia Pacific becoming a major manufacturing and aftermarket services hub in future.
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