Newark, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global aerospace parts manufacturing market is expected to grow from USD 993.35 Billion in 2022 to USD 1513.37 billion by 2032, at a CAGR of 4.3% during the forecast period 2022-2030. Increasing fleet substitution rates are likely to drive an increase in aircraft manufacturing, which will speed up the development. The aircraft's long service life gives MRO companies chances to deliver maintenance and repair of present fleets, which adds to demand. Furthermore, airlines considering fleet expansions may bring back older aircraft into service or keep them in operation for a prolonged period, which is expected to boost development in the aerospace parts manufacturing market. Another factor projected to fuel the expansion of the global market over the forecast period is technical improvements and a rising need for aircraft built for specific tasks.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 993.35 Billion |
| Market Size in 2032 | USD 1513.37 Billion |
| CAGR | 4.3 % |
| No. of Pages in Report | 232 |
| Segments Covered | Product Type, Application, End-User and Distribution Channel |
| Drivers | Rise in demand for aircraft maintenance and replacement |
| Opportunities | Increasing use of predictive maintenance |
| Restraints | The fluctuating cost of components price |
The Insulation Components and Equipment segment dominated the market with a market share of around 22.82% in 2022. The fluctuating cost of components price
The type segment is divided into aircraft manufacturing, engines, avionics, cabin interiors, system and support, insulation components and equipment. The Insulation Components and Equipment segment dominated the market with a market share of around 22.82% in 2022 owing to their high replenishment rate. Expanding aircraft MRO operations due to the growing aircraft fleet is expected to drive demand for these elements throughout the forecast period. They are intended to improve an aircraft's safety and efficiency. Electric motors account for a significant portion of avionics production since they are employed in all aircraft networks, including the air, oxygen, hydraulic, water, and fuel systems.
The commercial aircraft business aircraft segment dominated the market with a market share of around 56.78% in 2022.
The application segment is divided into military aircraft, commercial aircraft business aircraft, and others. The commercial aircraft business aircraft segment dominated the market with a market share of around 56.78% in 2022, owing to the rise in the number of passengers and freight traffic. Improved worldwide trade links increase demand for cargo transportation, which is likely to boost sector development. Sales volume for business aircraft is predicted to expand because of cheap pricing and an expansion in aircraft size. Business aircraft are expected to increase productivity since air travel takes less time than other types of transportation. This is likely to increase business aircraft demand throughout the projection period, benefiting industry development.
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Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region emerged as the largest market for the global aerospace parts manufacturing market with a 38.2% of the market share and market revenue of 363.81 billion in 2021. This is due to the combination of important aircraft component manufacturers and the region's well-established aircraft manufacturing sector. Over the projected period, rising demand for new-generation aircraft is likely to drive market expansion in the area. The market in the United States is characterized by increasing demands for control surfaces and other service elements as a result of the increasing trend of replacing aging landing gears with modern systems. Furthermore, increased demand for fixed-wing aviation in the United States is expected to boost the market throughout the forecast period.
Competitive Analysis:
The major players of market include JAMCO Corp., Rolls Royce plc, Intrex Aerospace, Safran Group, CAMAR Aircraft Parts Company, Woodward Hexcel, Eaton Corporation plc, Engineered Propulsion System, GE Aviation, Aequs, Textron, Inc., MTU Aero Engines AG, Superior Aviation Beijing, Raytheon Technologies Corp., and Honeywell International, Inc among others.
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About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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