Authored By: Sarah
11 Jul 2024

 Aerospace Parts Manufacturing Market Size to grow by USD 190.69 billion between 2024-2028

According to a research report “ Aerospace Parts Manufacturing Market” by Product (Aerostructure, Engine, Avionics, Others) Aircraft Type (Commercial, Business, Military) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 190.69 billion, at a CAGR of  4.19% during the forecast period. The global aerospace parts manufacturing market is experiencing significant growth due to the increasing demand for new commercial and defense aircraft in the aviation industry. Factors such as population growth, urbanization, and rising disposable income are driving this demand. Commercial airlines are renewing their fleets to meet the increasing need for air travel, with advanced aircraft models offering greater efficiency and lower operating costs. This economic viability of air travel has resulted in a surge in demand, leading to increased production of aerospace parts. The market is further propelled by technological advancements, which enable the manufacturing of lighter and stronger materials, enhancing aircraft performance and fuel efficiency.

Browse market data tables, figures, and in-depth TOC on “Aerospace Parts Manufacturing Market” by Product (Aerostructure, Engine, Avionics, Others) Aircraft Type (Commercial, Business, Military) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Product, the Aerostructure segment is projected to dominate the market size in 2024

In the global aerospace parts manufacturing market, the commercial aircraft segment is a significant contributor, accounting for a substantial market share. This segment comprises narrowbody, widebody, and regional jet aircraft, each with unique design specifications and operational features. Factors such as escalating air travel demand, fleet expansion and modernization projects, and emerging market opportunities are propelling growth in this segment. The commercial aircraft segment is a major catalyst for innovation and competitiveness in the aerospace parts manufacturing industry, encompassing a diverse range of components crucial for the safe and efficient operation, passenger comfort, and crew safety of these aircraft.

By Aircraft Type, Commercial  segment is expected to hold the largest market size for the year 2024

The aerospace parts manufacturing market is driven significantly by the aerostructure segment, comprising essential components like fuselages, wings, and flight control surfaces. These elements are vital for aircraft construction and functionality, ensuring structural robustness, optimal aerodynamics, and flight control. The fuselage acts as the aircraft's primary structure, accommodating passengers, cargo, and essential systems. Wings generate lift and contribute to stability and agility. Flight control surfaces, including ailerons, elevators, and rudders, enable pilots to effectively maneuver their aircraft during flight. With the increasing global demand for commercial and military aviation, driven by factors such as rising air travel, fleet modernization, and defense expenditures, the manufacturing sector for aerostructures experiences consistent growth.

North America is forecasted to hold the largest market size by region in 2024

In North America, the aerospace industry is characterized by technological innovation, engineering expertise, and a robust ecosystem that fosters collaboration and advanced manufacturing processes. With a well-established network of manufacturers, suppliers, research institutions, universities, and government agencies, the region has been at the forefront of developing cutting-edge aerospace parts to meet the growing demand for commercial and military aircraft, as well as the burgeoning space exploration sector. North American companies' ability to capitalize on this demand is a testament to their industry leadership and manufacturing capacity.

The Aerospace Parts Manufacturing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AEFP Group
  • Aequs Pvt. Ltd.
  • Camar Aircraft Parts Co.
  • CTRM Sdn. Bhd.
  • DAHER
  • Diehl Stiftung and Co. KG
  • Ducommun Inc.
  • Eaton Corp. Plc
  • General Electric Co.
  • Groupe Industriel Marcel Dassault
  • Honeywell International Inc.
  • IHI Corp.
  • JAMCO Corp.
  • Kawasaki Heavy Industries Ltd.
  • Liebherr International Deutschland GmbH
  • Mitsubishi Heavy Industries Ltd.
  • Rolls Royce Holdings Plc
  • Safran SA
  • Thales Group
  • Transdigm Group Inc.
  • W. L. Gore and Associates Inc.
.

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Research Analysis Overview

The global aerospace parts manufacturing market is experiencing significant growth due to the increasing demand for air travel and the need for fleet replacement in both commercial and general aviation sectors. Aircraft manufacturers are constantly innovating to meet the demands of passengers for greater availability of flights, frequency, and affordability. New-age aircraft are being developed with fuel-efficient engines and insulation components to reduce greenhouse gas emissions and operating costs. The commercial aerospace sector, including air freight volume and passenger traffic, is driving the market for aircraft parts. Accessories such as wings, engines, and other aerospace components are in high demand. Passengers' safety and comfort are top priorities, leading to an increased focus on producing high-quality, reliable parts. Airport facilities are also undergoing upgrades to accommodate the growing number of passengers and aircraft. The business and general aviation sectors are also significant contributors to the market, with a focus on fuel-efficient aircraft and customized solutions. Raw material costs and availability are key factors influencing the market. Manufacturers must balance the need for cost-effective production with the demand for high-quality, durable parts. The aerospace parts manufacturing market is expected to continue growing as air travel remains an essential mode of transport for individuals and businesses worldwide.

Market Research Overview

The Aerospace Parts Manufacturing Market encompasses the production of various components for aircraft, helicopters, spacecraft, and other aerospace applications. This carbon-intensive field relies heavily on raw materials such as aluminum, titanium, and composites. With the aging of aircraft fleets, the demand for aircraft manufacturers to produce new-age aircraft, accessories, and MRO (Maintenance, Repair, and Overhaul) services is increasing. Factors such as the availability of flights, frequency of flights, and ticket prices influence the demand for aerospace parts. The aviation industry, including aerospace and defense, helicopters, automotive vehicles for military applications, tanks, and troops transport, requires various components like flight management systems, pilot interface systems, anti-collision systems, and system monitoring. The avionics segment includes fly-by-light flight controls, fly-by-wire, and avionics systems. The actuation & control system, air management system, landing gear, and rebuilding or aircraft overhaul are essential components for maintaining the functionality of aging fleets. The aerospace parts manufacturing market also caters to commercial aerospace, including commuter airliners, air taxis, short-haul commercial transportation, leisure flying, and cargo services. The freight traffic and air passenger demand drive the need for fuel-efficient aircraft and fleet replacement. Certification and approval processes are crucial for spacecraft structures, satellite components, propulsion systems, and space exploration missions. Military capabilities and defense modernization programs require specialized aerospace components for military aircraft, general aviation aircraft, and business aircraft. Insulation components, engines, and aircraft parts are also essential for the aerospace industry. The market for aerospace components is vast and diverse, with applications ranging from commercial airliners to military aircraft and spacecraft. The use of advanced technologies like 3D printing for fuselages, wings, and fasteners is revolutionizing the aerospace parts manufacturing industry. However, the production of aerospace parts contributes to greenhouse gas emissions, and efforts are being made to reduce these emissions through the development of more sustainable raw materials and manufacturing processes.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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