The aircraft parts market comprises products such as aircraft engine, aircraft cabin interior, aircraft seating, aircraft lighting, aircraft wiring harness, aircraft airframe parts, and others. Aircraft parts are used for original equipment manufacturing as well as replacement in commercial, military, and business aircraft. With growing air passenger traffic and rising demand for new aircraft across regions, the procurement of commercial aircraft by airlines has increased substantially in recent years. This rising aircraft procurement is expected to drive the demand for aircraft parts during 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 Dynamics:

The aircraft parts market is expected to witness high growth over the forecast period owing to two key drivers. Firstly, the rising aircraft procurement is fueling the demand for aircraft parts as new aircraft require replacement of parts over their lifespan. Secondly, the increasing mileage of the existing aircraft fleet is leading to higher requirement for component overhaul and replacement parts repair which is driving the aftermarket for aircraft parts. With commercial air travel continuing to grow in the coming years coupled rising military aircraft procurement globally, the demand for aircraft parts from both original equipment manufacturers and the aftermarket is likely to increase substantially during the forecast period.

SWOT Analysis

Strength: The aircraft parts market has a large customer base as air travel is growing rapidly globally. Due to heavy investments in R&D by key players, new technological advancements in aircraft components are increasing their demand. The market leader's strong distribution network allows easy access to aircraft parts globally.

Weakness: Due to long product replacement cycles, demand for aircraft parts depends heavily on the existing fleet size rather than new aircraft deliveries. Raw material prices, especially of metals, are volatile which affects the profits of manufacturers.

Opportunity: Development of new aircraft programs by major OEMs provides fresh opportunities to develop innovative components. Growing MRO industry in emerging markets of Asia Pacific and Middle East & Africa is opening new growth avenues. The need for fuel-efficient and eco-friendly aircraft parts offers scope for advanced lightweight composite materials.

Threats: Stringent quality and safety regulations increase compliance costs. Geopolitical tensions can disrupt global supply chains.

Key Takeaways

The Global Aircraft Parts Market Size is expected to witness high growth in the forecast period of 2023-2030 driven by increasing passenger and freight air traffic. The market size is estimated to grow from US$ 655.22 Bn in 2023 to US$ 1567.32 Bn by 2030 at a CAGR of 9.0% during the forecast period.

Regional analysis: North America currently dominates the global market owing to high demand from business and general aviation. Asia Pacific is expected to be the fastest growing region during the forecast period due to rising investments in aviation infrastructure and new aircraft delivery in China and India.

Key players: Key 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. These companies are focusing on developing new lightweight components, expanding into emerging markets of Asia Pacific and collaborating with airframers on new aircraft programs.

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