by The aircraft parts market includes different components and systems that enable the aircraft to function properly and safely. Some key parts include aircraft engines, landing gear, aircraft windows and windshields, and hydraulic and pneumatic systems. The growing commercial aviation industry has led to increased aircraft orders and a rising global aircraft fleet size, which is one of the major drivers of demand for various aircraft parts. With increasing passenger traffic, many airlines are adding new aircraft to their existing fleets as well as placing fresh orders to replace aging fleets, driving the need for replacement of parts. 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 major trends in the aircraft parts market is the increasing focus on lightweight and fuel-efficient components. With fuel costs accounting for a significant portion of airline operating costs, carriers are constantly looking to reduce aircraft weight and improve fuel efficiency. This has prompted manufacturers to develop lightweight materials such as composites for various aircraft structures and components. Composites offer attributes like high strength-to-weight ratio and corrosion resistance. Their increasing usage is expected to drive innovations in areas such as aircraft windows, landing gear, and engine parts over the coming years. This focus on lightweighting with composites as well as ongoing performance enhancements of existing components through advanced coatings and alloys will be a key market trend.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements needed to enter the Aircraft parts industry which needs specialized skills and facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate since there are many established players in the industry with a wide range of product offerings allowing buyers to choose from various options.
Bargaining power of suppliers: The bargaining power of suppliers is high as suppliers have high switching costs and they are specialized with few alternatives available.
Threat of new substitutes: Threat of new substitutes is low as there are limited alternatives available for aircraft parts.
Competitive rivalry: Competition in the industry is intense with companies competing on the basis of quality, price and innovation.
Key Takeaways
The Global Aircraft Parts Market Size is expected to witness high growth. The market size for 2023 is estimated to be US$ 655.22 Bn and projected to reach over US$ 1 Trillion by 2030, registering a CAGR of around 9.0% during the forecast period.
Regional analysis: North America dominates the global aircraft parts market currently due to high demand from commercial and defense sectors in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with China and India being the major markets.
Key players: Key players operating in the Aircraft Parts market are Intel Corporation, Broadcom Inc., Mellanox Technologies, Cisco Systems Inc., Juniper Networks Inc., Hewlett Packard Enterprise, Dell Technologies Inc., Huawei Technologies Co. Ltd., Arista Networks Inc., Extreme Networks Inc., Juniper Networks Inc., Marvell Technology Group Ltd., Fujitsu Limited, NEC Corporation, and Microchip Technology Inc.
