over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The aircraft parts market consists of various components and systems used in the manufacturing of modern aircrafts. Some key parts include wings, fuselage, flight control surfaces, landing gear, and other systems such as hydraulic and electrical. Advantages of aircraft parts include high durability, lightweight yet robust design supporting high stress operations, compliance with stringent aviation safety standards, and lower total cost of ownership. Growing air passenger traffic along with rising demand for modern military aircraft is fueling the need for continuous supply of high-performance aircraft parts.
Market key trends:
One of the major trends in the market is the adoption of advanced materials to develop lightweight yet durable parts. Manufacturers are using composites, metal matrix composites, super alloys, and 3D printed metals to build various components. Their usage is allowing weight reduction and improved fuel efficiency. Another trend is the growing focus on digitization and integration of advanced electronics in aircraft systems. Many parts are now incorporating sensors, controllers, and software for automation. This is improving safety, reliability, and maintenance capabilities. Sustainable production practices utilizing recycled materials is also gaining importance.
Threat of new entrants: The aircraft parts market requires massive capital investments for manufacturing plants and equipment, specialised skills and capabilities. This poses high entry barriers for new players.
Bargaining power of buyers: Airlines have significant bargaining power as buyers due to the large order volumes. They negotiate aggressively on price and delivery timelines.
Bargaining power of suppliers: A few major players dominate the supply market. This enables them to exercise some control over prices and product availability.
Threat of new substitutes: There are limited suitable alternatives for key aircraft components. Composite materials offer potential substitution over time.
Competitive rivalry: The market comprises few global giants and many regional or local niche players. Intense competition exists on the factors of price, delivery time, product quality and innovation.
The Global Aircraft Parts Market Share is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing air passenger traffic globally. The market size for 2023 is estimated at US$ 655.22 Bn.
North America dominates currently due to large military aircraft fleet and commercial aerospace manufacturing base in the US and Canada. Asia Pacific is expected to grow the fastest during the forecast period with China and India among the rapidly expanding aviation markets.
Key players operating in the aircraft parts market include Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd., Teijin, Lockheed Martin Corporation, and Triumph Group, Inc. Major players are focusing on strengthening their global supply chain networks and engaging in mergers and acquisitions to enhance market reach.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it