Global Aerospace Parts Manufacturing Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Aerospace Parts Manufacturing Market: Dynamics

“The global Aerospace Parts Manufacturing Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Rising demand for commercial aircraft, owing to increasing fleet replacement to retiring aging aircrafts with new-generation, lightweight, and fuel-efficient aircraft is a key factor expected to drive the growth of the global market over the forecast period.

In addition, increasing rates of fleet replacement result in rising aircraft production, which is expected to further fuel the growth of the target market over the forecast period.

Moreover, technological advancements and the increasing need for aircraft designed for particular missions are some other factors expected to boost the growth of the global market over the forecast period.

Furthermore, presence of various established players expanding their manufacturing facilities to Asia in order to cater the increasing demand from MRO service providers this factor is expected to propel growth of the target market over the forecast period.

However, declining military expenditure may affect demand for military aircraft which in turn is expected to restrain growth of the global market over the forecast period.

Ongoing trend observed in the target market is increasing collaboration activities among major players operating in the market in order to establish a joint venture for product development, to avoid risks, and increase costs associated with the development of new aerospace products. This trend may expect to support growth of the target market over the forecast period.

Long in-service period of aircrafts creates opportunities for MRO providers to offer maintenance and repair of current fleets.

Global Aerospace Parts Manufacturing Market: Segment Analysis

Among the product segments, the aircraft manufacturing segment is expected to dominate in the target market over the forecast period. Engine segment is expected to register significant growth in terms of revenue over the forecast period, owing to innovative technologies such as additive manufacturing to produce aero engines.

Among the aircraft segments, the commercial aircraft segment is expected to register significant growth in terms of revenue over the forecast period. Increasing demand for business aircrafts, owing to increasing mobility and improved efficiency.

Business aircrafts boost productivity, as air travel requires less time compared to other modes of travel. This factor is expected to support growth of this segment over the forecast period.

Global Aerospace Parts Manufacturing Market: Regional Analysis

The market in North America is expected to register significant share in terms of revenue over the forecast period, owing to increasing demand for airframe and other aircraft parts across various countries in the region.

In addition, rising demand for new-generation aircraft is another factor expected to boost growth of target market over the forecast period.

The market in Europe is expected to account for second-highest share in terms of revenue over the forecast period, owing to increasing demand for lighter and stronger aircrafts which are made up of lightweight, high strength, and cost-effective materials.

The market in Asia Pacific is expected to register fastest growth, owing to rising MRO (Maintenance, Repair and Overhaul) activities across various countries in the region.

Global Aerospace Parts Manufacturing Market Segmentation:

Segmentation by product:

• Engines
• Aircraft Manufacturing
• Cabin Interiors
• Equipment, System, and Support
• Avionics
• Insulation Components

Segmentation by aircraft:

• Commercial Aircraft
• Business Aircraft
• Military Aircraft
• Others

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa