The aerospace parts manufacturing market involves the design, development, production, and integration of aircraft parts and components. Key products include engine components, aircraft fuselage, wings, hydraulic and pneumatic systems, avionics, and landing gear. Aircraft parts play a significant role in ensuring safety, reliability, and overall performance. The growing aviation industry and rising aircraft procurement globally have increased the demand for highly-engineered and lightweight components.
The Global Aerospace Parts Manufacturing Market is estimated to be valued at US$ 918.7 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Aerospace Parts Manufacturing Market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation, Triumph Group, Inc, Safran , JAMCO Corporation, Rolls-Royce plc. Key players are focusing on partnerships, mergers and acquisitions to expand their product portfolio and presence in emerging markets.
The aerospace parts manufacturing market provides significant opportunities owing to the increasing aviation industry in Asia Pacific and Middle East regions. Countries like India and China are projected to drive 40% of new aircraft demand over the next 20 years. This rising demand from developing economies will spur growth for aerospace part suppliers.
The North American region accounts for over 35% of the global market value, driven by strong demand from the US for both commercial and military aircraft. Major aviation companies like Boeing, Lockheed Martin, GE Aviation and Raytheon have large manufacturing and supply chain presence in the US and Canada.
The Asia Pacific region saw the fastest value growth over the forecast period, increasing at a CAGR of over 8%. Countries like China, India and Japan are investing heavily in both domestic aviation industries and military capabilities. Demand for aircraft from low-cost carriers in Asia is supporting greater indigenous production and imports of key aerospace parts from global suppliers.
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