To learn more about this report, request sample copy
North America is estimated to hold the largest market share of 41.1% in 2024 in the global aerospace parts manufacturing market for many years owing to the strong presence of leading OEMs and tier 1 suppliers in the region. The U.S. houses the majority of the world's prominent aerospace manufacturers such as Boeing, General Electric Aviation, Honeywell, Lockheed Martin, Northrop Grumman, etc. This has created a robust supply chain ecosystem for aerospace parts in the region. There is a vibrant aftermarket as well with companies focusing on aircraft MRO and components replacement. Large defense budgets of the US government has ensured steady orders for military aviation parts, thus providing momentum to the industry.
Countries like Canada and Mexico are also growing manufacturing and MRO hubs. Presence of emerging technologies clusters around Seattle, Wichita and Montreal has helped North American companies to gain competitive edge in the industry. Proximity to major aviation markets and customer base has cemented North America's position at the top. However, challenges like protectionist policies and likely decrease in defense spending can impact future growth potential.
The Asia Pacific region has emerged as the fastest growing market for aerospace parts manufacturing industry. China with its "Made in China 2025" policy is aggressively promoting domestic aviation manufacturing sector. Companies like Comac, AVIC, and XAC have undertaken large commercial and regional jet development programs. Growing middle-class and rising passenger traffic within China and other Asian countries is driving demand for new aircraft. Countries like India have also opened up their defense aviation manufacturing under 'Make in India' initiative attracting investments from global majors.
Relatively lower labor and production costs compared to the developed markets is allowing Asia Pacific companies to competitively target global markets. Robust infrastructure and economies of scale achieved by Chinese counterparts is helping gain price advantages. If the current growth momentum continues, Asia Pacific is well on its path to replacing Europe as the second largest aviation parts manufacturing base after North America in the coming years.
Aerospace Parts Manufacturing Market Report Snapshots
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients