The aircraft parts market is estimated to be valued at US$ 685.36 billion in 2024 and is expected to reach US$ 991.57 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

Introduction:

The global aircraft parts market has witnessed strong growth over the past few decades owing to increasing air passenger and freight transportation worldwide. Growing international trade and tourism have boosted the demand for air travel across major economies. Subsequently, commercial aircraft operators are regularly procuring new aircraft and replacement parts to support their expanding fleet size. Moreover, a large active fleet of military aircraft requires a continuous supply of spares and components to ensure airworthiness. Various critical aircraft components such as engines, avionics, landing gear, and hydraulic and pneumatic parts have short life cycles and require scheduled replacement or repairs. This has created an indispensable market for aircraft parts at the global level.

Market Dynamics:

The aircraft parts market is driven by factors such as growing international air travel, fleet expansion programs underway by aircraft manufacturers as well as airlines, stringent aviation regulations regarding component maintenance, and airworthiness. However, volatility in raw material prices impacts the production costs for manufacturers. Significant investments and long certification cycles associated with developing new parts also act as challenges. On the other hand, segments like engine components and avionics parts present exciting opportunities with technological advancements in aircraft systems. The increasing demand for fuel-efficient and modern jets worldwide will also necessitate improved aircraft parts, thereby providing new avenues for manufacturers.

Key Features of the Study:

• This report provides an in-depth analysis of the global aircraft parts market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global aircraft parts market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include AVIC Beijing National Aeronautical Manufacturing Corporation, Bombardier Inc., Eaton Corporation PLC, GE Aviation, GKN Aerospace, Hanwha Aerospace, Heracleum Group, Hindustan Aeronautics Limited, Honeywell International Inc., Leonardo S.p.A., Liebherr Group, Mitsubishi Heavy Industries, Ltd., Moog Inc., Rolls-Royce plc, Safran, Spirit AeroSystems Inc., United Technologies Corporation, and Woodward Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global aircraft parts market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global aircraft parts market

Detailed Segmentation-

• By Component
• • Engines
  • Aerostructure
  • Cabin Interiors
  • Equipment, System, and Support
  • Avionics
  • Insulation Components
• By Aircraft Type
• • Narrow-body
  • Wide-body
  • Regional Aircraft
•  By Applications
• • Commercial Aircraft
  • Business Aircraft
  • Military Aircraft
  • Other Aircraft
• By Region
• • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
• Key Players Insights
  • AVIC Beijing National Aeronautical Manufacturing Corporation
  • Bombardier Inc.
  • Eaton Corporation PLC
  • GE Aviation
  • GKN Aerospace
  • Hanwha Aerospace
  • Heracleum Group
  • Hindustan Aeronautics Limited
  • Honeywell International Inc.
  • Leonardo S.p.A.
  • Liebherr Group
  • Mitsubishi Heavy Industries, Ltd.
  • Moog Inc.
  • Rolls-Royce plc
  • Safran
  • Spirit AeroSystems Inc.
  • United Technologies Corporation
  • Woodward Inc.