NORTH AMERICA AIRCRAFT PARTS MARKET ANALYSIS

North America Aircraft Parts MarketSize and Trends

Furthermore, Carbon fiber and composite materials are very costly compared to conventional materials. Carbon fiber aircraft parts are very costly and require high initial investment. It can be a challenge for small companies operating in North America aircraft parts market to pay such high initial capital. The aircraft structures have complex architecture and require a lot of research and development activities.

U.S. is expected to hold dominant position in the North America aircraft parts market during the forecast period.

On the basis of country, North America aircraft parts market is segmented into U.S. and Canada. Among country, Canada is expected to show highest CAGR of 4.9% in terms of value during the forecast period 2022-2030. U.S. held the largest market share in terms of revenue in the North America Aircraft Parts market in 2021. The country is expected to be dominant over the forecast period with more than 80% of the total market share in the North America aircraft parts market. This is due to presence of various prominent players in the U.S. which include, Alcoa Corporation, Arconic Corporation, Boeing, Collins Aerospace, Lockheed Martin Corporation, Triumph Group, Inc. and others. For instance, In February, Triumph Group, Inc. announced that its Triumph Systems & Support business signed an exclusive agreement with VSE Aviation, Inc. (one of the player of aerospace industry) to distribute more than 1,600 original equipment spare parts for various Boeing and Airbus commercial platforms.

Figure 2: North America Aircraft Parts Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2030

The North America aircraft parts market was valued at US$ 180.18 Mn in 2021 and is expected to reach US$ 268.87 Mn by 2030 at a CAGR of 4.5% between 2021 and 2030.

Narrow Body aircraft segment is expected to drive the highest market growth during the forecast period.