Aircraft Parts Market – Exclusive Report by 360iResearch
The Global Aircraft Parts Market to grow from USD 882.56 billion in 2022 to USD 1,348.68 billion by 2030, at a CAGR of 5.44%.
PUNE, MAHARASHTRA, INDIA , November 14, 2023 /EINPresswire.com/ — The “Aircraft Parts Market by Parts (Cabin Interiors, Empennage, Engines), Material Type (Aluminum Alloy, Carbon Fibers, Composite Material), Application – Global Forecast 2023-2030” report has been added to 360iResearch.com’s offering.
The Global Aircraft Parts Market to grow from USD 882.56 billion in 2022 to USD 1,348.68 billion by 2030, at a CAGR of 5.44%.
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The aircraft parts market encompasses the manufacturing, distribution, and aftermarket services for various components utilized in assembling, maintaining, repairing, and overhauling commercial and military aircraft. This sector includes airframe systems, avionics systems, propulsion systems, landing gear systems, interiors, and cabin elements, among other miscellaneous components. The primary application of this market is in the aerospace industry for commercial airlines, cargo carriers, charter operators, regional airlines, and military aviation. Growing demand for air travel owing to globalization and rising disposable incomes; technological advancements that enable more efficient designs with enhanced performance capabilities. The defense sector plays a significant role in global security affairs; therefore, higher expenditures on military equipment also positively impact the growth of this market. However, there are challenges faced by the aircraft parts market, including stringent regulatory compliance requirements that could hinder growth. Also, rising costs of raw materials and production of aircraft parts and potential supply chain disruptions due to geopolitical tensions or natural disasters may hamper market growth. Potential opportunities within the sector involve using eco-friendly materials driven by environmental awareness and increasing adoption of 3D printing and nanotechnology in aviation part manufacturing for cost-effective production of customized aircraft parts, which is expected to create growth opportunities in the aircraft part market.
Application: Rising demand of aircraft parts on the commercial aircraft for operational efficiency and cost-effectiveness
Business aircraft primarily cater to the needs of corporations, private individuals, and charter companies. The preference for parts in this segment is usually based on providing comfort, customization options, high-quality materials, and advanced technology systems. The commercial aircraft segment includes passenger airlines and cargo carriers that prioritize operational efficiency, safety regulations compliance, fuel efficiency improvements, and cost-effective solutions when choosing aircraft parts. Military aircraft serve various purposes, such as combat, reconnaissance, surveillance, and transport for national defense forces worldwide. The demand for parts depends on mission-critical reliability, advanced technology integration, stealth capabilities, and interoperability with other defense systems. Each application segment in the market for aircraft parts has distinct preferences based on their specific needs. Business aircraft prioritize comfort and customization options; commercial aircraft focus on operational efficiency and cost-effectiveness while meeting safety regulations; military aircraft emphasize reliability under extreme conditions and technological advancements for mission success. Manufacturers continually innovate to cater to these needs while staying updated with recent industry developments, such as sustainability initiatives and pandemic-related challenges.
Material Type: Significant demand for aluminum alloys for primary structural elements
Aluminum alloys are favored for aircraft structures due to their heightened strength-to-weight ratio, ease of fabrication, and corrosion resistance. Carbon fibers have gained popularity in modern aircraft designs due to their exceptional strength-to-weight properties and fatigue resistance. They are widely employed in structural components such as wing spars or horizontal stabilizers. Composite materials unite two or more constituent materials to achieve enhanced characteristics such as lightness, strength, or thermal stability. Steel alloys are commonly used in high-stress aircraft parts due to their high tensile strength, toughness, and wear resistance. Titanium alloys are increasingly utilized in modern aircraft designs for their high strength-to-weight ratios, excellent corrosion resistance, and ability to withstand extreme temperatures. Material selection in the aerospace industry is dictated by specific application requirements, with aluminum alloys remaining popular for primary structures and carbon fibers and composites offering significant weight reductions without sacrificing performance. Steel alloys provide durability under harsh conditions, while titanium alloys excel in extreme environments requiring exceptional performance characteristics. As technology progresses, manufacturers continue to innovate and optimize material offerings to meet the evolving demands of the industry.
Parts: Wide application of empennage for flight control and stability
Cabin interiors are crucial for enhancing passenger experience and comfort; thus, airline companies often prioritize upgrading these elements. Key components include seating, lighting, in-flight entertainment systems, and galleys. The empennage comprises the vertical and horizontal stabilizers, as well as the rudder and elevators at the tail end of an aircraft. These components are essential for flight stability and control. Engines are a vital element of an aircraft due to their role in propulsion, making them an area where airlines prefer high-quality products with fuel efficiency features. The fuselage houses the aircraft’s internal components, including the cabin and cargo areas. It plays a vital role in overall structural integrity and aerodynamics. The landing gear is essential for safe takeoff and landing operations. Airlines prefer reliable and durable systems to minimize downtime due to maintenance or repair requirements. Propellers play a crucial role in regional and general aviation markets. The wings and flaps of an aircraft are essential for lift generation and flight control. Advanced wing designs can significantly improve fuel efficiency and overall performance.
Regional Insights:
In the Americas, the United States and Canada constitute a significant portion of the global aircraft parts market owing to their well-established aerospace industry. The region is home to major aerospace manufacturers and has witnessed demand for aircraft parts in commercial aviation, defense & security sectors. The EMEA region has also experienced considerable growth in its aircraft parts industry due to increased air passenger traffic levels and investments in modernizing commercial fleets. However, stringent regulations on carbon emissions from aviation are driving efforts toward more fuel-efficient designs or alternative propulsion systems. The Asia-Pacific region has witnessed unprecedented growth in its aircraft parts industry due to rapid economic development and rising disposable incomes, which have fueled air travel demand across countries such as China, India, and Indonesia. This surge in air traffic has led to fleet expansion by various carriers, thereby increasing the need for aircraft components such as engines, avionics systems, and interiors.
FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Aircraft Parts Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Aircraft Parts Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Aircraft Parts Market, highlighting leading vendors and their innovative profiles. These include A J Walter Aviation Limited, Aventure International Aviation Services, BAE Systems PLC, Bombardier Inc., Diehl Stiftung GmbH & Co. KG, Ducommun Incorporated, Eaton Corporation PLC, General Electric Company, GKN Aerospace, Griffon Aerospace, Honeywell International Inc., Indy Honeycomb, Intrex Aerospace, JAMCO Corporation, Mitsubishi Heavy Industries, Ltd., Moog Inc., Parker-Hannifin Corporation, Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran S.A., Senior PLC, Sky Dynamics Corporation, Textron Inc., Thales Group, and The Boeing Company.
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Market Segmentation & Coverage:
This research report categorizes the Aircraft Parts Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Parts, market is studied across Cabin Interiors, Empennage, Engines, Fuselage, Landing Gear, Propeller, and Wings & Flaps. The Cabin Interiors is projected to witness significant market share during forecast period.
Based on Material Type, market is studied across Aluminum Alloy, Carbon Fibers, Composite Material, Steel Alloy, and Titanium Alloy. The Titanium Alloy is projected to witness significant market share during forecast period.
Based on Application, market is studied across Business Aircraft, Commercial Aircraft, and Military Aircraft. The Military Aircraft is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 37.93% in 2022, followed by Europe, Middle East & Africa.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Aircraft Parts Market, by Parts
7. Aircraft Parts Market, by Material Type
8. Aircraft Parts Market, by Application
9. Americas Aircraft Parts Market
10. Asia-Pacific Aircraft Parts Market
11. Europe, Middle East & Africa Aircraft Parts Market
12. Competitive Landscape
13. Competitive Portfolio
14. Appendix
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Aircraft Parts Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Aircraft Parts Market?
3. What is the competitive strategic window for opportunities in the Aircraft Parts Market?
4. What are the technology trends and regulatory frameworks in the Aircraft Parts Market?
5. What is the market share of the leading vendors in the Aircraft Parts Market?
6. What modes and strategic moves are considered suitable for entering the Aircraft Parts Market?
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Mr. Ketan Rohom
360iResearch
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