The Aircraft Parts Market is estimated to be valued at US$ 991.57 Billion in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the aircraft parts market. Coherent Market Insights’ analyst projected the global aircraft parts market to be valued at US$ 991.57 Bn in 2031. It is expected to exhibit a CAGR of 5.4% over the forecast period 2024 -2031.

The growth of the aircraft parts market is driven by constant demand from the aviation industry and increasing aircraft fleet size across regions. Aging aircraft fleet is prompting airlines to replace old components with new advanced parts to enhance safety and reduce maintenance costs.

Further, development of lightweight and fuel-efficient components augments the market growth.

 

Key market trends include: increasing adoption of 3d printing technology: 3D printing technology allows quick production of aircraft parts with complex geometries. It reduces manufacturing time and costs significantly. Leading players are increasingly adopting 3D printing to produce components like engine parts, brackets, and others. For instance, in 2021, GE Aviation launched an advanced new material for 3D printing of fuel nozzles and other engine components using nickel superalloys.

Rising Procurement of MRO Services: As aircraft fleet expands consistently, the demand for maintenance, repair, and overhaul (MRO) services is also growing. MRO services ensure airworthiness and replace old components with new enhanced parts. To reduce downtime, airlines are outsourcing MRO activities to third-party providers.

 

Aircraft Parts Market OpportunitiesBy Component- Engines segment held the largest share of over 30% in the global aircraft parts market in 2024. Demand for new generation fuel-efficient engines is increasing from commercial and military aircraft manufacturers. Companies are focusing on developing advanced lightweight composite engines that consume less fuel.

By Application- Narrow-body segment accounted for the major share of the aircraft parts market based on aircraft type. Rising demand for short-haul flights is propelling the demand for narrow-body aircraft which in turn is fueling the growth of this segment.

 

Key Market Takeaways- The aircraft parts market is anticipated to witness a CAGR of 5.4% during the forecast period 2024-2031. This is owing to growing demand for airplane deliveries from developing countries.

On the basis of component, engines segment is expected to hold a dominant position. This is owing to continuous technological innovations aimed at developing lighter and fuel-efficient aircraft engines.

On the basis of aircraft type, narrow-body segment is expected to hold the major share over the forecast period. This is due to rising demand for short-haul flights.

On the basis of region, North America is expected to hold a dominant position over the forecast period. This is due to presence of leading aircraft OEMs and parts suppliers in the region.

Competitor Insights: Key players operating in the aircraft parts market include VIC 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.

Recent Developments: In May 2022, JAMCO Corporation, an aircraft engine and components company, signed a Supporter Agreement with SkyDrive Inc., a startup creating flying automobiles. JAMCO will participate by supplying SkyDrive Inc. with airplane interiors development professionals. More information in full report

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