Overview and Scope
Aerospace parts manufacturing refers to the production of aircraft engines, propulsion systems, auxiliary equipment and their parts. They are engaged in the manufacture, development, sale, testing and maintenance of airplanes. They are used for manufacturing aerospace components required for building an aircraft.
Sizing and Forecast
The aerospace parts manufacturing market size has grown strongly in recent years. It will grow from $953.43 billion in 2023 to $1002.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to defense spending, commercial aviation demand, global economic conditions, outsourcing trends, regulatory compliance.
The aerospace parts manufacturing market size is expected to see strong growth in the next few years. It will grow to $1240.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to renewal and modernization, growing space industry, emerging market demand, supply chain resilience, environmental sustainability. Major trends in the forecast period include automation and robotics integration, electrification and hybrid propulsion systems, implementation of augmented reality (AR) and virtual reality (VR), global collaboration and outsourcing, cybersecurity measures.
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Segmentation & Regional Insights
The aerospace parts manufacturing market covered in this report is segmented –
1) By Product: Engines, Aerostructure, Cabin Interiors, Equipment, System and Support, Avionics, Insulation Components
2) By Application: Interior, Propulsion Systems
3) By End Use: Commercial Aircraft, Business Aircraft, Military Aircraft, Other Uses
North America was the largest region in the aerospace parts manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aerospace parts manufacturing market report during the forecast period. The regions covered in the aerospace parts manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A rise in passenger traffic is expected to propel the aerospace parts manufacturing market going forward. The total number of passengers using the airport, including those boarding and disembarking aircraft, is referred to as passenger traffic. It was calculated as the number of passenger miles traveled divided by the total distance traveled during that time. The increase in passenger traffic every year will require the production of more aircraft, which will require increased manufacturing of aerospace parts. The rise in passenger traffic will propel market growth. For instance, in August 2022, according to the International Air Transport Association (IATA), a Canada-based trade association of the world’s airlines, international air traffic increased by 229.5% in 2022 compared to 2021and further, total air traffic increased by 76.2% in 2022. Therefore, the rise in passenger traffic is driving the aerospace parts manufacturing market.
Key Industry Players
Major companies operating in the aerospace parts manufacturing market report are RTX Corporation, General Electric Company, Airbus SAS, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., BAE Systems plc, Safran S.A., Eaton Corporation plc, Freudenberg & Co. KG, Rolls Royce plc, Bombardier Inc., Dassault Systems SE, MTU Aero Engines AG, Spirit AeroSystems Holdings Inc., Embraer S.A., GKN Aerospace Ltd., Woodward Inc., Hexcel Corporation, Triumph Group, Panasonic Avionics Corporation, Jamco Corporation, Kellstrom Defense Aerospace Inc., Intrex Aerospace, Aequs Private Limited, CAMAR Aircraft Parts Company, Lycoming Engines, Aero Engineering & Manufacturing Co., Engineered Propulsion System Inc., Superior Air Parts Inc., Aviant Aerospace Inc.
The aerospace parts manufacturing market report table of contents includes:
1. Executive Summary
- Aerospace Parts Manufacturing Market Characteristics
- Aerospace Parts Manufacturing Market Trends And Strategies
- Aerospace Parts Manufacturing Market – Macro Economic Scenario
- Global Aerospace Parts Manufacturing Market Size and Growth
.
- Global Aerospace Parts Manufacturing Market Competitive Benchmarking
- Global Aerospace Parts Manufacturing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Aerospace Parts Manufacturing Market
- Aerospace Parts Manufacturing Market Future Outlook and Potential Analysis
- Appendix
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