Aerospace Parts Manufacturing Market to Exhibit Steady Growth through 2029
Global emphasis on reducing environmental pollution caused by commercial and defense aircrafts warrants an increase in fuel efficiency. To increase fuel efficiency aircraft engineers around the world are decreasing aircraft weight by adopting lightweight, new generation parts.
This transition phase in the global aerospace industry will drive the market to witness 1.5X growth during the forecast period (2019 and 2029). Manufacturers stand to gain more customers by leveraging material and process advancements.
Replacement of end-of-life aircrafts with modern aircrafts will propel aerospace parts manufacturing market to register steady growth by the end of the forecast period (2019-2029).
Commercial Aircrafts Lead Market Demand
Commercial aircrafts maintain share-wise dominance with a majority market share of more than half of total market value. Surge in demand for air travel followed by a surge in the number of airbuses filter down to a healthy growth in commercial aircraft parts manufacturing.
This is followed by business aircrafts that enjoy more than 1/4th of market share. The increasing number of millionaires around the world amid booming start-ups has increased the number of business aircrafts. This can be further traced to an increase in the demand for regular maintenance and parts purchase.
Manufacturers are focused on this niche market on the back of increasing successful start-ups and entrepreneurs.
North America Renews End-of-life Aircrafts, Southeast Asia & Oceania to Purchase New Fleets
North America maintains hold on the global aerospace parts manufacturing market with more than half of the total revenue share. Early adopters in this region are continuously upgrading their aircraft technologies which demand manufacturing of new parts.
The region is expected to maintain a majority market share throughout the forecast period. The most lucrative growth opportunity is offered by Southeast Asia & Oceania.
Recent success in economic policies and business ventures allows Southeast Asian countries such as Indonesia, Singapore, and Malaysia to purchase new aircrafts, as well as, repair or replace the old ones. Southeast Asian region will grow at a promising CAGR of over 7% from 2019 to 2029.
Energy Efficiency Drives the Competitive Landscape
Rising energy costs fuel the growing demand for energy efficient aircrafts with lightweight parts that increase fuel efficiency. Developing economies present remunerative growth opportunities for manufacturers to penetrate the region and establish an aircraft manufacturing base.
This will help them leverage the future demand for maintenance, repair, and overhaul activities. Advancements in aircraft technology such as fuselage, engines, avionics, and insulation equipment will induce continued demand for parts.
In order to leverage these trends market players are investing in research & development and strategic partnerships with prospective players.
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Global Aerospace Parts Manufacturing Market: In-Depth Assessment on Key Segments
The global aerospace parts manufacturing market is segmented on the basis of product type, aircraft type and region.
- Aircraft Manufacturing
- Cabin Interiors
- Equipment, System, and Support
- Insulation Components
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- Other Aircraft
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
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