Product Code: A09709
Aerospace parts are components, systems, and materials used in the design, manufacturing, and maintenance of aircraft, spacecraft, and other vehicles that operate in the atmosphere of the earth or in space. Aerospace parts may include engines, cabin interiors, aerostructure, equipment, system & support, avionics, insulation components, and other equipment necessary for the safe and reliable operation of aerospace vehicles.
Aerospace parts must meet stringent quality and safety standards to ensure the reliability and longevity of the aircraft or spacecraft in which they are used. These parts are subject to rigorous testing, certification, and inspection procedures to ensure they meet regulatory requirements and the specific performance standards of the industry. The aerospace parts manufacturing industry is a highly specialized and complex field that requires a high level of technical expertise and precision manufacturing capabilities. Aerospace parts manufacturers must continually invest in research and development to produce innovative products that meet the evolving needs of the aerospace industry, including reducing weight, which increases fuel efficiency, and improve safety and performance.
The demand for more advanced and sophisticated parts increases as aerospace technology continues to advance. Innovations in materials science, electronics, and software systems, and the growth of the global economy, especially in emerging markets, increase the demand for air travel, which in turn drives demand for aerospace parts. The aerospace industry is highly regulated, and government regulations play a significant role in determining the safety, quality, and performance standards that aerospace parts must meet. Changes in regulations may create new opportunities or challenges for aerospace parts manufacturers. Moreover, environmental regulations have become increasingly important in the aerospace industry. Manufacturers are under pressure to develop more eco-friendly aerospace components and systems as concerns over climate change and sustainability grow.
The passengers travelled through air travel has largely recovered in 2022 since COVID-19; aircraft orders are being placed at a remarkable rate, and suppliers, operators, and OEMs are feeling pressure to deliver at a level that is taxing production capacity and workforces. The commercial aviation industry currently faces a tidal wave of demand. According to the International Air Transport Association, the total number of travelers was 47% lower in 2021 than it was in 2019. In 2022, 83% is anticipated, followed by 94% in 2023, 103% in 2024, and 111% in 2025. The expected growth in passenger travel on commercial aircraft is anticipated to give rise to the growth of the aerospace parts and components market.
Millions of passengers return to commercial airlines, and while the cost of a charter flight rises due to inflation, the increase in private jet use that coincided with the coronavirus pandemic is not showing any signs of abating. According to aviation data company WingX, corporate aircraft flights increased globally by 10% from the previous year in 2022 and by 14% from before the epidemic in 2019. The chief executive of WingX, Richard Koe, claimed that the demand for private planes had been "record-breaking" for the previous two years. Private flight reservations started to increase in 2020 as wealthy and business travelers tried to avoid swarms of people and COVID-19 regulations in place at airlines. Private travelers have been attracted despite pilot shortages and service reductions at smaller airports. The rise in demand for business jets is anticipated to increase the demand for spare parts and components.
The present war between Russia and Ukraine drives the military aircraft market. Lockheed Martin, an American aerospace, arms, and defense organization, intends to ramp up F-16 Fighter Manufacturing as Ukraine looks to purchase dozens of jets. Countries such as Australia, the U.S., Argentina, and Egypt have shown interest in the Indian TEJAS light combat aircraft (LCA). These developments around the globe are expected to create demand for the parts and components related to military aircraft.
The aerospace industry continuously innovates and develops modern technologies, such as fuel-efficient engines, composite materials, and advanced avionics. These advancements improve the performance and safety of airplanes, which attracts more customers. The government in North America had provided policy and financial support to the aerospace industry. For instance, in 2020 the coronavirus pandemic virtually halts travel in 2020, the U.S. government approved a $25 billion bailout for the struggling airline sector. In North America, the U.S. government is the largest customer for the aerospace industry, with a significant portion of its spending has created opportunities for aerospace companies to develop and supply military aircraft and related technologies. In 2022, the U.S. government suggests a military budget package that includes $7 billion for purchasing planes.
The European Union and its members had increased their defense spending, creating opportunities for aerospace companies to develop and supply military aircraft and for countries to purchase new aircraft according to their needs. European environmental regulations have been a driver for innovation in the aerospace industry. In 2022, Germany announced that it would replace its outdated Tornado fighter jets with 35 US F-35s, marking the first significant defense purchase since Chancellor Olaf Scholz promised a $ 108 bn military upgrade in reaction to Russian invasion of Ukraine. The industry has been working to develop more environmentally friendly technologies, such as electric and hybrid aircraft, in response to regulations on emissions and noise, thus these developments are expected to create demand for new components and parts for the aircraft.
The aerospace parts manufacturing market is segmented on the basis of product type, end user, and region. On the basis of product type, it is divided into engines, cabin interiors, aerostructure, equipment, system & support, avionics, and insulation components. On the basis of end users, it is classified into commercial aircraft, business aircraft, military aircraft, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Growth drivers, restraints, and opportunities are explained in the study to better understand the market dynamics. This study further highlights key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The study features strategies adopted by key market players to maintain their foothold in the market.
Companies have adopted product development, partnership, and product launch as their key development strategies in the Aerospace parts manufacturing market. The key players operating in this market are Boeing Co, Dassault Aviation SA, GE Aviation, Honeywell International Inc., Lockheed Martin Corp, Lufthansa Technik AG, Parker Hannifin, Rolls-Royce plc, Safran S.A., and Thales Group.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aerospace parts manufacturing market analysis from 2021 to 2031 to identify the prevailing aerospace parts manufacturing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the aerospace parts manufacturing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global aerospace parts manufacturing market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Engines
- Cabin Interiors
- Aerostructure
- Equipment, System, and Support
- Avionics
- Insulation Components
By End User
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- Others
By Region
- North America
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players:
- Boeing Company
- Dassault Aviation
- Honeywell International Inc.
- Lockheed Martin Corporation
- Safran S.A.
- Thales Group
- GENERAL ELECTRIC
- Lufthansa Technik
- PARKER HANNIFIN CORP
- Rolls-Royce plc
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.3.1. Bargaining power of suppliers
- 3.3.2. Bargaining power of buyers
- 3.3.3. Threat of substitutes
- 3.3.4. Threat of new entrants
- 3.3.5. Intensity of rivalry
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Increasing demand for commercial aircraft
- 3.4.1.2. Rising adoption of composite components to boost the sales
- 3.4.1.3. Growing need for military aircraft and advancement in technologies to boost the sales for aerospace parts manufacturing market
- 3.4.2. Restraints
- 3.4.2.1. Limited regulatory infrastructure
- 3.4.2.2. High cost in manufacturing aerospace parts
- 3.4.2.3. Lack of skilled person to manufacture aerospace parts
- 3.4.3. Opportunities
- 3.4.3.1. Increasing adoption of 3d printing in aircraft manufacturing to favor growth
- 3.4.3.2. Increase in demand for lightweight & durable aerospace components
- 3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: AEROSPACE PARTS MANUFACTURING MARKET, BY PRODUCT TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Engines
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Cabin Interiors
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Aerostructure
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
- 4.5. Equipment, System, and Support
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
- 4.6. Avionics
- 4.6.1. Key market trends, growth factors and opportunities
- 4.6.2. Market size and forecast, by region
- 4.6.3. Market share analysis by country
- 4.7. Insulation Components
- 4.7.1. Key market trends, growth factors and opportunities
- 4.7.2. Market size and forecast, by region
- 4.7.3. Market share analysis by country
CHAPTER 5: AEROSPACE PARTS MANUFACTURING MARKET, BY END USER
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Commercial Aircraft
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Business Aircraft
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Military Aircraft
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- 5.5. Others
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
CHAPTER 6: AEROSPACE PARTS MANUFACTURING MARKET, BY REGION
- 6.1. Overview
- 6.1.1. Market size and forecast By Region
- 6.2. North America
- 6.2.1. Key trends and opportunities
- 6.2.2. Market size and forecast, by Product Type
- 6.2.3. Market size and forecast, by End User
- 6.2.4. Market size and forecast, by country
- 6.2.4.1. U.S.
- 6.2.4.1.1. Key market trends, growth factors and opportunities
- 6.2.4.1.2. Market size and forecast, by Product Type
- 6.2.4.1.3. Market size and forecast, by End User
- 6.2.4.2. Canada
- 6.2.4.2.1. Key market trends, growth factors and opportunities
- 6.2.4.2.2. Market size and forecast, by Product Type
- 6.2.4.2.3. Market size and forecast, by End User
- 6.2.4.3. Mexico
- 6.2.4.3.1. Key market trends, growth factors and opportunities
- 6.2.4.3.2. Market size and forecast, by Product Type
- 6.2.4.3.3. Market size and forecast, by End User
- 6.3. Europe
- 6.3.1. Key trends and opportunities
- 6.3.2. Market size and forecast, by Product Type
- 6.3.3. Market size and forecast, by End User
- 6.3.4. Market size and forecast, by country
- 6.3.4.1. UK
- 6.3.4.1.1. Key market trends, growth factors and opportunities
- 6.3.4.1.2. Market size and forecast, by Product Type
- 6.3.4.1.3. Market size and forecast, by End User
- 6.3.4.2. Germany
- 6.3.4.2.1. Key market trends, growth factors and opportunities
- 6.3.4.2.2. Market size and forecast, by Product Type
- 6.3.4.2.3. Market size and forecast, by End User
- 6.3.4.3. France
- 6.3.4.3.1. Key market trends, growth factors and opportunities
- 6.3.4.3.2. Market size and forecast, by Product Type
- 6.3.4.3.3. Market size and forecast, by End User
- 6.3.4.4. Italy
- 6.3.4.4.1. Key market trends, growth factors and opportunities
- 6.3.4.4.2. Market size and forecast, by Product Type
- 6.3.4.4.3. Market size and forecast, by End User
- 6.3.4.5. Russia
- 6.3.4.5.1. Key market trends, growth factors and opportunities
- 6.3.4.5.2. Market size and forecast, by Product Type
- 6.3.4.5.3. Market size and forecast, by End User
- 6.3.4.6. Rest of Europe
- 6.3.4.6.1. Key market trends, growth factors and opportunities
- 6.3.4.6.2. Market size and forecast, by Product Type
- 6.3.4.6.3. Market size and forecast, by End User
- 6.4. Asia-Pacific
- 6.4.1. Key trends and opportunities
- 6.4.2. Market size and forecast, by Product Type
- 6.4.3. Market size and forecast, by End User
- 6.4.4. Market size and forecast, by country
- 6.4.4.1. China
- 6.4.4.1.1. Key market trends, growth factors and opportunities
- 6.4.4.1.2. Market size and forecast, by Product Type
- 6.4.4.1.3. Market size and forecast, by End User
- 6.4.4.2. Japan
- 6.4.4.2.1. Key market trends, growth factors and opportunities
- 6.4.4.2.2. Market size and forecast, by Product Type
- 6.4.4.2.3. Market size and forecast, by End User
- 6.4.4.3. India
- 6.4.4.3.1. Key market trends, growth factors and opportunities
- 6.4.4.3.2. Market size and forecast, by Product Type
- 6.4.4.3.3. Market size and forecast, by End User
- 6.4.4.4. Australia
- 6.4.4.4.1. Key market trends, growth factors and opportunities
- 6.4.4.4.2. Market size and forecast, by Product Type
- 6.4.4.4.3. Market size and forecast, by End User
- 6.4.4.5. South Korea
- 6.4.4.5.1. Key market trends, growth factors and opportunities
- 6.4.4.5.2. Market size and forecast, by Product Type
- 6.4.4.5.3. Market size and forecast, by End User
- 6.4.4.6. Rest of Asia-Pacific
- 6.4.4.6.1. Key market trends, growth factors and opportunities
- 6.4.4.6.2. Market size and forecast, by Product Type
- 6.4.4.6.3. Market size and forecast, by End User
- 6.5. LAMEA
- 6.5.1. Key trends and opportunities
- 6.5.2. Market size and forecast, by Product Type
- 6.5.3. Market size and forecast, by End User
- 6.5.4. Market size and forecast, by country
- 6.5.4.1. Latin America
- 6.5.4.1.1. Key market trends, growth factors and opportunities
- 6.5.4.1.2. Market size and forecast, by Product Type
- 6.5.4.1.3. Market size and forecast, by End User
- 6.5.4.2. Middle East
- 6.5.4.2.1. Key market trends, growth factors and opportunities
- 6.5.4.2.2. Market size and forecast, by Product Type
- 6.5.4.2.3. Market size and forecast, by End User
- 6.5.4.3. Africa
- 6.5.4.3.1. Key market trends, growth factors and opportunities
- 6.5.4.3.2. Market size and forecast, by Product Type
- 6.5.4.3.3. Market size and forecast, by End User
CHAPTER 7: COMPETITIVE LANDSCAPE
- 7.1. Introduction
- 7.2. Top winning strategies
- 7.3. Product Mapping of Top 10 Player
- 7.4. Competitive Dashboard
- 7.5. Competitive Heatmap
- 7.6. Top player positioning, 2021
CHAPTER 8: COMPANY PROFILES
- 8.1. Boeing Company
- 8.1.1. Company overview
- 8.1.2. Key Executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
- 8.1.7. Key strategic moves and developments
- 8.2. Dassault Aviation
- 8.2.1. Company overview
- 8.2.2. Key Executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Business performance
- 8.2.7. Key strategic moves and developments
- 8.3. GENERAL ELECTRIC
- 8.3.1. Company overview
- 8.3.2. Key Executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Business performance
- 8.3.7. Key strategic moves and developments
- 8.4. Honeywell International Inc.
- 8.4.1. Company overview
- 8.4.2. Key Executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Business performance
- 8.4.7. Key strategic moves and developments
- 8.5. Lockheed Martin Corporation
- 8.5.1. Company overview
- 8.5.2. Key Executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Business performance
- 8.5.7. Key strategic moves and developments
- 8.6. Lufthansa Technik
- 8.6.1. Company overview
- 8.6.2. Key Executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Business performance
- 8.6.7. Key strategic moves and developments
- 8.7. PARKER HANNIFIN CORP
- 8.7.1. Company overview
- 8.7.2. Key Executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
- 8.7.7. Key strategic moves and developments
- 8.8. Rolls-Royce plc
- 8.8.1. Company overview
- 8.8.2. Key Executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
- 8.8.6. Business performance
- 8.8.7. Key strategic moves and developments
- 8.9. Safran S.A.
- 8.9.1. Company overview
- 8.9.2. Key Executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
- 8.9.6. Business performance
- 8.9.7. Key strategic moves and developments
- 8.10. Thales Group
- 8.10.1. Company overview
- 8.10.2. Key Executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Business performance
- 8.10.7. Key strategic moves and developments