Worldwide demand for aerospace parts manufacturing has reached a market value of US$ 910 billion in 2023 and is extrapolated to rise at 3.6% CAGR through 2033. The global aerospace parts manufacturing market is this expected to surpass the trillion-dollar mark to reach US$ 1,297 billion by 2033-end.
Air travel has gained popularity as the most preferred method of travel around the world and this has only increased exponentially in recent years. A growing number of air passengers resulted in high demand for aircraft manufacturing, which is anticipated to be the primary factor driving the market for aerospace parts over the coming years.
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Which Kind of Aircraft Has the Most Demand for the Production of Aerospace Components?
The aerospace parts manufacturing market is divided into commercial, business, military, and other aircraft based on the type of aircraft.
The growth of air freight and the number of people flying are two key variables that are projected to support the commercial aircraft market’s expansion in the upcoming years. Further factors that favour demand for commercial aviation parts and components in the future include low airfares, increasing per capita disposable income, and the thriving global tourism sector. Additionally, it is predicted that through 2033, the frequent introduction of new airline services will present commercial aircraft manufacturers with enticing growth potential.
Key points of the study on the commercial aircraft manufacturing market
- Engines dominate component manufacturing trends with a share of more than half of the total market value. This is followed by aircraft manufacturing, which accounts for more than 20% of the current market share.
- Commercial aircraft will generate continued demand when segmented by aircraft type due to excessive wear and tear caused by increased passenger numbers.
- Business aircraft offer the most lucrative growth opportunities as the number of wealthy people and successful start-ups multiply.
- North America exhibits share-level dominance with a majority market share of more than 50% of the total market value.
- Southeast Asia and Oceania offer the most lucrative growth opportunities with a promising growth rate of more than 6% through 2029.
“Aerospace parts manufacturing will see a spike in demand for energy efficient parts. Market participants will see an increase in demand for older aircraft parts along with an equal increase in demand for new lightweight parts. Advances in material science and technology will influence the future growth of this market. “– Says the analyst of Fact.MR
Key Question Answered in Commercial Aircraft Manufacturing Market Report Survey:
- Commercial aircraft production sales and demand
- Growth of the commercial aircraft manufacturing market
- Market analysis of commercial aircraft manufacturing
- Commercial aircraft manufacturing market insights
- Key Drivers Impacting the Commercial Aircraft Manufacturing Market
- What are the key drivers influenced by the Commercial Aircraft Manufacturing market
- Restrictions shape market growth
- Market research on the production of commercial aircraft
Top aerospace parts manufacturing companies are focusing on collaborations and partnerships to expand their business scope and bolster manufacturing capacity to maximize profits.
- In October 2022, Boeing India, the Indian arm of the world-renowned aircraft manufacturer, and Mishra Dhatu Nigam Limited (MIDHANI), an Indian government-run organization announced that they were working together to develop raw materials for aerospace components in India.
Key Companies Profiled
- Safran Group
- GE Aviation
- Diehl Aviation
- Intrex Aerospace
- Lufthansa Technik AG
- Honeywell International Inc.
- Liebherr International AG
- Thales Group
- Dassault Group