Global Aerospace Parts Manufacturing Market
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MARKET OVERVIEW:
The Global Aerospace Parts Manufacturing Market Size is expected to grow at a CAGR of 4.6%, earning a valuation of USD 1130.4 Billion by 2030, from its early figures of USD 754.1 Billion in
Global Aerospace Parts Manufacturing Market
Numerous aircraft manufacturers are streamlined in the overall value chain, being primarily involved in the process of parts manufacturing. These companies own in house facilities for production and supplier contracts to procure the parts. Manufacturers also focus on the designing, procurement of raw materials, and quality control of third party supplier parts.
MARKET GROWTH & TRENDS:
The aerospace parts manufacturing market is predominantly concentrated in the North American and European regions, owing to the presence of significant aircraft manufacturers. Countries including China and India are projected to emerge as the key markets in the upcoming years. This is attributable to the rapid growth in manufacturing and export activities. The trade of components and sub assemblies across the world has surged by over 25% in the past decade.
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2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
1130.1 Bn
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Nonetheless, the sector remains consolidated with the 3 leading countries including the U.S., France, and Germany, accounting for approximately 60% of the total aircraft manufacturing.
The market has witnessed an uptrend of collaboration and joint venture strategies among key vendors. This supports companies to sustain themselves in a highly competitive market in terms of technological advancements and geographical expansion and limits the risks involved. Additionally, the companies can also easily access the market and achieve long term contracts.
COVID-19 IMPACT:
As COVID 19 pandemic continues across the world, many global aerospace parts manufacturing industries are suffering disruption in production and slow demand due to restrictions on travelling and return of workers to their homes. Due to low production level, the overall revenue also reduced during the pandemic. However, with the ease in government restrictions across the world, the business functions are returning to normal, and the aerospace parts market is expected to gear up with their production capacity during the forecast period.
RECENT DEVELOPMENTS:
• The aeroplane, known as Project Blue Sky Vol. 5, was equipped with the first hands free restroom doors in April 2021, thanks to a partnership between Jamco and ANA.
• To maintain its market share in the aerospace parts industry, Intrex Aerospace will partner with Eaton and UTC Aerospace in December 2021.
• In April 2022, Infosys and Rolls Royce launched an aerospace engineering and digital innovation centre in India, marking the largest industry collaboration ever.
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KEY PLAYERS
• JAMCO Corp.
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• Intrex Aerospace
• Rolls Royce plc
• CAMAR Aircraft Parts Company
• Safran Group
• Woodward Hexcel
• Engineered Propulsion System
• Eaton Corporation plc
• Aequs
• GE Aviation
• Textron, Inc.
• Raytheon Technologies Corp.
• MTU Aero Engines AG
• Superior Aviation Beijing
• Honeywell International, Inc.
• Mitsubishi Heavy Industries, Ltd.
• Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
• Kawasaki Heavy Industries Ltd.
• IHI Corp.
• Subaru Corp.
REGIONAL ANALYSIS:
North America held dominance in the market in 2021 and is forecast to remain dominant during the forecast period. As a result of the existing prominent manufacturers. In addition, a surge in requirements for innovative airplanes, and the rising demand for fixed-wing aircraft, are factors driving the regional market growth
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The aerospace parts manufacturing market is segmented on the basis of countries into U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific (APAC) in Asia Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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