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An airplane is a transportation vehicle that is used to transport people and cargo from one place to another through air. Airplanes or aircrafts are designed in many shapes and sizes depending on its application. The aircraft can be categorized into following types: narrow body aircraft, wide-body aircraft and turboprop aircraft. Aircraft contains many parts such as aircraft engines, landing gears, propellers, wings and flaps, cabin interiors, fuselage, cockpit etc. 

The expansion of airlines to meet a surge in the number of air travelers from developing countries of Asia Pacific region such as India and Vietnam is expected to propel the demand for aircraft parts across the globe over the forecast period. For instance, according to India Brand Equity Foundation, in FY20 the number of domestic passenger traffic was 274.50 Million in India, which was growing at a CAGR of 12.91% over FY16.

Global Aircraft Parts Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has significantly disrupted several industries including infrastructure, retail, manufacturing, and others. To combat the COVID-19 pandemic, most of the countries have implemented strict lockdowns and canceled their domestic and international flights, so the monetary spending of people on air travel activity has also reduced, according to CMI’s analysis.

Companies offering aircraft parts are experiencing disruption in their production due to the lack of availability of workers. COVID-19 pandemic has acted as a restraint to the growth of the aircraft parts market in 2020 as supply chains were disrupted due to the unavailability of workers at manufacturing facilities. Also, companies were unable to move the cargoes due to trade restrictions. Canada aircraft manufacturers depend heavily on the supply of parts and components from the U.S. However, it is expected that the aircraft parts market will recover from the crisis over the forecast period. Several companies witnessed decreased sales of aircraft parts as the supply chain was disrupted by lockdown orders and domestic and international travels were also banned. For instance, in the period 2019 to 2020, the revenue of key aircraft manufacturers such as General Dynamics and Lockheed Martin decreased by about 4.1% and 8.6%, respectively.

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Hydroxychloroquine Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2019: US$ 537.0 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 5.1% 2028 Value Projection: US$ 826.01 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, Rest of Middle East, and Africa
Segments covered:
  • By Parts: Engines, Cabin Interiors, Fuselage, Empennage, Landing Gear, Wings and Flaps, Propeller
  • By Material Type: Carbon Fibers, Composite Material, Steel Alloy, Aluminum Alloy, Titanium Alloy
  • By Aircraft Type: Narrow Body aircraft, Wide-Body aircraft, Turboprop aircraft
  • By Application: Commercial Aircraft, Business Aircraft, Military Aircraft
Companies covered:

Major companies operating in the global aircraft parts market are: Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd., Teijin, Lockheed Martin Corporation, and Triumph Group, Inc. 

Growth Drivers:
  • High military budgets 
  • Development of high strength and light weight aircraft parts
Restraints & Challenges:
  • High Initial Cost 

North America is expected to hold dominant position in the global aircraft parts market during the forecast period

Statistics:

North America held dominant position in the global aircraft parts market in 2019, accounting for 35.1% share in terms of value, followed by Europe and Asia Pacific.

Figure 1: Global Aircraft Parts Market Share (%), By Region, 2019

Aircraft Parts  | Coherent Market Insights

In the year 2020, the North American region held the dominant market share in the global aircraft component market and is expected to retain its dominance over the forecast period. The growth of the North American region is majorly attributed to the presence of large aircraft manufacturers in the region such as Boeing, Bombardier Inc., Lockheed Martin Corporation etc. In addition, many aircraft manufacturers are engaged in the export of aircraft components to several other countries. For instance, every year, Canada imports aircraft parts such as wings, fuselages, engines etc. worth around US$ 10 to US$ 20 billion, out of which about 50% to 60% of parts are from the U.S.  

Major companies operating in the global aircraft parts are: Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation, and Triumph Group, Inc.

Among aircraft type, the narrow body aircraft sub-segment is expected to showcase highest CAGR in the market during the forecast period, owing to rapid launch of advanced narrow body aircrafts.

Narrow-body aircraft are also called single-aisle aircraft. The growth of narrow-body aircraft is majorly attributed to higher efficiency, higher operating range, and less fuel requirement as compared to wide-body aircraft. Some of the prominent single–aisle aircraft manufacturers are Boeing, Airbus, and Tupolev.

In addition, several narrow body aircrafts are being launched, which have long operating range. For instance, Airbus A321LR, a narrow body aircraft, has a range of 7,400 kilometers.

Figure 2: Global Aircraft Parts Market Value (US$ Bn), 2017 - 2028

Aircraft Parts  | Coherent Market Insights

The global aircraft parts market was valued at US$ 537.04 Bn in 2019 and is expected to reach US$ 826.01 Bn by 2028 at a CAGR of 4.9% between 2021 and 2028.

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The aircraft components have evolved largely to make a flight safer, faster, and efficient. Aircrafts are designed for multiple purposes and most of them have the same major components. Most airplane structures include fuselage, wings, empennage, and landing gear. The fuselage includes cabin and/or cockpit, which contains seats for the occupants and the controls for the airplane. The empennage (also called tail) is the rear part of the aircraft. Usually, it includes the stabilizers, rudder, elevator as well as many other components.

Market Dynamics

The demand for aircraft parts is majorly attributed to the increase in use of carbon fiber and composite materials to reduce the overall structural weight of the aircrafts. In North American region, aircraft material vendors are focusing on supplying advanced light weight material to key airline companies. For instance, in January 2019, Teijin Limited announced that it would be supplying Tenax carbon fiber and Tenax TPUD, which is a unidirectional pre-impregnated tape, to Boeing Company. TENAX TPUD is made from thermoplastic resin, which has high fatigue and impact resistance compared to conventional materials. Moreover, in January 2019, Teijin Limited received a contract to supply its TENAX carbon fiber to Bombardier Inc., a Canada-based manufacturer of commercial and business jets.

Carbon fiber and composite materials are expensive as compared to conventional materials. Thus, carbon fiber aircraft parts are expensive and require high initial investment. However, it can be a challenge for small companies operating in North America aircraft parts market to pay such high initial capital, which is expected to hamper the market growth over the forecast period. In addition, the aircraft structures have complex architecture and require a lot of research and development activities, which is expected to act as challenging factor for small companies in aircraft parts market.

Market Taxonomy

This report segments the global aircraft parts market on the basis of parts, material type, aircraft type, application, and region. On the basis of parts, global aircraft parts market is segmented into engines, cabin Interiors, fuselage, empennage, landing gear, wings and flaps, and propeller. On the basis of material type, the global aircraft parts market is segmented into carbon fiber, composite material, steel alloy, aluminum alloy, and titanium alloy. On the basis of aircraft type, the global aircraft parts market is segmented into narrow body aircraft, wide body aircraft, and turboprop aircraft. On the basis of application, global aircraft parts market is segmented into commercial aircraft, business aircraft, and military aircraft. On the basis of region, global aircraft parts market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the global aircraft parts market, provides market size (US$ Billion), and compound annual growth rate (CAGR %) for the forecast period (2021-2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global aircraft parts market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Major companies operating in the global aircraft parts market are: Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd, Teijin, Lockheed Martin Corporation, and Triumph Group, Inc.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global aircraft parts market analysis report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global aircraft parts market

Detailed Segmentation:

  • Global Aircraft Parts Market, By Parts:
    • Engines
    • Cabin Interiors
    • Fuselage
    • Empennage
    • Landing Gear
    • Wings and Flaps
    • Propeller
  • Global Aircraft Parts Market, By Material Type:
    • Carbon Fibers
    • Composite Material
    • Steel Alloy
    • Aluminum Alloy
    • Titanium Alloy
  • Global Aircraft Parts Market, By Aircraft Type:
    • Narrow Body aircraft
    • Wide-Body aircraft
    • Turboprop aircraft
  • Global Aircraft Parts Market, By Application:
    • Commercial Aircraft
    • Business Aircraft
    • Military Aircraft
  • Global Aircraft Parts Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • Airbus Group **
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Key highlights
    • Alcoa Corporation
    • Arconic Corporation
    • Boeing
    • Bombardier Inc.
    • Collins Aerospace
    • Elbit Systems Ltd
    • Teijin
    • Lockheed Martin Corporation
    • Triumph Group, Inc.

**All the pointers will also be provided for the rest of the companies.

Browse all the market data tables and figures on ‘Global Aircraft Parts Market - Forecast to 2028’

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Parts
      • Market Snippet, By Material Type
      • Market Snippet, By Aircraft Type
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Solutions Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Aircraft Parts Market: Impact of COVID-19 on Market
    • Short Term
    • Long term
  5. Global Aircraft Parts Market, By Parts, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2028 (%)
      • Segment trends
    • Engines
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Cabin Interiors
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Fuselage
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Empennage
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Landing Gear
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Wings and Flaps
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Propeller
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  6. Global Aircraft Parts Market, By Material Type, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2028 (%)
      • Segment trends
    • Carbon Fibers
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Composite Material
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Steel Alloy
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Aluminum Alloy
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Titanium Alloy
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  7. Global Aircraft Parts Market, By Aircraft Type, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2028 (%)
      • Segment trends
    • Narrow Body aircraft
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Wide-Body aircraft
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Turboprop aircraft
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  8. Global Aircraft Parts Market, By Application, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2028 (%)
      • Segment trends
    • Commercial Aircraft
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Business Aircraft
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Military Aircraft
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  9. Global Aircraft Parts Market, By Region, 2017-2028  (US$ Million)
    • Introduction
      • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2028 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Parts, 2021–2028(US$ Million)
      • Market Size and Forecast, By Material Type, 2021–2028(US$ Million)
      • Market Size and Forecast, By Aircraft Type, 2021–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2021–2028(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Parts, 2021–2028(US$ Million)
      • Market Size and Forecast, By Material Type, 2021–2028(US$ Million)
      • Market Size and Forecast, By Aircraft Type, 2021–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2021–2028(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Parts, 2021–2028(US$ Million)
      • Market Size and Forecast, By Material Type, 2021–2028(US$ Million)
      • Market Size and Forecast, By Aircraft Type, 2021–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2021–2028(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Parts, 2021–2028(US$ Million)
      • Market Size and Forecast, By Material Type, 2021–2028(US$ Million)
      • Market Size and Forecast, By Aircraft Type, 2021–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2021–2028(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Parts, 2021–2028(US$ Million)
      • Market Size and Forecast, By Material Type, 2021–2028(US$ Million)
      • Market Size and Forecast, By Aircraft Type, 2021–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2021–2028(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  10. Competitive Landscape
    • Company Profiles
      • Airbus Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Alcoa Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Arconic Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Boeing
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Bombardier Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Collins Aerospace
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Elbit Systems Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Teijin
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Lockheed Martin Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Triumph Group, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on ‘Global Aircraft Parts Market -forecast to 2028’

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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