Global Aircraft Parts Market, By Parts (Engines, Cabin Interiors, Fuselage, Empennage, Landing Gear, Wings and Flaps, and Propeller), By Material Type (Carbon Fibers, Composite Material, Steel Alloy, Aluminum Alloy, and Titanium Alloy), By Aircraft Type (Narrow Body aircraft, Wide-Body aircraft, and Turboprop aircraft), By Application (Commercial Aircraft, Business Aircraft, and Military Aircraft), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2028, is expected to be valued at US$ 826.01 billion by 2028, exhibiting a CAGR of 4.9% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
During the manufacturing of aircraft, components such as carbon fiber, steel alloy, aluminum alloy, titanium alloy, and composite materials are utilized depending on the aircraft part being manufactured. According to Coherent Market Insights’ analysis, in recent years, advanced lightweight materials are used in aircraft manufacturing, which can increase the operational efficiency and range of an aircraft.
In addition, the increasing expenditure on the military by countries of many regions such as Asia Pacific, North America, and Europe, is propelling the demand for military aircraft components. For instance, according to CMI’s analysis, the expenditure of the U.S. government on their military is considered to be the highest among all countries across the globe. In FY 2019, the annual budget of U.S government was around US$ 686 Billion for the year, and out of this, nearly US$ 194 Billion was allocated for the U.S. Department of Air Force, who spend a part of their mentioned budget on the procurement of aircraft parts, operation, maintenance activities, and advanced technologies.
Moreover, the increasing expenditure on air travel by the people of U.S. and Canada, owing to high GPD (Gross domestic product) per capita of the U.S. and Canada, is expected to propel the North America aircraft parts market. For instance, during the period of 2016 to 2019, the GDP per capita income of the U.S. and Canada increased from US$ 57,951 to US$ 65,297 and US$ 42,322 to US$ 46,194, respectively.
The global aircraft parts market was accounted for US$ 537.04 Bn in terms of value in 2019 and is expected to grow at a CAGR of 4.9% for the period 2021-2028.
The players in the aircraft parts market are focusing on using advanced lightweight materials for manufacturing the aircraft components, which in turn can increase the operational efficiency and range of operation of aircraft. For instance, according to Coherent Market Insights, in August 2017, Canada based aircraft manufacturer, Bombardier Inc. used aluminum-lithium alloy for the fuselages of its new Global 7000 aircraft as well as for its Global 8000 sibling aircraft. The material has shown the ability to reduce weight by as much as 10% versus the use of composites on single-aisle transport aircraft.
Global Aircraft Parts Market - Impact of Coronavirus (Covid-19) Pandemic
During the global COVID – 19 pandemic, many countries across the globe have implemented total lockdown, which resulted in cancellation of national as well as international flights, due to this the demand for aircraft components was negatively impacted in the year 2020. Due to the decreased demand, many aircraft component manufacturers faced a drastic decrease in their annual revenue. For instance, in the year 2020, the revenue of Boeing was decreased by approximately 24%, and the revenue of Bombardier Inc. was impacted by 13%.
Moreover, the spending patterns of people across the U.S. and Canada have also changed owing to the COVID-19 pandemic. According to CMI’s study, consumers have reduced their spending on domestic and international air travel. The reduced air travel has indirectly impacted the commercial airline industry. For instance, according to the International Air Transport Association (IATA), the demand for international passengers in the year 2020 was decreased by 75.6% as compared to the year 2019.
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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.