Press Release

Aerospace Parts Manufacturing Market is Expanding at a CAGR of 4.3% from 2023-2032

Aerospace & Defence Mar 7, 2023

The global aerospace parts manufacturing market is expected to grow from 993.35 Billion in 2022 to USD 1513.37 Billion by 2032, at a CAGR of 4.3% during the forecast period 2023-2032. North America region dominated the market in 2022. The future of the commercial and military aviation sector is growing, with the drastic rise in air traffic. Aeroplanes transport over 10 million people daily and nearly 18 billion dollars worth of cargo. The industry is anticipated to produce $498 billion in passenger revenues, more than twice as much as the $239 billion it brought in 2021. A total of 3.8 billion scheduled passengers are anticipated, with revenue passenger kilometers accounting for 82.4% of 2019 traffic, up 97.6% from 2021. Yields are expected to increase by 5.6% as pent-up demand is freed due to the relaxation of travel restrictions. This indicates the enormous economic impact aviation has had on the international economy, further confirmed by the fact that aviation contributes 3.5% of the global GDP and has created 65 million jobs globally. Over 400 departures per hour are being made by commercial aircraft. A region's social, economic, and environmental sustainability can be significantly impacted by air travel, which transports people and cargo worldwide. The aviation industry is expanding quickly and will do so in the future. To be able to fly, an aircraft or its engine must adhere to minimum international requirements. These guidelines, which address both safety and the environment, were produced by the International Civil Aviation Organization. Thus, aircraft manufacturing should follow these requirements. With the rise in air traffic, it has become essential for maintaining the safety of passengers. Specialized component manufacturing ensures the safety of aircraft.

Leading companies in the industry include Honeywell International, Inc., Intrex Aerospace, Rolls Royce plc, JAMCO Corp., Safran Group, Woodward Hexcel, CAMAR Aircraft Parts Company, Eaton Corporation plc, GE Aviation, Engineered Propulsion System, Aequs, Textron, Inc., Textron, Inc.,  MTU Aero Engines AG, Raytheon Technologies Corp., Superior Aviation Beijing among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The engine segment market is anticipated to grow at the highest CAGR during the forecast period.

The type segment is divided into aircraft manufacturing, engines, avionics, cabin interiors, system and support, insulation components and equipment. The engine segment market is anticipated to grow at the highest CAGR during the forecast. The power part of an aircraft propulsion system is an aircraft engine, often known as an aero engine. Although some aircraft have been rocket-powered and several small unmanned aerial vehicles have employed electric motors recently, piston engines and gas turbines still account for most aircraft engines. Aero engines create a powerful push that propels the aircraft forward with immense force, making for highly rapid flight. The manufacturing of aerospace engines requires specialization.

The commercial aircraft segment dominated the market with a market share of 56.78% in 2022.

The application segment is divided into military aircraft, commercial aircraft, business aircraft, and others. The commercial aircraft segment dominated the market with a market share of 56.78% in 2022. Commercial aircraft deal in aircraft and flights used for business and personal purposes. Passengers can access commercial aircraft for transportation purposes. It is even used to transport goods, either domestically or internationally. Commercial aircraft spend a lot of money on maintenance, repair, and overhaul. It is the only method to guarantee a high degree of aviation safety.

Regional Segmentation Analysis:

The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Among all regions, the North American region emerged as the largest market for the global market, with a market share of 36.03% in the year 2022. The expansion of military and commercial airways has led to high usage of the aerospace parts manufacturing market. The aerospace parts manufacturing companies are investing in the manufacturing of aircraft. Also, the increase in demand for new-edge aircraft has expanded the manufacturing requirement. Further, the emergence of new airlines and the necessity of better control spaces and new-edge landing gears. Further, Asia-Pacific is expected to register a high growth rate during the forecast period. This can be attributed to the increasing number of commercial air traffic. The technology for manufacturing has progressed significantly in recent years, but there are still many opportunities for developing specialized aerospace parts manufacturing for military and commercial aircraft. Companies around the globe are willing to grab higher market shares by tapping into existing opportunities.

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