Global Aircraft Parts Market Is Estimated To Witness Growth Due To Rising Government Initiatives for Space Exploration and Increasing Demand For Unmanned Aerial Vehicles

Aircraft Parts Market 

Aircraft parts are vital to the continued airworthiness of a flying machine. Even the smallest replacement part could ground an aircraft. It is important to understand the function of aircraft parts and their different components. While there are many types of aircraft parts, the most common hardware used for an airplane is identified by a trade name or specification number. This is usually accompanied by a tail number. Tail numbers are typically located near the rear of the fuselage. Another component of an airplane is the avionics. Avionics are equipment that provide critical information to pilots and passengers. These devices include communications, navigation, display and management of multiple systems. An aircraft part can be purchased from an authorized dealer or sold on eBay. Many airlines and operators choose to purchase a serviceable unit, which costs less than a brand new unit.

Growing partnerships among key players is estimated to augment growth of the global aircraft parts market during the forecast period. For instance, Lufthansa Technik AG and Vueling Airlines SA, a Spanish airline signed a five-year contract in November 2021, for supplying expendable and consumable parts for Vueling’s A320 CEO/NEO fleet. The contract will aid in rising the technical readiness in Vueling’s aircraft fleet. Moreover, increasing initial cost is anticipated to restrain growth of the global aircraft parts market during the forecast period.

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.

The pandemic had a drastic effect on almost every industry and the aerospace industry was also affected. The aviation industry faced huge challenges as many nations had imposed travel restrictions. These travel bans on international and domestic travel caused huge losses in the sector. These bans were imposed for preventing the further transmission of the virus. There was no revenue generated due to these restrictions. The manufacturing units halted their operations as there was no demand for aircraft parts. This hampered the growth of the global aircraft parts market severely. However, the aviation sector is anticipating to witness growth as many restriction shave been eased.

Key Takeaways:

The global market is estimated to witness robust growth, exhibiting CAGR of XX% during the forecast period, owing to adoption of growing adoption of inorganic growth strategies. For instance, AvAir declared that the acquisition of Airbus A320 rotable pool from HAECO ITM Limited in January 2021. After this acquisition AvAir will be expanding their portfolio with almost 2,000 components like Avionics, IDGs, and Starters for Airbus A320.

North America is anticipated to witness significant growth in the global market over the forecast period, due to increasing presence of aircraft manufacturers in the region.

Major players operating in the global market are JAMCO Corp., Safran Group, Eaton Corporation plc, Intrex Aerospace, Mitsubishi Heavy Industries, Ltd., Rolls Royce plc, Superior Aviation Beijing, Kawasaki Heavy Industries Ltd., Dassault Group, CAMAR Aircraft Parts Company, Woodward Hexcel, Parker Hannifin Corp., Engineered Propulsion System, Thales Group, GE Aviation, and MTU Aero Engines AG