Aircraft parts are components that make up the structure, systems, and equipment installed on commercial and military aircraft. Key aircraft parts include engine components, fuselage, wings, tail section, landing gear, and cabin interior parts. Aircraft parts are utilized by original equipment manufacturers (OEMs) for assembling new aircraft and by maintenance, repair, and overhaul (MRO) service providers to maintain existing aircraft fleets. MRO activities involves inspection, testing, repair, modification, overhaul, and replacement of aircraft components.

The global aircraft parts market is estimated to be valued at US$ 655.22 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Increasing MRO Activities
One of the major drivers for the growth of the global aircraft parts market is the rising maintenance, repair, and overhaul (MRO) activities carried out on existing commercial and military aircraft fleets worldwide. According to the International Air Transport Association (IATA), global commercial aircraft fleet is projected to double in size over the next 20 years from around 24,000 aircraft currently. This massive fleet expansion is expected to drive demand for variety of aircraft parts for maintenance purposes. In addition, military aircraft also require regular servicing and overhaul of parts, which is further propelling the market growth.

SWOT Analysis
Strength: The aircraft parts market has robust projected growth over the forecast period supported by rising aircraft deliveries and developments in lightweight aircraft parts materials. The demand for replacement parts and maintenance, repair and operations services also provides a stable recurring revenue stream. Advances in additive manufacturing and composites allow for more durable and lightweight parts that improve fuel efficiency.

Weakness: Aircraft parts require stringent certification processes that involve significant research and testing investments raising compliance costs. The industry also faces risks from geopolitical uncertainties, trade disputes and fluctuations in crude oil prices impacting airline profitability and fleet expansion plans.

Opportunity: Emerging economies in Asia Pacific and Middle East regions are expected to drive the highest air traffic growth creating opportunities for MRO service providers and parts suppliers. Technological advances in electric and hybrid-electric propulsion systems for aircraft will open new markets. The demand for customized economical aircraft parts from budget carriers and leasing companies presents an opportunity area.

Threats: Global economic slowdowns pose risks to the demand outlook from airlines. Trade protectionism and nationalism trends pose threats from import tariffs and localization policies impacting outsourcing and global supply chains. Entry of low-cost producers from developing nations intensify price competition in commodity parts segments.

Key Takeaways
The Global Aircraft Parts Market Size is expected to witness high growth over the forecast period supported by a large and growing commercial aircraft fleet.

Regional analysis indicates North America currently holds the largest share led by the presence of major aircraft OEMs and MRO hubs in the region. However, Asia Pacific is poised to become the fastest growing region with countries like China expected to dominate the future aircraft fleet growth.

Key players operating in the aircraft parts market are Avery Dennison Corporation, Spandex Ltd, IGEPA group GmbH & Co. KG, ORAFOL Europe GmbH, Identity Global, LINTEC Corporation, 3A Composites Holding AG, Signs Express, EhKo Sign Industries Kft, MACtac LLC (Lintec), Kelly Signs, and L&H Sign Company Inc. The market is consolidated with the top players accounting for a significant revenue share. Major strategies adopted by players include new product development, expansion into emerging markets and partnerships for composite aircraft parts manufacturing.

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