Aerospace Parts Manufacturing Market Analysis by Product, Type – Global Forecast 2031

High investments in aircraft modernization in military and commercial sectors are projected to bolster the demand for aerospace parts manufacturing across the forecast period and beyond. The development of electric aircraft components will provide new opportunities for market players in the long run. The market value stood at USD 898.58 Billion in 2022 and is expected to grow from USD 935.42 Billion in 2023 to reach USD 1290.07 Billion by the end of 2031.

Commercial Sub-segment to Dominate the Type Segment

The commercial aviation industry has never been better and is continually booming around the world. The need for commercial aircraft is higher than ever before and this is a key factor that allows the commercial segment to hold a high market share of the global aerospace parts manufacturing market. Increasing investments of airlines in the expansion of their aircraft fleet to serve their rapidly expanding customer base is allowing this segment to hold sway over others. The development of new commercial aircraft and the retrofitting of old ones with modern parts are also helping the aerospace parts manufacturing market grow.

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North America Leads Global Market Growth with the United States Bringing in Most Revenue

The number of aging aircraft fleets in North America is increasing rapidly and this is boosting the demand for replacement components as well as new aircraft thereby driving aerospace parts manufacturing demand outlook. High consumer spending potential and a rapidly increasing number of air travelers in this region are also slated to benefit aerospace parts manufacturing market growth over the coming years. The United States is projected to spearhead market growth in North America owing to high spending on the military and defense sectors. The rising number of air travelers and the presence of key airlines in the country also boost market growth. Moreover, the presence of key aircraft and aircraft component manufacturers such as Boeing, Lockheed Martin, and Northrop Grumman Corporation also helps this country lead revenue generation in this region.

The global aerospace parts manufacturing market has leading companies such as Airbus, Boeing, General Electric, Safran, Rolls-Royce Holdings, Lockheed Martin, United Technologies Corporation, Honeywell International, Leonardo S.p.A., Northrop Grumman Corporation, and Raytheon Technologies Corporation among others.

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High Demand for Hybrid and Electric Aircraft

Surging emphasis on sustainability and efforts to reduce carbon emissions from the aviation industry are pushing the demand for hybrid and electric aircraft around the world. Aerospace parts manufacturing providers can invest in the development and manufacturing of components for electric and hybrid aircraft to stay relevant in the future. The imposition of stringent emission control regulations by governments around the world will push airline companies to opt for hybrid and electric aircraft going forward. Outsourcing of electric aircraft component manufacturing will also be a major trend that will help aerospace parts manufacturing companies expand their business and revenue generation potential in the long term.

To know more about the global aerospace parts manufacturing market refer to this latest market research report offered by Skyquest.

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