Aerospace Parts Manufacturing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Aerospace Parts Manufacturing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aerospace Parts Manufacturing Global Market Report 2024, The aerospace parts manufacturing market size has grown strongly in recent years. It will grow from $953.43 billion in 2023 to $1002.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to defense spending, commercial aviation demand, global economic conditions, outsourcing trends, regulatory compliance.

The aerospace parts manufacturing market size is expected to see strong growth in the next few years. It will grow to $1240.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to renewal and modernization, growing space industry, emerging market demand, supply chain resilience, environmental sustainability. Major trends in the forecast period include automation and robotics integration, electrification and hybrid propulsion systems, implementation of augmented reality (AR) and virtual reality (VR), global collaboration and outsourcing, cybersecurity measures.

A rise in passenger traffic is expected to propel the aerospace parts manufacturing market going forward. The total number of passengers using the airport, including those boarding and disembarking aircraft, is referred to as passenger traffic. It was calculated as the number of passenger miles traveled divided by the total distance traveled during that time. The increase in passenger traffic every year will require the production of more aircraft, which will require increased manufacturing of aerospace parts. The rise in passenger traffic will propel market growth. For instance, in August 2022, according to the International Air Transport Association (IATA), a Canada-based trade association of the world’s airlines, international air traffic increased by 229.5% in 2022 compared to 2021and further, total air traffic increased by 76.2% in 2022. Therefore, the rise in passenger traffic is driving the aerospace parts manufacturing market.

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The aerospace parts manufacturing market covered in this report is segmented –

1) By Product: Engines, Aerostructure, Cabin Interiors, Equipment, System and Support, Avionics, Insulation Components

2) By Application: Interior, Propulsion Systems

3) By End Use: Commercial Aircraft, Business Aircraft, Military Aircraft, Other Uses

Major companies operating in the aerospace parts manufacturing market are adopting a strategic partnership approach to provide essential communication services to individuals, businesses, and governments. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2021, Kencoa Aerospace, a US-based aerospace and defense company, partnered with SyncFab to digitally streamline and secure the manufacturing supply chain using MFG blockchain technology. This partnership aims to enhance the efficiency and security of the manufacturing process, providing a Tier-1 solution for the industry. SyncFab is a US-based platform connecting aerospace, space, and defense buyers.

The aerospace parts manufacturing market report table of contents includes: