Aircraft Aftermarket Parts Market  Analysis Report 2024: Market to Grow by a CAGR of 5.7 to 2032, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships

Key Insights

The Aircraft Aftermarket Parts Marketsize was valued at USD 29.44 USD Billion in 2023 and is projected to reach USD 43.40 USD Billion by 2032, exhibiting a CAGR of 5.7 % during the forecast period.Aircraft aftermarket parts pertain to parts and assemblies that are manufactured and marketed specifically for use in maintaining, repairing, and overhauling aircraft and that are differentiated from original equipment manufacturer (OEM) parts, which are used as original equipment in an aircraft when it undergoes production. These aspects are vital as they help in maintaining the functionality of the aircraft from the time of purchase and use up to a certain period in the future. Some of the characteristics of aftermarket parts include avionics safety standards that are very high since they are used in aircraft that are on the market, available for a variety of brands, and sometimes cheaper as compared to the original equipment manufacturers. They offer convenience to aircraft and maintenance suppliers so that they can have the freedom to choose the components they require for the smooth running of their businesses.

Aircraft Aftermarket Parts Trends

• Increasing demand for fuel-efficient aircraft
• Growing popularity of narrow-body aircraft
• Rise in MRO outsourcing
• Adoption of advanced technologies, such as 3D printing

Driving Forces: What's Propelling the Aircraft Aftermarket Parts Market

• Surging Air Travel Demand: Increased passenger traffic and expanding airline networks are driving the demand for aircraft maintenance and aftermarket parts.
• Aging Aircraft Fleet: As aircraft age, they require more frequent maintenance and replacement of parts, creating a significant market opportunity for aftermarket suppliers.
• Enhanced Aftermarket Services: Advancements in technology and service offerings, such as predictive maintenance and real-time monitoring, have led to increased demand for aftermarket parts.
• Supportive Government Regulations: Favorable regulatory frameworks, including safety standards and certification requirements, promote the use of certified aftermarket parts, ensuring compliance and safety.
• Technological Advancements: The adoption of composite materials, digital technologies, and additive manufacturing in aircraft design has led to increased demand for specialized aftermarket parts.

Challenges and Restraints in Aircraft Aftermarket Parts Market

• High cost of aftermarket parts
• Supply chain disruptions
• Regulatory restrictions
• Competition from OEMs

Emerging Trends in Aircraft Aftermarket Parts

• Predictive maintenance
• Use of artificial intelligence
• Development of new materials
• Growing focus on sustainability

Growth Catalysts in Aircraft Aftermarket Parts Industry

• Government initiatives to promote aviation
• Increasing investment in airport infrastructure
• Growing demand for business jets
• Rise of low-cost airlines

Market Segmentation: Aircraft Aftermarket Parts Analysis

Parts Type:

• MRO Parts
• Rotable Replacement Parts

Component Type:

• Engine
• Airframe
• Interior
• Cockpit Systems
• Others

Aircraft:

• Narrow-body
• Wide-body
• Regional Aircraft

Leading Players in the Aircraft Aftermarket Parts Market

• The Boeing Company
• Collins Aerospace
• Honeywell International Inc.
• General Electric Company
• Eaton Technologies
• Meggitt PLC
• UTC Aerospace Systems
• AJW Group

Significant developments in Aircraft Aftermarket Parts Sector

• GE Aviation's acquisition of Avio Aero
• Honeywell's launch of the GoDirect MRO platform
• Airbus's partnership with Air France Industries KLM Engineering & Maintenance

Comprehensive Coverage Aircraft Aftermarket Parts Market Report

• Market Definition and Segmentation
• Market Size and Forecast
• Industry Landscape
• Key Market Drivers and Challenges
• Analysis of Emerging Trends
• Detailed Market Segmentation
• Regulatory and Government Policies
• SWOT Analysis of Leading Players
• Company Profiles and Market Shares
• Impact of COVID-19 on the Industry

Regional Insight

The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is expected to retain its dominance due to its established aviation industry, high aircraft utilization rates, and stringent regulatory requirements. Europe is another significant region, driven by a growing low-cost carrier market and aging aircraft fleet. Asia Pacific is emerging as a promising market, fueled by rapidly expanding airlines and increased air travel demand.