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The commercial airframe component market is estimated to increase by USD 5.65 billion, at a CAGR of 8.02% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. Aviation friendly government initiatives in the Asia Pacific region are fueling market expansion, particularly in countries like China and India. Another trend transforming the industry is the emergence of 3D printing technology, which is revolutionizing the production of aircraft components, leading to cost savings and increased efficiency. However, delays in aircraft delivery, due to various reasons, such as supply chain disruptions and technical issues, pose a challenge to market growth. Despite these challenges, the market is expected to continue its upward trajectory, driven by increasing air travel demand and the continuous modernization of aircraft fleets.
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The growing air passenger traffic is notably driving the market growth. The primary reason for the growing number of air passengers across the world is the rapid economic development in emerging economies such as India, China, and Indonesia. Another reason for the increase in the number of air passengers is the development in the global tourism industry. According to the latest data from the World Bank Group, the number of registered carrier departures worldwide showed a continuous increase throughout the last decade ending in 2019. The number of such departures increased from around 29.64 million in 2010 to over 37.46 million in 2019.
Other major factors that are expected to contribute to the increasing air passenger traffic are the expanding middle-class population in emerging economies, the growing inclination of this population group for air travel, and the rise in the global working-age population. Several carriers, therefore, are expanding their fleets. These factors have not only been fueling the manufacturing of commercial airplanes worldwide but have also been increasing the number of MRO activities. Hence, factors like this will propel the market's growth during the forecast period.
The adoption of folded wings in commercial aircraft is an emerging trend in the market. The improvements in the designs of aircraft have led to the development of foldable wings for commercial planes The new wing configuration allows the wings to be folded above the fuselage and, consequently, occupy less space inside a hangar. Boeing, one of the leading global manufacturers, has been working on large-span, high-efficiency wing designs.
Moreover, the Boeing 777X boasts of a concise folding wingtip, and this design reduces the wingspan of the aircraft by 3.5 meters on each side (with an overall length reduction from 71.8 meters to 64.8 meters). However, the wingtips can be extended back into the horizontal position during take-off, thus providing an extended wingspan to increase the fuel efficiency of the airplane. Such developments will have a positive impact on the market growth and trends during the forecast period.
The high costs of compliance are major challenges impeding market growth. These use critical components that can be very complex and might require stringent adherence to the environmental regulations enacted in different countries. These rules can exist at the federal, state, and local levels. A list of authentication checks and certification processes has to be followed after all the systems have been integrated. The aerospace industry stakeholders are exposed to risks and liabilities related to the remediation of environmental hazards during the manufacturing process.
Moreover, these manufacturing companies are striving to engage in more environmentally benign approaches as there is an increase in focus on environmental sustainability. These companies are adopting new and innovative approaches to minimize greenhouse gas emissions during manufacturing processes. However, the additional costs incurred while complying with environmental and procedural norms can pose a challenge to the mass-scale production of certain airframe components, which, in turn, can have an adverse impact on the revenue of manufacturers and have a similar negative effect on the market in focus. Hence, such factors can hinder market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their expansion strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
DAHER - The key offerings of the company include commercial airframe components.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the narrow-body segment will be significant during the forecast period. Narrow-body aircraft have a single aisle inside the cabin, and the passengers are seated in two axial groups. They have a twin-engine setup, which is integrated into the wings to provide thrust. The demand is driven by the efficiency-focused operations of carriers in emerging and developed economies, where average load factors and seasonality play vital roles in determining their profit margins.
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The narrow-body segment was valued at USD 6.36 billion in 2018. Most low-cost carriers (LCCs) are trying to modernize their existing fleet to exploit new market opportunities to match the competencies of successive versions of aircraft. LCCs are adding seats to ensure optimum revenue per flight. Therefore, all the components involved in the creation of partitions in the fuselage of aircraft are subject to flammability tests. Aircraft manufacturers, such as Airbus and Boeing, are aiming to increase their yearly production output to cater to the growing demand in the narrow-body segment. Thus, owing to such factors the segment is expected to grow during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is experiencing significant growth due to the increasing demand for lower maintenance costs and operational efficiency in the aviation industry. With the rise in air traffic and expanding aircraft fleets, reducing aircraft downtime has become a top priority for aircraft leasing companies and airlines. Exchange programs and stringent regulations are essential in ensuring the longevity and safety of aircraft components. Safety concerns are a critical factor driving the market, with enhanced safety features and cost reduction being key considerations. E-commerce channels and new technologies are revolutionizing the aircraft maintenance industry, offering value for money and streamlined processes. As aircraft retirements increase, the demand for replacement components is expected to grow, further fueling market expansion.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is evolving with advancements in materials like aluminum alloys, titanium, and carbon composites used in new commercial aircraft. High strength steel and aluminum lithium alloys are enhancing the durability of critical components such as the tail assembly. Airlines are focusing on optimizing their commercial aircraft fleet through effective maintenance and overhaul practices. The LCC business model is driving demand for replacement parts and commercial aircraft aftermarket parts, offered by third-party manufacturers and original equipment manufacturers (OEM).
In addition, the connectivity and new routes are shaping aircraft performance and operational efficiency. Aircraft leasing and e-commerce channels are facilitating lower maintenance costs and improved value for money. Addressing wear and tear, worn and damaged parts, and regulatory requirements is crucial for maintaining aircraft reliability and enhanced safety. Aircraft downtime is minimized through exchange programs and upgrading existing systems, ensuring longevity and adherence to stringent regulations.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.02% |
Market Growth 2024-2028 |
USD 5.66 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.26 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, Germany, France, UK, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aernnova Aerospace SA, Airbus SE, Avion Alloys Inc., Bharat Forge Ltd., Commercial Aircraft Corporation of China Ltd., DAHER, Deutsche Lufthansa AG, Eaton Corp. Plc, Ferra Engineering Pty Ltd, Latecoere, LISI Group, Melrose Industries Plc, Mitsubishi Heavy Industries Ltd., Precision Castparts Corp., RUAG International Holding Ltd., Sonaca SA, Spirit AeroSystems Inc., The Boeing Co., Thomas B. Thriges Foundation, and Triumph Group Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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