Aircraft Aftermarket Parts Market Forecast: Future Outlook
The global aircraft aftermarket parts market is witnessing strong growth, driven by the rising number of aircraft in service, delays in new jet deliveries, and a surge in maintenance, repair, and overhaul (MRO) activities. In 2023, the aircraft aftermarket parts market was valued at USD 25.94 billion. The Aircraft Aftermarket Parts Market is expected to increase from USD 27.919222 billion in 2024 to USD 46.71 billion in 2032, with a compound yearly growth rate (CAGR) of 6.64% during the forecast period (2024-2032).
Market Drivers & Growth Trends
One of the primary drivers of this market is the aging global aircraft fleet. Airlines are holding onto older aircraft longer than anticipated due to bottlenecks in new aircraft production and supply chain delays. This trend is increasing the need for engine components, airframe parts, landing gear replacements, avionics upgrades, and consumables.
Furthermore, new regulations and the push for improved fuel efficiency are encouraging airlines to invest in upgraded parts and technologies, rather than waiting for new aircraft. The demand for engine spare parts, predictive maintenance technologies, and digital avionics continues to expand rapidly.
Another trend shaping the market is the adoption of 3D printing, which allows manufacturers to produce critical components faster and more cost-effectively. Additionally, the integration of AI-based diagnostics and predictive analytics in aircraft MRO is improving the speed and accuracy of part replacements, increasing aircraft uptime and reducing operational costs.
Geographically, North America dominates the aircraft aftermarket parts market due to its large commercial aviation fleet and strong presence of OEMs and MRO providers. However, Asia-Pacific is emerging as the fastest-growing region, with increasing demand for air travel in countries such as China and India and the rapid expansion of low-cost carriers.
Leading Market Players
Several aviation spare parts industry are at the forefront of the aircraft aftermarket parts industry. These companies are expanding their portfolios, acquiring niche providers, and investing in advanced manufacturing technologies to strengthen their market positions.
GE Aerospace remains one of the dominant players in the market. With a significant portion of its revenue coming from aftermarket services and parts, GE continues to benefit from increased demand for aircraft engine components and MRO services.
Safran, a leading French aerospace firm, has also seen strong performance in its aftermarket services. The company recently upgraded its financial outlook based on rising demand for engine spare parts and support services.
Heico Corporation is another key player known for its aggressive acquisition strategy. By acquiring specialized avionics and component manufacturers, Heico has expanded its footprint in the replacement parts market. The company has gained attention from major investors and consistently ranks high on growth performance indicators.
Rolls-Royce Holdings has also experienced a surge in aftermarket business, fueled by engine maintenance and part supply contracts with airlines worldwide. Its profitability has improved due to strong demand for engine support and upgrades, especially among wide-body aircraft operators.
Other notable companies include TransDigm Group, which has built a robust aftermarket business through strategic acquisitions of aerospace component manufacturers, AerSale, which offers used aircraft parts and engines, and VSE Corporation, known for its component repair and aftermarket logistics services.
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Research Insights and Market Segmentation
Research reports segment the aircraft aftermarket parts market by component (engine parts, airframe, avionics, landing gear), by type (rotables, expendables, consumables), and by aircraft type (narrow-body, wide-body, regional jets). Among these, engine parts and avionics systems represent the largest and fastest-growing segments due to the need for regular upgrades and replacements.
The commercial aircraft segment continues to lead the market, driven by passenger traffic growth and fleet expansion. Regional aviation and military aircraft are also contributing to demand for specialized replacement components.