In today’s aviation landscape, the demand for aircraft parts is reaching new heights, driven by various factors including order backlogs, market expansion, and technological advancements. Let’s delve deeper into some key trends shaping the aircraft parts market:
Order Backlogs Drive Dependence on Existing Fleets
Industry giants like Airbus and Boeing are experiencing significant order backlogs, with Airbus recording a backlog of 7,294 orders and Boeing following closely with over 4,300 orders by the end of Q3 2022. This backlog has forced airlines to continue relying on their current fleets, resulting in increased demand for maintenance and spare parts.
Steady Growth in the Global Aircraft Parts Market
The global aircraft parts market has been steadily growing, experiencing a notable surge in value from US$537.04 billion in 2019 to a projected US$826.01 billion by 2028. This growth is attributed to rising demand from airlines, aircraft operators, and lessors, as well as advancements in aircraft technology driving the need for modernization and maintenance.
Rapid Expansion of the Aircraft Engine Market
In parallel with the aircraft parts market, the aircraft engine market is also witnessing rapid expansion. From a value of US$45.50 billion in 2021, the market is expected to soar to US$104.65 billion by 2028, reflecting a remarkable compound annual growth rate (CAGR) of 10.89%. This growth is fueled by increasing aircraft production, fleet expansion, and the need for more fuel-efficient engines.
Emergence of Secondary Aircraft Part Marketplaces
Alongside original equipment manufacturers (OEMs), secondary aircraft part marketplaces are gaining traction in the industry. These marketplaces offer a wide variety of parts sourced from various suppliers, providing airlines and operators with cost-effective solutions for their maintenance needs. The continuous expansion of spare parts databases, growing by 15% each month, further enhances the availability and accessibility of aircraft parts.
Conclusion
As the aviation industry continues to evolve, the aircraft parts market remains a dynamic and vibrant sector, driven by technological advancements, market demand, and industry innovation. With the demand for aircraft parts expected to rise in the coming years, stakeholders across the industry are poised to capitalize on the opportunities presented by this burgeoning market.