North America Aircraft Parts Market - Trends, Size & Outlook (2024-2032)

North America Aircraft Parts Market Synopsis:

North America Aircraft Parts Market Size Was Valued at USD 680 Billion in 2023, and is Projected to Reach USD 1091.63 Billion by 2032, Growing at a CAGR of 5.4% From 2024-2032.

North America Aircraft Parts Market analysis can be described as the industry specializing in the production, selling, and servicing of Aircraft Parts and components necessary for the creation of airplanes, helicopters, gliders, and other flying equipment, as well as indispensable for commercial and military airplanes’ repair and maintaining. This market consolidates different parts that are incorporated in many types of aircrafts including commercial, personal, helicopters, and military aircraft and its services cuts across the airplane starting from the architectural design, construction, and even services after the plane has undergone production.

The Aircraft Parts are one of the most pursued components of the NA aerospace market influenced by the stimulated demands of commercial and military industries. Several manufacturers, especially in the United States, have offered their support to new and used Aircraft parts, some manufacturing giants are Boeing, Lockheed Martin, and Raytheon Technologies Corporation all in North America. The region is characterized by highly developed supplies, advanced technological developments, and increasing requirements for increasing the performance of aircraft. Over the last few years, the requirement for spare parts, maintenance, and upgrades was increased because of the stable increase in the number of aircraft in use and active air travel along with military needs.

Other important factor of this market is aircraft fleet modernization and innovation in the airframe and engine fields. North American manufacturers, however, are also investing in the new-generation material, lightweight parts or environmentally sustainable technology in light of rising environmental consciousness and the need for cutting emissions. Such shift is not only improving the efficiency and fuel economy of the aircraft but also opening new opportunities in Aircraft Parts market. The rising use of more digital technologies including Additive Manufacturing or 3D printing together with the advanced forms of maintenance like analytical and predictive forms of maintenance is also influencing the industry by enhancing the production and service of the aircraft part faster and accurately, therefore reducing costs of operations considerably for airline and operators.

North America Aircraft Parts Market Trend Analysis:

Technological Advancements and Digitalization

• One of more significant factors that has an impact on the North American Aircraft Parts market is the increasing use of information and communication technologies, especially in digitalization and application of automation systems in aerospace manufacturing industry. Technologically advanced manufacturing technologies like 3D printing, AI, and IoT are increasingly being adopted by the aviation industry for efficient, low-cost manufacturing and increased operational efficiency the application of 3DP involves increasing use of lean, complex, weightless parts that can be produced with low lead time for better part availability. Thus, traditional maintenance, as well as innovative analytical tools such as predictive maintenance by artificial intelligence, are changing the world of operators by helping them control unplanned aircraft downtime and improving the work of fleets. It enables the operators to identify risky occurrences before they form a significant matter thus improving on safety and saving costs.
• Accordingly, further application of digital twins, or replicas of one or more physical parts as a means of observing real-time simulation of aircraft characteristics during the design stage and during the plane’s use. Through these technological advancements, North American Aircraft Parts makers are enhancing the systematic management of aircraft assets to deliver faster turnaround, increase on operational uptime while also improving safety and operational efficiency of aircraft fleets. These digital changes are anticipated to propel the shift of the Aircraft Parts market more efficiently and sustainability in the future.

Expansion of Military Aircraft Parts Market

• The most important unexplored opportunity in the North American Aircraft Parts market is the increasing market for military Aircraft Parts. The United States, being one of the largest defense contractors across the world, is witnessing an emerging trend of Pentagon spending more budget on the modernization of its military aircraft inventory including the fighter aircraft, cargo aircraft and UAVs. This demand is forecast to grow further with the current increased geopolitical threat and global defense systems modernization, and will be a good growth prospect for military Aircraft Parts manufacturers.
• Furthermore, advancements in military fleets and necessity of more efficient technologies in the operation of defense aviation will entail the production of parts with the best quality and efficiency. This trend provides the manufacturers of Aircraft Parts to benefit this by deliberately offering such unique products like avionics, propulsion system, and Airframe parts which are massively sought after for the new generation military aircrafts. The key benefits for the companies interested in innovation and the delivery of parts for these cutting-edge aircraft are going to concern their opportunities to enhance the market shares and positions themselves across the North of America.

North America Aircraft Parts Market Segment Analysis:

North America Aircraft Parts Market is Segmented on the basis of part type, application, aircraft type, and country.

By Part Type, Airframe segment is expected to dominate the market during the forecast period

• The North America aircraft part market is dominated by the type of parts which contributes a significant role in the right operation of an aircraft. These components include airframe since these are the major structural components of an aircraft made of fuselage and wings and tail. These parts often require high strength, low weight and provide the necessary durability so that they can endure the stress and loads that operating aircraft put on them. The third segment is engine components that involve the engine’s propelling turbines, compressors and other valuable systems for the operation of any plane. The constantly evolving materials and manufacturing technologies have led to improvement of the fuel efficiency, power and light weights of individual engine parts.
• The avionics segment covers the electronics applied in the aircraft for navigation, communication and for monitoring purposes. Such systems include Radar, GPS, Flight Management systems and others through which the safety of the modern flight operations depend. Wheels, brake and shock absorbing components of the aircraft are grouped under the heading of landing gear which provides safety during take-off and landing. Other category includes multitude of specific components like cabin and interior, passenger/crew seating, emergency related and hydraulics, all of which play role in airframe operations. In view of this, there are several part types which are crucial to various need of the commercial, military, and general aviation sectors in North America and their subsequent advancement is crucial towards the growth of the market.

By Application, OEM (Original Equipment Manufacturer) segment expected to held the largest share

• In the North America Aircraft Parts market, the OEM (Original Equipment Manufacturer) segment holds a rather high significance as it comprises the making of parts and components that are used in production of new aircraft. OEM parts are generally superior quality parts and are generally reliable with the appropriate certification assuring the client. These parts are used at the very beginning of construction of all types of aircrafts, both civil and military, and OEM suppliers work directly with the manufactures like Boeing, Airbus and Lockheed Martin. The market of OEM parts depends on the rates of new aircraft manufacturing, which, in its turn, is determined by the increased tendency of air travel and purchases in defense industry.
• The Aftermarket segment offered involves selling spares and services essential for an aircraft after delivery and being used actively. This encompasses such elements like pistons, nuts, bolts, and other paraphernalia used in creating and maintaining aeroplane operational efficiency; maintenance repair and overhaul (MRO) that is paramount to provide optimum functionality of aircraft. Increasing demand for replacement and modification of existing aircraft – this is the main driving force behind the aftermarket. As a part of maintenance, it is also aimed at any replacement of parts or structural changes required by newer technologies, improved fuel efficiency, or actual or anticipated standards and regulations. It is an essential segment of the Aircraft Parts market with consistent revenues from airlines and aircraft operators as well as maintenance providers, major customers of this segment with stable demand on the long-term basis within the constantly growing commercial aviation industry due to regular goods and services consumption on the further to maintenance of the fleets.

North America Aircraft Parts Market Countries Insights:

United States is Expected to Dominate the Market Over the Forecast period

• As at 2023, it was identified that the United States accounts for a large market share of Aircraft Parts in North America. The high level of development of aerospace industry in the country, including both civil and military aircraft remains one of the key forces in the region. The largest manufacturers of the Aircraft Parts are situated in the United States with some of them such as Boeing, Raytheon Technologies and Northrop Grumman, causing the US to control the market.
• A high number of aircraft in operation, combined with formidable defense budgets and expenditure put the United States at 80% dominance of the North American Aircraft Parts market in 2023. Other countries in the region also have a market; however, the market of other countries is not as large compared to that of the United States of America.

Active Key Players in the North America Aircraft Parts Market:

• Air France Industries KLM Engineering & Maintenance (France)
• AAR Corp (USA)
• Boeing (USA)
• Collins Aerospace (USA)
• Delta TechOps (USA)
• GE Aviation (USA)
• Honeywell Aerospace (USA)
• Lockheed Martin (USA)
• Lufthansa Technik (Germany)
• Meggitt (UK)
• Northrop Grumman (USA)
• Parker Hannifin (USA)
• Raytheon Technologies (USA)
• Rolls-Royce (UK)
• Safran (France), and Other Active Players