Modern aircraft are composed of a huge variety of mechanical, hydraulic, and electronic components. Aircraft spare parts are all devices, parts, equipment, accessories, fixtures, and accessories, and any other that may be attached to or attached to equipment or other parts at any time or may be stored in inventory.
The rise of the commercial aviation spare parts sector is fueled by expanding airline fleets and the rising need for replaceable components, among other factors. The growing requirement to maintain and repair aircraft to extend longevity and solve safety problems has raised the demand for commercial aircraft spare parts. The growing commercial aircraft industry, as well as the increasing average age of commercial aircraft, is driving the market growth.
Rising demand for fuel-efficient commercial aircraft and increased usage of 3D printing in the aircraft production process are two more factors driving the expansion of the commercial aircraft aftermarket parts sector. Because the cost of maintenance and parts is higher than for other components, the engine segment is expected to have the largest proportion of the aviation spare part market.
The COVID-19 crisis has had a significant impact on the aviation industry, causing market uncertainty, supply chain disruption, and economic losses. The overall procurement of new commercial aircraft plummeted in 2020 owing to the pandemic.
3-D printing is no longer a novel or innovative technology for the world’s largest aerospace manufacturers. Traditional ways of manufacturing commercial and military aircraft parts are being replaced by additive manufacturing, which offers lower costs, shorter lead times, and more technologically flexible design and development procedures.
Aerospace companies are increasingly adopting new digital tools to facilitate the development phase of design and data acquisition when considering the use of laminated molding for specific parts. Titanium is a common additive manufacturing material that has proven to meet international airworthiness certification criteria for additively made aircraft materials on numerous occasions.
The Asia-Pacific region currently holds the largest market share and is expected to grow the most during the forecast period. This is due primarily to increased air travel in countries such as India, China, Vietnam, Indonesia, Japan, and Taiwan. The rapid growth in aviation infrastructure within APAC boosts the market growth. An ever-increased number of local carriers are modernizing their fleet by buying new-age planes to supplant their maturing airplane.
Boeing and HAECO have increased their consumables and disposable parts support agreement. Additional supply chain solutions are also included in the arrangement.
GAL, an EDGE Group company, has created the first regional aviation logistics distribution hub in Abu Dhabi, in collaboration with China National Aero-Technology Import & Export Corporation (CATIC).
The companies are likely to earn a substantial share of the market during the forecast period by focusing on the expansion of their operations through new initiatives, increased investments, R&D, and the launch of customized packages to cater to the growing needs of the customers.
A few of the most well-known players in the commercial aviation aftermarket parts industry are listed below: Boeing Company, Bombardier Inc., Collins Aerospace (Raytheon Technologies Corporation), Honeywell International Inc., and General Electric Company.