Aerospace Parts Manufacturing Market Size, Share, Growth Analysis, By Product(Engines, Aerostructure, Cabin Interiors, Equipment), By End Use(Commercial Aircraft, Business Aircraft, Military Aircraft, Other), By Region - Industry Forecast 2024-2031

North America is the largest region in the global aerospace parts manufacturing market and have about 50.5% revenue share. The North American aircraft parts manufacturing industry will rule the regional market. Because of the region's growing number of ageing fleets, the North American economy is extremely favourable for the manufacture of aircraft. Lower operating efficiency and revenue demands for the operating airlines are caused by the replacement of the ageing aircraft. The advanced manufacturing technologies, and large number of skilled workforces adds to the domination factor of this region. The rise in investments in the aerospace sector, contributes to the increasing research and development, thereby surging the market growth. Additionally, an increase in per capita income is predicted to increase the number of people using aero planes, increasing the demand for aircraft and its components. 

Asia Pacific is the fastest growing region of the market, and by 2031, it is anticipated to grow at a CAGR of 7.3%. This is a result of the region's aviation sector developing at an increasing rate, which is being fuelled by the economies of China, Japan, and other nations. An increase in international air travel and a rise in the need for international freight are factors that are anticipated to increase demand for MRO services and, in turn, for aerospace parts. Moreover, governments efforts in prioritising the development of the aerospace sector, enhances its production capabilities. Furthermore, the rise in the defense budgets in this region is driving the demand for the new parts of the aircraft, thus leading towards accelerating the market growth.