The global aerospace and defense c-class parts market is anticipated to grow at a CAGR of around 4.5% during the forecast period 2021 to 2028 and to reach around US$ 22.4 Bn by 2028.
|Market||Aerospace and Defense C-class Parts Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Part, By Application, By End Use, and By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Amphenol Corp., LMI Aerospace, Inc., RCB Bearings, Inc., Trimas Corp., LiSi Aerospace, Precision Castparts Corp., Safran SA, Arconic, Inc., Triumph Group, and Eaton Corp.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Flourishing airline sector across the globe, rising defense spending by countries and demand for reliable parts from airplane manufacturer are major factors expected to drive the growth of global aerospace & defense c-class parts market. Government of developed and developing countries is spending high in the development of enhanced and effective aircrafts in order to enhance the customer experience. Aerospace & defense sale is witnessing high rise among different states in the US. Statewide the A&D industry sale was US$ 137 Bn in 2019. The state’s contribution towards the sale is increasing as compared to previous year such as Wyoming (21%), Vermont (15%), South Carolina (12%), Missouri (11%), and Nevada (11%). Government is providing various contracts to help states gain high momentum. In 2018, According to Department of Defense, more than US$358 billion in contract payments were made across all fifty states and the District of Columbia.
These factors are expected to impact the growth of target market. As one of the highest revenue generation industry for the government the sector is witnessing rapid advancements and high investments. In 2019, aerospace & defense sector contributed US$ 17.6 Bn revenue to the state and local tax departments also US$ 46 Bn to the federal tax department. Presence of large number of players operating in the country and introduction of new products is positively impacting the market. Favorable business policies by the government and increasing spending on airline sector are expected to support the market growth. According to Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in India’s air transport sector (including air freight) reached US$ 2.95 billion between April 2000 and March 2021. Enterprise focus towards business acquisition and securing contracts are factors expected to boost the regional market growth.
In 2021, LISI AEROSPACE, a global design and manufacture of high tech fasteners and structural components for aerospace signed an extension contract with Boeing Company. Under this agreement the company is expected to deliver Boeing Company with 6,000 different part numbers in support of all Boeing Commercial programs (737, 747, 767, 777, and 787). This contract is expected to help company increase the revenue share.
In 2021, Amphenol Corporation, a global manufacturer and service provider of high reliability electronic connector acquired Positronic. The acquisition is expected to help company enhance the product portfolio and increase the customer base.
In 2020, the company also acquired MTS Systems Corporation, a global supplier of advanced test systems, motion simulators and precision sensors. This acquisition is expected to help company enhance its product offering and increase the customer base.
Factors such as fluctuating raw material prices and availability of alternatives such as adhesives replacing mechanical parts are factors expected to hamper the growth of global aerospace & defense c-class parts market. In addition, high competitive rivalry among players and operation on low profit ratio is expected to challenge the growth of target market. However, increasing air travel from consumers, rising demand for fuel efficient airplanes, and focus on development of low cost raw material for mechanical products are factors expected to create new opportunities for players operating in the global aerospace & defense c-class parts market over the forecast period. In addition, increasing partnership between regional and international players is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in Asia Pacific is expected to witness faster growth in the target market due to rising demand for enhanced aircraft. Increasing consumer preference for air travel and evolving airline business is expected to augment the growth of target market.
Enterprises inclination towards enhancing the business in developing countries through partnership is expected to support the growth of target market in this region.
The global aerospace & defense c-class parts market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Aerospace & Defense C-class Parts Market Segment Analysis, 2020
The global aerospace & defense c-class parts market is segmented into product, application, and end-use. The product segment is divided into fasteners, bearings, electrical, and machined parts. Among products, the fasteners segment is expected to account for major revenue share in the global aerospace & defense c-class parts market.
The end-use segment is bifurcated into commercial, military, and business & general aviation. Players operating in the global aerospace & defense c-class parts market are Amphenol Corp., LMI Aerospace, Inc., RCB Bearings, Inc., Trimas Corp., LiSi Aerospace, Precision Castparts Corp., Safran SA, Arconic, Inc., Triumph Group, and Eaton Corp.
Market By Part
Market By Application
Market By End Use
Business & General Aviation
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The global aerospace & defense c-class parts market in 2028 is expected to be above US$ 22.4 Bn.
The CAGR of the global aerospace & defense c-class parts market from 2021-2028 is above 4.5%.
Flourishing airline sector across the globe, rising defense spending by countries and demand for reliable parts from airplane manufacturer are major factors expected to drive the growth of global aerospace & defense c-class parts market.
In parts the fasteners segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Amphenol Corp., LMI Aerospace, Inc., and RCB Bearings, Inc.
The North America is expected to account for major revenue share in the global market.