Aerospace Parts Manufacturing Market Regional Analysis:
North America Market Insights
North America industry is expected to hold largest revenue share of 53% by 2035. The growth in this region is poised due to the increased defense spending as this region is highly favorable in aircraft manufacturing. According to a report published by the Peter G. Peterson Foundation in 2024, defense spending grew by USD 55 billion between 2022 and 2023.
The increasing per capita income in the U.S. is acting as a growth factor for the aerospace parts manufacturing market share in this country. CEIC 2022 estimated that the annual per capita household income surpassed USD 39,167 in December 2022 as compared to 2021 data. Moreover, the need for the operating airlines to generate revenue and operate with reduced efficiency is partly due to the aging fleet of aircraft.
In Canada, an increasing factor contributing to the growth of this industry is the rise in air travel and the number of travelers. According to the International Air Transport Association, Canadian Air Transport is predicted to grow by 51% in the next 20 years. Credited to this, by 2035 about 39 million passengers will be added and can cross this country's GDP by USD 73.3 billion.
APAC Market Insights
Asia Pacific will also encounter huge growth in the aerospace parts manufacturing market share during the forecast period with a notable size and will account for the second position. The increase in international travel in this country will act as a growing factor for this sector. IATA published a report in July 2024 predicting that there had been an increase of more than 22% in Asia Pacific airlines and about a 22.9% increase in passenger capacity.
Increasing disposable income in China is contributing to the growth of the aerospace parts manufacturing market in this country. According to the State of China in July 2024, the national per capita disposable income surpassed USD 2900 in the first half of 2024.
There is an increased international air travel demand in Japan along with a high need for international freight which is expected to be a growth factor for the slated revenue share. According to a recent report by the Japan National Tourism Organization in 2024, there has been an increase in visitors, crossing 46.3% as compared to the data of 2019.
