At 5.0% CAGR, Europe Aircraft Brackets Market is Projected to be Worth US$ 113.68 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe aircraft brackets market was valued at US$ 77.14 million in 2023 and is expected to reach US$ 113.68 million by 2031, recording a CAGR of 5.0% from 2023 to 2031. Increasing global aircraft fleet size and increasing orders and deliveries of narrow body aircraft are among the critical factors attributed to drive the Europe aircraft brackets market growth.

According to Avolon's study on global commercial passenger aviation, the aviation fleet is expected to grow 94% to reach 46,880 aircraft by 2042. This is owing to the continued growth in demand for air travel, building on the rapid recovery since COVID-19 travel restrictions. North America and Europe will register moderate growth between 2 and 3% during 2023 to 2042. In addition, the huge rise in the number of aircraft fleet from the regions mentioned above is expected to create opportunities for the key aircraft bracket manufacturers across the globe. In addition, according to the Ch-aviation data on aircraft fleet orders from across the world, as of June 2023, the US accounted for the highest number of aircraft orders (excluding military aircraft and aircraft with unknown operator/engine) globally with a total of 3,147 aircraft on order, followed by Ireland, China, and India with 1,247; 1,239; and 888 aircraft orders, respectively. According to the same data, the top 5 consumers with aircraft orders include United Airlines, IndiGo Airlines, Lion Air, Air Lease Corporation, and AirAsia. Such an increase in orders and the growth of the global aircraft fleet are expected to raise the demand for aircraft brackets, which is anticipated to create opportunities for the key players operating in the market from 2023 to 2031. According to the Oliver Wyman analysis, the global commercial aircraft fleet currently stands at ~28,398 aircraft and is expected to reach ~36,413 aircraft by the end of 2034. This is expected to generate new opportunities for aircraft component suppliers, including bracket manufacturers, in the coming years.

On the contrary, discontinuation of A380s and B747 jumbo jets hampers the growth of Europe aircraft brackets market.

Based on aircraft type, the Europe aircraft brackets market is segmented into commercial aircraft, general aviation, military aircraft, and helicopter. The commercial aircraft segment held 53.4% market share in 2023, amassing US$ 41.18 million. It is projected to garner US$ 60.62 million by 2031 to register 5.0% CAGR during 2023-2031.

By application, the Europe aircraft brackets market is segmented into aircraft fuselage, aircraft wings, aircraft control surfaces, engine, and others. The aircraft fuselage segment held 46.4% share of Europe aircraft brackets market in 2023, amassing US$ 35.77 million. It is anticipated to garner US$ 56.12 million by 2031 to expand at 5.8% CAGR during 2023-2031.

In the terms of material, the Europe aircraft brackets market is segmented into aluminum, steel, and others. The aluminum segment held 63.5% share of Europe aircraft brackets market in 2023, amassing US$ 49.00 million. It is anticipated to garner US$ 71.85 million by 2031 to expand at 4.9% CAGR during 2023-2031.

By end use, the Europe aircraft brackets market is bifurcated into OEMs and aftermarket. The OEMs segment held 71.5% share of Europe aircraft brackets market in 2023, amassing US$ 55.14 million. It is anticipated to garner US$ 83.97 million by 2031 to expand at 5.4% CAGR during 2023-2031.

Based on country, the Europe aircraft brackets market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 28.0% share of Europe aircraft brackets market in 2023. It was assessed at US$ 21.62 million in 2023 and is likely to hit US$ 29.24 million by 2031, registering a CAGR of 3.8% during 2023-2031.

Key players operating in the Europe aircraft brackets market are Arconic Corp; Avantus Aerospace, Inc.; Godrej & Boyce Manufacturing Co Ltd; Hexagon AB; Hutchinson SA; Precision Castparts Corp.; Premium Aerotec GmbH; RTP Company; Legend Aerospace; SEKISUI Aerospace; Singapore Technologies Engineering Ltd; Spirit AeroSystems Holdings Inc.; and Triumph Group Inc, others.

• In June 2023, Spirit AeroSystems announced an expansion of its manufacturing role for Honda Aircraft Company's all-new light jet that was first introduced at the 2021 NBAA-BACE as the HondaJet 2600 Concept. The work includes an innovative build-to-print composite fuselage and a composite bonded frame. The new statement of work leverages Spirit's technical expertise to implement affordable design and manufacturing efficiencies.
  
  

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