Global Commercial Aircraft Parts Manufacturer Approval (PMA) Market to Reach US$ 15.4 Billion by 2032, Stimulated by Increasing Number of Air Passengers

December 18, 2023 | Aerospace and Defense

According to the latest report by IMARC Group, titled “Commercial Aircraft Parts Manufacturer Approval (PMA) Market by Type (Engine, Component, and Others), Application (Small Widebody, Medium Widebody, Large Widebody), and Region 2024-2032,” the global commercial aircraft parts manufacturer approval (PMA) market size reached US$ 11.0 Billion in 2023.  Commercial aircraft parts manufacturer approval (PMA) is a formal certification process overseen by aviation regulatory authorities, most prominently the Federal Aviation Administration (FAA) in the United States. This certification is a crucial endorsement that authorizes the manufacturing and sale of replacement parts for aircraft by entities other than the original equipment manufacturer (OEM). The process ensures that PMA parts meet or exceed the safety and performance standards set by the OEM. The PMA system helps foster competition in the market for aircraft components, offering airlines and maintenance companies alternative, often cost-effective, sources for parts without compromising on quality or safety.

Global Commercial Aircraft Parts Manufacturer Approval (PMA) Market Trends:

With a growing number of airlines and an aging fleet, there is an ever-increasing demand for high-quality, cost-effective replacement parts which is effectively addressed by the PMA market, which offers competitively priced products that match or even surpass OEM standards. In addition to this, the rising pressure on airlines to enhance operational efficiency necessitates timely and cost-effective maintenance solutions, fueling the demand for PMA parts, that offer quicker turnaround times and reduced total cost of ownership. Moreover, the increasing adoption of leading materials and manufacturing technologies, such as additive manufacturing (3D printing) and composite materials, allowing manufacturers to develop parts that are lighter and more durable, are creating a favorable outlook for market expansion. In line with this, the global shift towards sustainability and environmental responsibility is positively influencing the market growth, as manufacturers increasingly adopt eco-friendly processes and materials to align with the aviation industry's broader goals of reducing carbon footprint and greenhouse gas (GHG) emissions. Additionally, the rise of digital platforms for procurement, which offer transparency, real-time inventory tracking, and convenience, streamlining the sourcing of PMA parts is acting as another significant growth-inducing factor. Furthermore, the globalization of supply chains enhances accessibility to emerging economies with rapidly growing aviation sectors, thereby expanding the customer base and enabling risk diversification for PMA manufacturers, which contributes to the market growth. Apart from this, the shifting focus towards predictive maintenance in aviation, enabled by data analytics and machine learning (ML) algorithms, heightens the demand for timely parts replacement, providing lucrative opportunities for market expansion. Looking forward, the market value is projected to reach US$ 15.4 Billion by 2032, expanding at a CAGR of 3.7% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented as engine, component, and others.
  • On the basis of the application, the market has been categorized as small, medium, and large widebody.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Able Aerospace Services Inc. (Textron Company), Adpma LLC, Aero Brake & Spares Inc., Airforms Inc. (McFarlane Aviation LLC), Ametek Inc., Fluid Components International LLC, Heico Corporation, Lkd Aerospace LLC, Pma Aeroparts LLC, Spirit Aerosystems Inc., Wencor Group LLC, etc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Engine, Component, Others
Applications Covered Small Widebody, Medium Widebody, Large Widebody
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Able Aerospace Services Inc. (Textron Company), Adpma LLC, Aero Brake & Spares Inc., Airforms Inc. (McFarlane Aviation LLC), Ametek Inc., Fluid Components International LLC, Heico Corporation, Lkd Aerospace LLC, Pma Aeroparts LLC, Spirit Aerosystems Inc., Wencor Group LLC, etc.
Customization Scope 10% Free Customization
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Global Commercial Aircraft Parts Manufacturer Approval (PMA) Market to Reach US$ 15.4 Billion by 2032, Stimulated by Increasing Number of Air Passengers
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