Covid-19 Impact on Aircraft Turned Parts Market to Witness Expansion During 2020-2025
June 29, 2021
Global Aircraft Turned Parts Market Forecast:
The Aircraft Turned Parts Market will reach US$ 1.9 billion in 2025. The Aircraft Turned Parts Market growth depends upon numerous factors which have direct or indirect impact on the demand. Our report has the summary of such factors derived using SWOT, PEST, industry life cycle and supply chain analysis. These methods help in analysing the strength of the companies and identify gaps as well as opportunities to lay out a successful roadmap which leads to higher profitability.
Some linchpins in the market are:
- Precision Castparts Corp.
- GKN plc
- Spirit AeroSystems, Inc.
- Magellan Aerospace Corp.
- Triumph Group Inc.
- Collins Aerospace
- Senior plc
- MinebeaMitsumi, Inc.
- Air Industries Group, Inc.
- Gardner Aerospace.
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Aircraft Turned Parts Market Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different driving factors and identifies the most-attractive segments and sub-segments. Aircraft Turned Parts Market segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
COVID-19 IMPACT Analysis on Aircraft Turned Parts Market
Coronavirus has influenced every one of the organizations, little or large, dealing in any sector. The growth curves of Aircraft Turned Parts Market have seen immense fluctuations in the year 2020. The market scenario and the pace of growth have taken a colossal turn and have prompted numerous adjustments in the cycles, which will have repercussions for a significant stretch. 2021 is probably going to be superior to 2020 for the Aircraft Turned Parts Market players as the greater part of the organizations have continued their activities and the interest is getting re-established for them.
Note: This report will be refreshed to consolidate the effect of COVID-19, available for the time of 2020 to 2025.
Regional Analysis
In terms of region, North America is projected to remain the largest market for aircraft turned parts during the forecast period. The USA is the leading market for turned parts in North America as well as in the global marketplace, owing to the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Gulfstream, and Cessna, the major sources of demand for turned parts. The outbreak of the pandemic has ruthlessly impacted the country’s market with the temporary shutdown of Boeing’s B787 plant in South Carolina and Airbus’ A220 and A380 production facility in Alabama, sagging the capability of the OEMs to work on full capacities.
Asia-Pacific is expected to be the fastest-growing region in the years to come, driven by high long-term growth potentials of the region. Commercial aircraft to gain the biggest momentum in the region in the long run with the expected growth in the air passenger traffic and upcoming indigenous aircraft program (COMAC C919). Military aircraft is also subjected to register a noticeable gain in the coming years, primarily burgeoned by increasing defense budget of key economies, such as China, India, and South Korea, with the implementation of offset policies in some Asian countries as well as the high focus on the development of indigenous military aircraft such as Tejas and J20.
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