The aircraft and aircraft parts manufacturing and repair & maintenance market (or aircraft and aircraft parts manufacturing and repair services market) consists of sales of complete aircraft and aircraft parts for civilian and military purposes, and related services such as maintenance, repair and overhaul (MRO) services for aircraft by entities (organizations, sole traders and partnerships) that manufacture aircraft and aircraft parts for civilian and military purposes and/or provide related services.
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Aircraft Manufacturing Market Size
The global aircraft manufacturing market size is expected to grow to over $679 billion in 2021 at an annual growth rate of about 9%. Growth in the historic period resulted from increased demand for air travel and technological advances. Going forward, growth of the global economy and increasing use of drones are expected to contribute to the rising demand for aircraft and aircraft parts manufacturing and repair & maintenance.
The Boeing Company was the largest competitor in the aircraft manufacturing market, followed by Airbus Group, Lockheed Martin Corporation, United Technologies Corporation and GE Aviation (exact figures are mentioned in report).
The Boeing Company was founded in 1916 and is headquartered in Chicago, USA. The company is involved in designing, developing, manufacturing, selling, and servicing commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services. Boeing operates in over 65 countries worldwide, and also offers performance-based logistics and training services.
The global aerospace industry, of which the aircraft and aircraft parts manufacturing and repair & maintenance market is a segment, is expected to grow at a significant growth rate by 2021.
The aircraft manufacturing market report also covers market-trend-based strategies for companies in the aircraft manufacturing industry, including those in low-cost countries competing for business in the major aircraft manufacturing countries, offering retro-fitting of inflight entertainment systems, developing turboprop models, investment in engine overhaul facilities, strengthening market presence in their regional aviation market, and major investment in research and development.
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