India Aerospace Parts Manufacturing Market Report (2023–2030)
The Indian aerospace parts manufacturing market has been valued at approximately USD 13.6 billion in 2023, with a predicted growth rate of 6.8% from 2024 to 2030. Driven by the growing need for air travel, both domestically and internationally, this market is poised for significant expansion as airlines continue to upgrade their fleets and modernize their aircraft, thereby fueling the demand for premium aerospace components.
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Key Growth Drivers
- Rising domestic and international air travel
- Integration of 3D printing for faster, cost-effective production
- Expansion of Maintenance, Repair, and Overhaul (MRO) services
- Government initiatives like "Make in India" and relaxed FDI norms
- Strategic partnerships for technology transfer and innovation
Market Characteristics
- IoT-enabled smart components with real-time data capabilities
- Shift toward lightweight composite materials (e.g., CFRP)
- Strict regulatory compliance via DGCA for quality assurance
Product Insights
Aircraft Components: 51.2% market share (2023)
Adoption of automation, digital manufacturing, and Industry 4.0 technologies is enhancing efficiency and competitiveness.
Aircraft Segment Insights
- Commercial aviation is the leading segment, driven by a rising middle-class population and regional connectivity.
- Increasing production of narrow-body and regional jets in India.
- Business segment expected to show the highest growth rate.
Key Companies
- Bharat Electronics Limited (BEL)
- Hindustan Aeronautics Limited (HAL)
- Tata Advanced Systems Limited
- Dynamatic Technologies Limited
- Aequs Private Limited
Recent Developments
- Nov 2022: BEL signs LATOT agreement with CASDIC & DRDO for localized missile and avionics tech.
- Apr 2024: GE invests $30M in new aerospace parts plant in Pune.
- Nov 2023: Dynamatic Technologies delivers A220 Escape Hatch Door to Airbus Atlantic.
Report Scope Summary
| Attribute | Details |
|---|---|
| Forecast Period | 2024 – 2030 |
| Base Year | 2023 |
| Market Size (2030) | USD 21.48 Billion |
| Growth Rate | 6.8% CAGR |
| Segments | Product, Aircraft |
| Key Companies | BEL, HAL, Tata Advanced, Aequs, etc. |
| Coverage | Revenue forecast, competitive landscape, trends, segmentation |
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