Market Trends of Aircraft Control Surfaces Industry
Commercial Aircraft to Dominate Market Share During the Forecast Period
The dominant market share of the commercial aircraft segment is primarily attributed to the high number of deliveries of commercial aircraft compared to the military. The cost of control surfaces for general aviation fixed-wing aircraft is less due to the lower average size and average manufacturing costs associated with the control surfaces in general aviation aircraft compared to those of commercial aircraft.
The deliveries of commercial aircraft are continually increasing. For instance, Airbus delivered 661* commercial aircraft to 84 customers in 2022 and registered 1,078 gross new orders. Airbus' end December 2022 backlog stood at 7,239 aircraft. The aircraft delivered is 8% higher compared to 2021. Airbus equally won 802 new orders across all programs and market segments, including several high-profile commitments from some of the world's leading carriers.
Similarly, The Boeing Company delivered 480 airplanes and won 774 net new orders after allowing for cancellations in 2022. Moreover, the company secured a USD 796 million contract from the US Army Contracting Command supply aircraft. The contract is expected to be concluded by 2027.
Asia-Pacific to Witness Highest Growth During the Forecast Period
The aircraft control surfaces market is expected to witness high growth in the Asia-Pacific, mainly due to the growth in aircraft procurements in the region. The region is projected to be the fastest-growing market in terms of the shipments of commercial, military, and general aviation aircraft altogether. China is expected to lead the growth of the aircraft control surfaces market in the region, followed by India. The two countries are the fastest-growing aviation markets in the world, coupled with the various aircraft fleet modernization programs.
The growing demand for general aviation aircraft in the region is fuelling the growth. Also, the region benefitted from the growing indigenous manufacturing of aircraft, particularly in China and Japan. Aircraft models under development, like the Space Jet M90 and M100, Xian MA700, Comac C919, and CRAIG CR929, are expected to propel the growth in procurements of aircraft components like the control surfaces in the region. For C919, Xi'an Aircraft Company Limited supplies the control surfaces, whereas, for the Space Jet M90, Aerospace Industrial Development Corporation (AIDC) supplies the control surfaces. All these factors are projected to boost the market growth of the region in the future.
