The Asia Pacific C-parts market size is projected to reach US$ 92.93 million by 2031 from US$ 61.12 million in 2023. The market is expected to register a CAGR of 5.4% during 2023–2031. The increasing integration of electronic components in aircraft and automobiles is likely to bring new trends to the market in the coming years.
Several private and public authorities are currently making substantial investments in construction, agriculture, power, and gas industries, with many planned projects in the development stages. According to the International Energy Agency, investments in the energy & power sector in Asia Pacific reached US$ 1.1 trillion in 2023 and continue to increase rapidly. The Asia Pacific C-parts market outlook remains positive, as it is well-positioned to serve the growing requirements of end-user industries such as construction, aerospace & defense, oil & gas, agriculture, and manufacturing.
C-Parts are chosen for high-load and low-speed applications in various industries, including automotive, as well as power tools and domestic appliances. C-Parts are utilized in the assembly of engine compartments, wheel suspensions, vehicle steering systems, brakes, pedals, pumps, and seats. Increasing automotive sales and production drives the Asia Pacific C-parts market. Further, C-parts are widely used in the manufacturing of railways and metros to offer linear motion. Increasing investments in the railway sector by governments of various countries will contribute to the Asia Pacific C-Parts market growth during the forecast period. According to the India Brand Equity Foundation Organization, the Indian Railways revenue reached US$ 28.75 billion in fiscal year 2024. Also, during 2023–2024, the Indian government Union Budget allocated a capital of US$ 29 billion for the railway projects.
C-parts have several applications in automotive, industrial machinery, manufacturing, construction, energy, oil & gas, agriculture, aerospace & defense, and mining facilities. They are also utilized in several manufacturing plants as well as the energy & power sector. With substantial government investments being made in the automotive and construction sectors owing to rapid urbanization, the demand for C-parts will continue to experience growth in the coming years.
The aviation industry has matured rapidly over the years, recording a significant number of aircraft production and deliveries. This has showcased massive order volumes for various commercial aircraft manufacturers in Asia Pacific. For instance, according to Airbus forecasts, more than 18,900 commercial aircraft are expected to be delivered in Asia Pacific countries between 2023 and 2042. Moreover, there is a rise in traveling activities across the region. In addition, the rapid growth of primary, secondary, and tertiary airports has continued owing to the COVID-19 pandemic. For instance, since 2022, the Governments of China and India announced their plans to construct 216 and 72 new airports by the end of 2035, respectively. Moreover, many airlines are focused on expanding to more remote locations by launching routes to smaller city airports. With the increasing number of aircraft, airports, and MRO facilities, the demand for C-parts is also rising across different aircraft manufacturing sites in the region. Therefore, the rise in orders and deliveries of aircraft worldwide drives the Asia Pacific C-parts market.
The aviation fleet is expected to grow 94% to reach 46,880 aircraft by 2042, according to Avolon's study on global commercial passenger aviation. Furthermore, China and India are expected to show more than 3.5% growth in air travel from 2023 to 2042. In addition, according to the ch-aviation data on aircraft fleet orders from across the globe, as of June 2023, the US accounted for the highest number of aircraft orders (excluding military aircraft and aircraft with unknown operator/engine) worldwide with a total of 3,147 aircraft on order—followed by Ireland, China, and India with 1,247; 1,239; and 888 aircraft orders, respectively. According to the same data, the top five consumers with aircraft orders include United Airlines, IndiGo Airlines, Lion Air, Air Lease Corporation, and AirAsia, among others, and two of them are based in Asia Pacific only. As per the Oliver Wyman analysis, the global commercial aircraft fleet currently stands at ~28,398 aircraft and is expected to reach ~36,413 aircraft by the end of 2034. Further, according to the Oliver Wyman analysis, the total commercial aircraft fleet size in Asia Pacific stood at 8,653 in 2024, which is likely to reach approximately 11,582 aircraft by the end of 2034. Thus, the growing global aircraft fleet size is expected to generate new opportunities for aircraft component suppliers, including c-part manufacturers, in the coming years.
Key segments that contributed to the derivation of the Asia Pacific C-parts market analysis are product type, material type, and end-use industry.
The geographic scope of the Asia Pacific C-parts market report offers a detailed country analysis. The Asia Pacific C-parts market is segmented into China, India, Australia, Japan, South Korea, Vietnam, Thailand, Indonesia, and the Rest of Asia Pacific. These countries have demonstrated a strong focus on the development of the construction sector in the past. A large population of Asia Pacific signifies a heightened demand for infrastructure construction. The region comprises several developing economies, including India, Japan, Vietnam, Thailand, and many other Southeast Asian countries, posing a strong demand for different infrastructure projects. Governments of various countries are taking several initiatives to attract private investments in infrastructure development projects. In 2022, KKR, an investment firm, raised US$ 6.4 billion for infrastructure projects in Asia. In addition, in 2023, the Indonesian government announced the finalization of 190 National Strategic Projects (PSN) worth US$ 95 million. This project includes the construction of toll roads, dams, and airports, among others. C-parts are generally important components in industrial construction projects. These projects use several industrial machineries which require nuts, screws, bolts, and washers. To procure such C-parts, there are several fragmented players present in the market. With growing investment in infrastructure development across Asia Pacific countries, the demand for C-part products is increasing rapidly during the forecast period. In 2024, the Philippine Department of Public Works and Highways (DPWH) declared the completion of a road infrastructure project. As per the United Nations Economic and Social Commission for Asia and the Pacific Survey, Asia Pacific plans to invest more than US$ 196 billion annually in road transportation infrastructure development.
Taiwan and the Philippines are among the major countries in the Rest of Asia Pacific C-parts market. The construction sector in countries in Southeast Asia is likely to witness the demand for C-part products, which fuels the market growth.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 61.12 Million |
Market Size by 2031 | US$ 92.93 Million |
Global CAGR (2023 - 2031) | 5.4% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Product Type
|
Regions and Countries Covered | Asia Pacific
|
Market leaders and key company profiles |
The Asia Pacific C-parts market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Asia Pacific C-parts market are listed below:
The "Asia Pacific C-Parts Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The List of Companies - Asia Pacific C-Parts Market