The valuation of the aircraft wheels market will exceed $ 2.76 billion by
New York, September 23, 2021 (GLOBE NEWSWIRE) – Aircraft Wheels Market: Key Insights
According to our new research study on “Aircraft Wheels Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Aircraft Type, Fit Type, End User, and Geography,” The global Aircraft Wheels Market is expected to increase from US $ 1,704.25 million in 2021 to US $ 2,769.54 million by 2028; it is estimated to increase at a CAGR of 7.2% from 2021 to 2028.
Aircraft Wheels Market: Competitive Landscape and Key Developments
Among the key players profiled in the study of the Aircraft Wheels Market are Raytheon Technologies Corporation, Meggitt Plc, Honeywell International Inc., Parker Hannifin Corporation, Safran, Beringer Aero Usa, Lufthansa Technik, Tae Aerospace, and Matco Manufacturing Inc. The companies mentioned above collectively hold a significant share of the market.
In April 2021, Honeywell and GKN Aerospace’s Fokker Landing Gear business in the Netherlands signed a license and spare parts agreement for a Honeywell authorized service center for wheels and brakes on the aircraft of F-35 military combat.
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The demand for airplanes is increasing all over the world, owing to the rapid growth of the air transport industry in developing economies due to the ever increasing demand for passenger air transport services. In addition, the aviation industry is expanding rapidly, recording significant production volumes and deliveries of aircraft fleets (commercial and military). Specifically, the commercial aviation industry has experienced tremendous growth in recent years with the emergence of new low cost carriers (LCCs) and the fleet expansion strategies adopted by full service carriers. (FSC). In addition, there is an increase in commercial aviation, due to the increasing number of air passengers and aircraft purchases. This increase in aircraft production is driving the demand for aircraft wheels.
Aircraft production volumes continue to increase to bridge the gap between demand and supply. For example, Boeing and Airbus respectively received 1,008 and 831 orders for new aircraft in 2018 and 2019, and delivered 806 and 800 aircraft in the respective years. However, in 2020 the number of aircraft orders and deliveries fell due to the COVID-19 outbreak. On the other hand, with the huge delays in aircraft deliveries and with the new receiving orders, the market is expected to slow its growth in the post-pandemic era. In addition, the demand for in-line mounted wheels is increasing with the increasing production of airplanes, as the main landing gear system consists of multiple wheels.
The global aircraft wheels market is segmented into five major regions North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. In 2020, North America dominates the market with a turnover share of 35.7%. The region has a significantly high number of aircraft manufacturers (commercial, military and general aviation) and major providers of aircraft maintenance, repair and overhaul (MRO) services. The presence of both in the region, especially in the United States, is driving the growth of the aircraft wheels market in the region. In the pre-pandemic pre-COVID-19 period, aircraft manufacturers in North America were experiencing large volumes of orders, which created a huge need for aircraft wheels. In addition, the region is home to some of the major air operators, which is propelling the demand for aircraft wheels, due to new aircraft orders and the modernization of aircraft wheels in operation by MRO services. Thus, the factors mentioned above are boosting the North America Aircraft Wheels market and maintain its dominance over all other regions.
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Currently, the majority of helicopter wheels are made of light alloy metal materials, such as aluminum or magnesium. However, carbon fiber reinforced plastic (CFRP) wheels weigh about 30-40% less than aluminum or magnesium alloy wheels. CFRP wheels are expected to provide corrosion resistance and improved noise, vibration and harshness (NVH) performance. In addition, these wheels are stiffer with better fatigue resistance, which extends their life. Manufacturers have already pioneered the design of CFRP-based wheels for rotary wing aircraft. For example, in January 2021, Carbon ThreeSixty, a UK-based aircraft wheel manufacturing company, began developing CFRP-based wheels for rotary wing aircraft. The company is expected to complete the design of the wheel within the next 18 months. These composite wheels will also be interchangeable with existing wheels to make them suitable for retrofit applications. Therefore, with the introduction of carbon fiber reinforced plastic based wheels in rotary wing aircraft, the market is expected to continue to thrive in the coming years with an opportunity to enter rotary wing aircraft wheels.
Aircraft Wheels Market: Overview of Types
Based on type, the aircraft wheel market has been segmented into main wheel and front wheel. Airplane wheels are one of the important components of an airplane landing gear system because they provide the structural strength and support needed by aircraft during landing and take-off and when charging aircraft. Modern airplane wheels are produced by the forging and casting process to provide maximum strength to the wheels.
Aircraft Wheels Market: Aircraft Type Overview
Based on aircraft type, the aircraft wheels market has been segmented into fixed wing aircraft, rotary wing aircraft, and unmanned aerial vehicle (UAV). Fixed-wing aircraft wheels market segment includes cargo planes, passenger planes, military planes, private jets, trainer planes, and others. Fixed-wing aircraft types segment holds a notable market share, as fixed-wing aircraft are widely used for commercial applications around the world. The growing demand for passenger airlines, coupled with the increase in air freight services, is increasing the use of fixed-wing types of aircraft. On top of that, the growing number of aviation institutes and business class people are proliferating the demand for trainers and private jets.
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Aircraft Wheels Market: Type of Adjustment Overview
Based on the type of fit, the aircraft wheels market is segmented into in-line fit and retrofit. The components of the aircraft are mounted in two different ways. Line adjustment components are done by original equipment manufacturers (OEMs), while modernization is done by maintenance, repair and overhaul (MRO) service providers. The modernization segment is expected to gain the majority of the market share during the forecast period, owing to the increasing size of aircraft fleets among the major airline operators around the world.
Aircraft Wheels Market: End User Overview
Based on the end user, the aircraft wheels market is segmented into commercial and military. The commercial segment is expected to gain a notable market share of the aircraft wheels market. On the other hand, the military segment is expected to grow at a decent rate in the coming years, due to the increase in purchases of military aircraft around the world.
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