The Aircraft Wheels Market Growth impelled by rising application of carbon-fiber-reinforced plastic-based wheels for rotary wing aircraft, and rising volumes of aircraft orders and their deliveries; in 2020, North America led the market with a 35.7% revenue share.
New York, Sept. 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 grow from US$ 1,704.25 million in 2021 to US$ 2,769.54 million by 2028; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028.
Aircraft Wheels Market: Competitive Landscape and Key Developments
Raytheon Technologies Corporation, Meggitt Plc, Honeywell International Inc., Parker Hannifin Corporation, Safran, Beringer Aero Usa, Lufthansa Technik, Tae Aerospace, and Matco Manufacturing Inc are among the key players profiled in the study of the aircraft wheels market. The companies mentioned above are collectively holding a significant share in the market.
In April 2021, Honeywell and GKN Aerospace’s Fokker Landing Gear business in the Netherlands signed a license and parts supply agreement for an authorized service center for Honeywell’s wheels and brakes on the F-35 military fighter jet.
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The demand for aircraft is rising across the world, owing to the rapidly growing airline industry in the developing economies because of the continuously increasing demand for passenger airline services. In addition, the aviation industry is undergoing expansion at a rapid pace, recording significant production volumes and deliveries of aircraft (commercial and military) fleets. Specifically, the commercial aviation industry has witnessed tremendous growth in the past few years with the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Further, there is a surge in commercial aviation, owing to the mounting number of air travel passengers and aircraft procurements. This surge in aircraft production is boosting the demand for aircraft wheels.
The production volumes of aircraft are continuously rising to bridge the gap between their demand and supply. For instance, Boeing and Airbus received new aircraft orders of 1,008 and 831 in 2018 and 2019, respectively, and delivered 806 and 800 aircraft in the respective years. However, in 2020, the number of aircraft orders and deliveries dipped due to the COVID-19 outbreak. On the other side, with the huge backlogs of aircraft delivery and with the fresh receiving orders, the market is expected to pull back its growth in the post-pandemic era. Furthermore, the demand for line fit wheels is growing with the rising production of aircraft 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), the Middle East & Africa (MEA), and South America. In 2020, North America led the market with a 35.7% revenue share. The region comprises a significantly large number of aircraft (commercial, military, and general aviation) manufacturers and major aircraft maintenance, repairing, and overhauling (MRO) services providers. The presence of both in the region, especially in the US, boosts the growth of the aircraft wheels market in the region. In the pre-COVID-19 pandemic period, the aircraft manufacturers in North America were experiencing large volumes of orders, which generated a huge requirement for aircraft wheels. In addition, the region houses some of the major airline operators, which is propelling the demand for aircraft wheels, owing to new aircraft orders and retrofits of wheels in operating aircraft by MRO services. Thus, the above-mentioned factors are driving the North America aircraft wheels market and maintaining its dominance among all other regions.
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Presently, the majority of helicopter wheels are made of metallic light-alloy materials, such as aluminum or magnesium. However, wheels made of carbon-fiber-reinforced plastic (CFRP) are ~30–40% less in weight than aluminum or magnesium alloy wheels. CFRP wheels are expected to offer improved corrosion resistance and noise, vibration, and harshness (NVH) performance. Also, these wheels are stiffer with improved fatigue life, which extends their life. Manufacturers have already initiated the designing of CFRP-based wheels for rotary wing aircraft. For instance, in January 2021, Carbon ThreeSixty, a UK-based aircraft wheels manufacturing company, began to develop CFRP-based wheels for rotary wing aircraft. The company is expected to complete the wheel designing in the next 18 months. These composite wheels will also be interchangeable with existing wheels to make them suitable for retrofit applications. Hence, with the introduction of carbon-fiber-reinforced plastic-based wheels in rotary wing aircraft, the market is expected to flourish further in the coming years with an opportunity to penetrate the rotary wing aircraft wheels.
Aircraft Wheels Market: Type Overview
Based on type, the aircraft wheels market has been segmented into main wheel and nose wheel. Aircraft wheels are one of the important components of an aircraft landing gear system as they provide necessary structural strength and support to aircraft in landing and takeoffs and during aircraft taxing. The modern aircraft wheels are being produced through 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). The fixed wing aircraft wheels market segment comprises cargo planes, passenger aircraft, military aircraft, private jets, training aircraft, and others. The fixed wing type aircraft type segment holds a notable amount of the market share as fixed wing aircraft are widely used for commercial applications globally. Rising demand for passenger airlines, coupled with increasing air transportation services for goods, is augmenting the application of fixed wing aircraft types. In addition to this, the rising number of aviation institutes and business class people is proliferating the demand for training aircraft and private jets.
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Aircraft Wheels Market: Fit Type Overview
Based on fit type, the aircraft wheels market is segmented into line fit and retrofit. The aircraft components are fit in two different ways. Line fit components are performed by original equipment manufacturers (OEMs) whereas retrofit is done by maintenance, repairing, and overhauling (MRO) service providers. The retrofit segment is expected to gain the majority of market share during the forecast period, owing to the increasing size of aircraft fleets among major airline operators globally.
Aircraft Wheels Market: End-User Overview
Based on end-user, the aircraft wheels market is segmented into commercial and military. The commercial segment is anticipated to gain a notable market share of the aircraft wheels market. On other hand, the military segment is expected to grow at a decent rate in upcoming years, owing to the rising procurement of military aircraft globally.
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