According to “The Insight Partners” latest market study on “The global Aircraft Wheels and Brakes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Fit Type, and End User,” the Aircraft Wheels and Brakes market is expected to grow from US$ 7,471.74 million in 2021 to US$ 12,142.18 million by 2028; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028.
Commercial airline traffic has increased at a noteworthy rate in the past few months, after a notable decrease in COVID-19 cases in many parts of the world. As per the Bureau of Transportation Statistics (BTS) of the US, the US airlines recorded a 607% of surge in passenger count in May 2021 compared to the count in May 2020. The US airlines carried 56.6 million passengers in May 2021, compared with 8 million passengers carried in May 2020. Hence, growing passenger airline services are increasing the aircraft flying hours and landing and takeoffs frequency. Thus, the rise in passenger aircraft operations is increasing the scope for MRO services, subsequently, boosting the demand for aircraft wheels, brakes, and brake systems.
The flying frequency is directly proportional to the demand for MRO activities. This factor is heavily influencing the growth of the country’s aircraft MRO services business. Increased flying frequency are directly proportionate to higher demands for MRO services, including wheels and brakes repair or replacement. Additionally, countries such as Malaysia, Thailand, Vietnam, Indonesia, and the Philippines are witnessing a surge in aircraft MRO projects due to the rise in demand for the integration of advanced technologies and components from commercial aircraft operators. Thus, the growth in the number of aircraft MRO service providers and increase in aircraft fleet volumes in Southeast Asian countries is creating substantial business opportunities for the aircraft wheels and brakes market players.
The aircraft wheels and brakes market is fragmented with majority of the market share occupied by industry-leading players. Most of these contracts are acquired by the well-established players. The players compete on various parameters such as price, technology, brand image, and lead-time, among others. These parameters enhance the competitiveness among the market players and are anticipated to maintain a high level of competitive rivalry amongst the aircraft wheels and brakes manufacturers.
Most of the market initiatives were observed in North American region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
In 2019, News – Crane Aerospace and Electronics will make brake control systems for Boeing’s new MQ-25 unmanned aerial refueling aircraft and build systems for the business class seats. The agreements cover the MQ-25 aerial refueler and work on the company’s new Ascent business class aircraft seat.
In 2019, News – Parker Aerospace, a division of Parker Hannifin Corporation, a global pioneer in motion and control technology, announced the availability of a Cleveland Wheels & Brakes conversion kit for the Daher TBM 900, TBM 930, and TBM 940 single-engine turboprop aircraft. The conversion kit, manufactured by Parker Aerospace’s Aircraft Wheel & Brake Division, is stronger and lighter, with numerous design enhancements for easier maintenance. The kits can also be used to retrofit the TBM 700B, TBM 700 C, TBM 850, TBM 900, and current TBM 910 aircraft.
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Further, a rise in passenger airline operations highlights the need for additional aircraft to reduce the operational burden of existing fleets, thus compelling the airline companies to procure new aircraft fleets. In June 2021, United Airlines, Inc. rolled out its purchase order of 200 Boeing 737 (including 50 B737 Max 8s and 150 737 Max 10s) and 70 Airbus 321 Neo fleet. Similarly, Indigo Airlines received 44 A320 Neo aircraft in January 2020, and it is yet to receive more than 250 aircraft models. Hence, the rising production and procurement of new aircraft fleets, in response to the growing demand for passenger airline services, is boosting the adoption of aircraft wheels and brakes, thereby driving the market growth.
Key Findings of Study:
The global aircraft wheels and brakes market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Based on component, the market is segmented into braking system, wheels, and brakes. In 2020, the brakes segment accounted for the largest share in the market. Based on fit type, the market is bifurcated into line fit and retro fit. In 2020, the retro fit segment accounted for the largest share in the market. Based on end user, the aircraft wheels and brakes market is bifurcated into defense and commercial. In 2020, the commercial segment accounted for the largest share in the market.
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