DUBLIN–(BUSINESS WIRE)–The “Aircraft Wheels Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Main Wheel and Nose Wheel), Aircraft Type (Fixed Wing Aircraft, Rotary Wing Aircraft, and UAV), Fit Type (Line Fit and Retrofit), and End User (Commercial and Military)” report has been added to ResearchAndMarkets.com’s offering.
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% during 2021-2028.
The conventional aircraft wheels are made of magnesium alloys. However, in modern times, manufacturers are increasingly exploring lightweight materials to manufacture aircraft wheels to attain great durability and low maintenance. Also, aircraft wheels made of lightweight alloys help aircraft manufacturers achieve optimum fuel efficiency levels by reducing some portion of aircraft weight. Thus, in the wake of new technological developments in aircraft wheels, manufacturers are extensively using various types of aluminum alloys to make the wheels light in weight and with better corrosion resistance.
For instance, UTC Aerospace Systems (UTAS) is exploring a silver-based aluminum alloy to develop aircraft wheels. The strength of new wheels made of silver-based aluminum is expected to increase by about 20%. In addition, the new silver-based aluminum alloy is projected to increase damage tolerance by around 70%, owing to its stiffness and improved corrosion resistance. The silver-based aluminum variant is also likely to make the aircraft wheels lighter and reduce maintenance downtime. Hence, the rising adoption of lightweight alloys to manufacture aircraft wheels is driving the aircraft wheels market.
The aircraft wheels market is segmented based on type, aircraft type, fit type, end user, and geography. Based on type, the market is bifurcated into main wheel and nose wheel. In 2020, the main wheel segment accounted for the largest share of the market. In terms of aircraft type, the aircraft wheels market is categorized into fixed wing aircraft, rotary wing aircraft, and unmanned aerial vehicle (UAV). In 2020, the fixed wing segment accounted for a substantial share of the market. Based on fit type, the market is bifurcated into line fit and retrofit. In 2020, the retrofit segment dominated the market in terms of fit type. Based on end user, the market is segmented into military and commercial. In 2020, the commercial segment accounted for the largest share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
The global economic crisis and the supply chain disruptions caused by the COVID-19 pandemic have hindered the growth of the aircraft wheels market, especially in 2020 and 2021. Production delays, inventory discrepancies, unreliable staffing, and supply shortages have also adversely impacted the overall market growth. The COVID-19 outbreak has significantly affected the world and is continuing to shatter several countries. Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production.
Despite huge backlogs from aircraft manufacturers, the global aviation industry witnessed a significant rise in the number of passengers count and an increase in aircraft procurement before the pandemic. Unfortunately, the COVID-19 outbreak has decimated the demand for aircraft globally, which reflected significantly lower volumes of orders among aircraft manufacturers and resulted in a lower number of productions. The decline in production volumes adversely affected the businesses of various component manufacturers and associated technologies. Thus, the aircraft wheels market players’ businesses have been severely affected by destabilization in aircraft production.
Reasons to Buy
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- Rising Volumes of Aircraft Orders and Their Deliveries
- Growing Adoption of Lightweight Alloy to Manufacture Aircraft wheels
- Increased Life Span of Aircraft wheels
- Rising Application of Carbon-Fiber-Reinforced Plastic-Based Wheels for Rotary Wing Aircraft
- Increasing Use of CFRP Composite in Aircraft Nose Wheel Manufacturing
- Collins Aerospace
- Meggitt PLC
- Honeywell International Inc
- Parker Hannifin Corporation
- BERINGER AERO
- Lufthansa Technik
- Grove Aircraft Landing Gear System Inc
- MATCO Manufacturing Inc
- NMG Aerospace
- Zlin Aircraft a.s.
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