Report : Aircraft Wheels and Brakes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Braking System, Wheels, and Brakes), Fit Type (Line Fit and Retro Fit), and End User (Defense and Commercial)
According to our latest market study on “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.
Growing Demand for Passenger Airline Services to Drive Market Growth during Forecast Period
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.
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.