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According to our latest market study on “Aircraft Wheels Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Aircraft Type, Fit Type and End User,” the 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.
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 global Aircraft Wheels market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America led the market in 2020, followed by Europe and APAC.
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.
Key Findings of Study:
Players operating in the global aircraft wheels market are adopting significant strategic initiatives. For instance, the US Air Force is working on extending the operating life of the B-52 Stratofortress to the 2050s; hence, in April 2021, Collins Aerospace, a Raytheon Technologies subsidiary, was selected to design and manufacture new wheels of B-52 aircraft, which is resulting retrofit of wheels in 77 aircrafts.
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