Asia Pacific Aircraft Wheels and Brakes Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Braking System, Wheels, and Brakes), Fit Type (Line Fit and Retro Fit), and End User (Defense and Commercial)

Code: RW00014550590
The Insight Partners
Oct-2021
Aerospace & Defense
86 Pages

The aircraft wheels and brakes market in Asia Pacific is expected to grow from US$ 1,650.72 million in 2021 to US$ 3,147.99 million by 2028; it is estimated to grow at a CAGR of 9.7% from 2021 to 2028.

Burgeoning demand for MRO activities in emerging economies is bolstering the market growth in this region. With the rapidly growing aviation industry from the past few years, the demand for airline MRO services is also increasing. Emerging economies, such as those in APAC, are highly focused on extending MRO services to commercial as well as military aircraft. Economic growth, increasing air passengers, and growing aviation infrastructure spending in APAC countries are the major factors driving the growth of the aircraft MRO services, which is subsequently providing lucrative opportunities for the growth of the aircraft wheels and brakes market. According to the International Air Transport Association, the total number of new passengers would increase to ~7.2 billion in the next 20 years, compared to 1.8 billion air passengers that travelled globally in 2020. The rising number of middle-class travelers, especially in India, China, and Singapore, among others, is the main factor contributing to air travel growth in the region. Southeast Asian countries such as Singapore, Malaysia, and Thailand generate a large amount of revenue from the aviation MRO services due to the presence of well-established MRO hubs in these countries. Singapore has a well- established MRO hub owing to the presence of players such as SIA Engineering Company Limited, Airbus, and Singapore Technologies Aerospace Ltd that have substantial aircraft models under respective MRO service umbrella. According to Wisconsin Economic Development Corporation, Singapore houses over 120 aerospace companies that contribute to ~25% of the MRO services business in APAC. Further, Singapore-based airlines observe substantial growth in passenger counts, which is compelling them to operate their aircraft fleet for extended periods. The flying frequency is directly proportional to the demand for MRO activities, including wheels and brakes repair or replacement. 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 COVID-19 pandemic has disrupted the economy of APAC and its aerospace market, along with changing the customer attitude toward the sector. The region has witnessed a significant decline in the air transportation. As per IATA estimates Asia-Pacific airlines recorded a year-on-year revenue decline of US$ 113 billion in 2020. The reduction in air travel demand, and border restrictions have resulted in the grounding of aircraft at an unprecedented scale. ~18,000 aircraft, including the Boeing 747 and Airbus A380, were shelved in 2020 due to the collapse in passenger demand and bankruptcies. China is one of the leading aerospace manufacturing countries in the region and has been one of APAC's most affected countries by the pandemic during Q1 and Q2 of 2020. Airbus and Boeing manufacturing facilities in China were shut down for a long period, which resulted in substantially low demand for various components and systems, including wheels and brakes. Similarly, OMAC, an indigenous aircraft manufacturer in China, also halted its production of C919 during Q1. However, the aviation authorities, airlines, and aircraft manufacturers foresee a strong growth in APAC aviation industry. Owing to this, several airlines and military forces are ordering and taking deliveries of newer aircraft models. This is expected to drive the demand for aircraft wheels, brakes, and braking systems among commercial and military MRO facilities and aircraft manufacturers. With the decline in COVID-19 cases, many manufacturing plants and facilities are starting to open up in various countries in APAC, and employees are also returning to work. Countries such as Japan, South Korea, and Australia have made better progress in recent weeks, having ramped up their vaccination programs. In contrast, Singapore has been the leader among the APAC economies, with a first-dose vaccination rate as a share of total population that is amongst the highest in the world, on a par with the UK and Canada.

The retro fit segment led the aircraft wheels and brakes market based on fit type in 2020. The retrofit segment holds the largest market size in the aircraft wheels and brakes market. This is due to the rising maintenance, repairing, and overhauling services of existing aircraft fleets on a regular interval basis to protect wheels and brakes against corrosion. For instance, the majority of the commercial large aircraft fleet requires the overhauling of wheels after every five tire changes. In addition, according to Lufthansa Technik (aircraft maintenance, repairing, and overhauling company) retrofits around 20,000 wheels on yearly basis at Frankfurt Airport. Similarly, carbon brakes are overhauled on every 2,000 landings. Further, the heavy commercial aircraft tires retrofit with new tires on every 120 to 400 landings depending on a few factors such as the total weight of an aircraft, materials used in brakes and other components, total capacity of aircraft. The abovementioned factors are subsequently providing significant growth prospects for the aircraft wheels and brakes market for the retrofit segment, which is ultimately drives the aircraft wheels and brakes market.

The overall Asia Pacific aircraft wheels and brakes market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific aircraft wheels and brakes market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific aircraft wheels and brakes market. Collins Aerospace, Crane Aerospace & Electronics, Honeywell International Inc., Meggitt PLC, Parker Hannifin Corporation, and Safran are among a few players operating in the Asia Pacific aircraft wheels and brakes market.

TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Aircraft Wheels and Brakes Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.3 Ecosystem Analysis
5. Asia Pacific Aircraft Wheels and Brakes - Market Dynamics
5.1 Market Drivers
5.1.1 Rising Use of Durable, Lightweight, Sturdy Carbon Brakes
5.1.2 Increasing Demand for Passenger Airline Services
5.2 Market Restraints
5.2.1 Recall of B737 Max and Discontinuation of A380 and B747 Manufacturing
5.3 Market Opportunities
5.3.1 Burgeoning Demand for MRO Activities in Emerging Economies
5.4 Future Trends
5.4.1 Electric Brakes and Fiber-Reinforced Plastic Wheels
5.5 Impact Analysis of Drivers and Restraints
6. Aircraft Wheels and Brakes Market - Asia Pacific Market Analysis
6.1 Asia Pacific Aircraft Wheels and Brakes Market Overview
6.2 Asia Pacific Aircraft Wheels and Brakes Market Revenue Forecast and Analysis
7. Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 - Component
7.1 Overview
7.2 Asia Pacific Aircraft Wheels and Brakes Market, By Component (2020 & 2028)
7.3 Braking Systems
7.3.1 Overview
7.3.2 Braking System: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
7.4 Wheels
7.4.1 Overview
7.4.2 Wheels: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
7.5 Brakes
7.5.1 Overview
7.5.2 Brakes: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
8. Asia Pacific Aircraft Wheels and Brakes Market Analysis and Forecast to 2028 - Fit Type
8.1 Overview
8.2 Asia Pacific Aircraft Wheels and Brakes Market, By Fit Type (2020 & 2028)
8.3 Line Fit
8.3.1 Overview
8.3.2 Line Fit: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
8.4 Retro Fit
8.4.1 Overview
8.4.2 Retro Fit: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
9. Asia Pacific Aircraft Wheels and Brakes Market Analysis and Forecast to 2028 - End User
9.1 Overview
9.2 Asia Pacific Aircraft Wheels and Brakes Market, By End User (2020 & 2028)
9.3 Defense
9.3.1 Overview
9.3.2 Defense: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
9.4 Commercial
9.4.1 Overview
9.4.2 Commercial: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
10. Asia Pacific Aircraft Wheels and Brakes Market - Country Analysis
10.1 Asia Pacific: Aircraft Wheels and Brakes Market
10.1.1 Asia Pacific: Aircraft Wheels and Brakes Market, by Key Country
10.1.2 Australia: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.1 Australia: Aircraft Wheels and Brakes Market, by Component
10.1.2.2 Australia: Aircraft Wheels and Brakes Market, by Fit Type
10.1.2.3 Australia: Aircraft Wheels and Brakes Market, by End User
10.1.3 China: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
10.1.3.1 China: Aircraft Wheels and Brakes Market, by Component
10.1.3.2 China: Aircraft Wheels and Brakes Market, by Fit Type
10.1.3.3 China: Aircraft Wheels and Brakes Market, by End User
10.1.4 India: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
10.1.4.1 India: Aircraft Wheels and Brakes Market, by Component
10.1.4.2 India: Aircraft Wheels and Brakes Market, by Fit Type
10.1.4.3 India: Aircraft Wheels and Brakes Market, by End User
10.1.5 Japan: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
10.1.5.1 Japan: Aircraft Wheels and Brakes Market, by Component
10.1.5.2 Japan: Aircraft Wheels and Brakes Market, by Fit Type
10.1.5.3 Japan: Aircraft Wheels and Brakes Market, by End User
10.1.6 South Korea: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
10.1.6.1 South Korea: Aircraft Wheels and Brakes Market, by Component
10.1.6.2 South Korea: Aircraft Wheels and Brakes Market, by Fit Type
10.1.6.3 South Korea: Aircraft Wheels and Brakes Market, by End User
10.1.7 Rest of APAC: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
10.1.7.1 Rest of APAC: Aircraft Wheels and Brakes Market, by Component
10.1.7.2 Rest of APAC: Aircraft Wheels and Brakes Market, by Fit Type
10.1.7.3 Rest of APAC: Aircraft Wheels and Brakes Market, by End User
11. Asia Pacific Aircraft Wheels and Brakes Market - COVID-19 Impact Analysis
11.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
13.1 Collins Aerospace
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Honeywell International Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Meggitt PLC
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Parker Hannifin Corporation
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Safran
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Crane Aerospace & Electronics
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index

LIST OF TABLES

Table 1. Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Asia Pacific: Aircraft Wheels and Brakes Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Aircraft Wheels and Brakes Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Aircraft Wheels and Brakes Market, by Fit Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Aircraft Wheels and Brakes Market, by End User - Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Aircraft Wheels and Brakes Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Aircraft Wheels and Brakes Market, by Fit Type - Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Aircraft Wheels and Brakes Market, by End User - Revenue and Forecast to 2028 (US$ Million)
Table 9. India: Aircraft Wheels and Brakes Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 10. India: Aircraft Wheels and Brakes Market, by Fit Type - Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Aircraft Wheels and Brakes Market, by End User - Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan: Aircraft Wheels and Brakes Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan: Aircraft Wheels and Brakes Market, by Fit Type - Revenue and Forecast to 2028 (US$ Million)
Table 14. Japan: Aircraft Wheels and Brakes Market, by End User - Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea: Aircraft Wheels and Brakes Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea: Aircraft Wheels and Brakes Market, by Fit Type - Revenue and Forecast to 2028 (US$ Million)
Table 17. South Korea: Aircraft Wheels and Brakes Market, by End User - Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of APAC: Aircraft Wheels and Brakes Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of APAC: Aircraft Wheels and Brakes Market, by Fit Type - Revenue and Forecast to 2028 (US$ Million)
Table 20. Rest of APAC: Aircraft Wheels and Brakes Market, by End User - Revenue and Forecast to 2028 (US$ Million)
Table 21. List of Abbreviation

LIST OF FIGURES

Figure 1. Asia Pacific Aircraft Wheels and Brakes Market Segmentation
Figure 2. Asia Pacific Aircraft Wheels and Brakes Market Segmentation - By Country
Figure 3. Asia Pacific Aircraft Wheels and Brakes Market Overview
Figure 4. Asia Pacific Aircraft Wheels and Brakes Market, by Component
Figure 5. Asia Pacific Aircraft Wheels and Brakes Market, by Fit Type
Figure 6. Asia Pacific Aircraft Wheels and Brakes Market, By Country
Figure 7. Asia Pacific Aircraft Wheels and Brakes Market - Porter's Five Forces Analysis
Figure 8. Asia Pacific Aircraft Wheels and Brakes Market : Ecosystem Analysis
Figure 9. Asia Pacific Aircraft Wheels and Brakes Market: Impact Analysis of Drivers and Restraints
Figure 10. Asia Pacific Aircraft Wheels and Brakes Market Revenue Forecast and Analysis (US$ Million)
Figure 11. Asia Pacific Aircraft Wheels and Brakes Market, by Component (2020 & 2028)
Figure 12. Braking System: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Wheels: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Brakes: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Asia Pacific Aircraft Wheels and Brakes Market, By Fit Type (2020 & 2028)
Figure 16. Line Fit: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Retro Fit: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Asia Pacific Aircraft Wheels and Brakes Market, By End User (2020 & 2028)
Figure 19. Defense: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Commercial: Asia Pacific Aircraft Wheels and Brakes Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Asia Pacific: Aircraft Wheels and Brakes Market - Revenue by Country to 2028 (US$ Million)
Figure 22. Asia Pacific: Aircraft Wheels and Brakes Market Revenue Share, by Key Country (2020 & 2028)
Figure 23. Australia: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. China: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. India: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. Japan: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
Figure 27. South Korea: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of APAC: Aircraft Wheels and Brakes Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic in APAC Country Markets

The List of Companies - Asia Pacific Aircraft Wheels and Brakes Market

- Collins Aerospace
- Crane Aerospace & Electronics
- Honeywell International Inc.
- Meggitt PLC
- Parker Hannifin Corporation
- Safran

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