DUBLIN--(BUSINESS WIRE)--The "Global 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)" report has been added to ResearchAndMarkets.com's offering.
The global 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.
In June 2021, United Airlines announced its plans to purchase 270 new Boeing and Airbus aircraft. Such a rise in demand for new commercial aircraft from existing airline companies is magnifying the demand for aircraft wheels and brakes. Also, new airlines such as Wizz Air from Abu Dhabi, Islas Air from Spain, and Northern Airlines from Sweden are further bolstering demand for aircraft and their components, including wheels and brakes.
However, the COVID-19 pandemic severely affected the market due to the shutdown of the global economy and subsequently lowered productivity of aircraft manufacturing plants in the first two quarters of 2020. Continuous growth in the number of infected patients compelled governments and other authorities to impose complete or partial restrictions on cargo transportation, which has disrupted the aircraft manufacturing material and component supply chains. The aforementioned conditions hindered the overall business of aircraft wheels and brakes market players.
The aircraft wheels and brakes market is majorly dominated by well-established players, such as Honeywell International Inc, Parker Hannifin Corporation, SAFRAN S.A., Meggitt Plc., and Crane Aerospace and Electronics.
The demand for wheels and brakes among aircraft manufacturers is strongly increasing. However, most of the contracts are awarded to well-established players. Additionally, the manufacturing of these wheels and brakes requires compliance with several standards set by the governing authorities. This involves obtaining various certifications and significant investments in R&D, which restricts the entrance of the new players in the field. Thus, the threat to business of new entrants is high in the current scenario. However, with the rise in aircraft production volume, the emergence of new players is foreseen. This is expected to lower the threat to new entrants as several smaller or mid-sized aircraft manufacturers would be procuring their wheels and brakes from new entrants offering advanced technology wheels and brakes at a competitive price.
Impact of COVID-19 Pandemic on Aircraft Wheels and Brakes Market
During the COVID-19 outbreak, the entire commercial aviation industry came to a halt with minimal resources to foresee the future. Several production units in the US, France, Russia, and China were temporarily paused in order to adhere to the government rules related to lockdown and physical distancing. The aircraft manufacturers witnessed 30-50% reduction in demand for most of the aircraft models, especially for commercial aircraft models. The lower aircraft production and assembly has affected the demand for aircraft wheels, brakes, and braking system, resulting in loss in revenue generation. This factor has negatively impacted the growth of the aircraft wheels and brakes market.
Moreover, the strategy to retire various wide body jets and narrow body jets by different airlines across the world to reduce operational costs has been adversely affecting the aviation aftermarket industry. This is also expected to weaken the demand for wheels and brakes in the coming years.
Market Drivers
- Increasing Use of Durable, Lightweight, Sturdy Carbon Brakes
- Growing Demand for Passenger Airline Services
Market Restraints
- Recall of B737 Max and Discontinuation of A380 and B747 Manufacturing
Market Opportunities
- Burgeoning Demand for MRO Activities in Emerging Economies
Future Trends
-
Electric Brakes and Fiber-Reinforced Plastic Wheels
Company Profiles
- Beringer Aero
- Collins Aerospace
- Honeywell International Inc.
- Meggitt PLC
- Parker Hannifin Corporation
- Safran
- MATCO Manufacturing Inc
- JAY-Em Aerospace and Machine, Inc.
- Grove Aircraft Landing Gear System Inc
- Crane Aerospace & E
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