Aircraft Wheels Market Size, Latest Updates And Forecast 2028

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According to the new research report published by The Insight Partners, titled “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% from 2021 to 2028. In 2020, North America led the market with a 35.7% revenue share. The region comprises a significantly large number of aircraft (commercial, military, and general aviation) manufacturers and major aircraft maintenance, repairing, and overhauling (MRO) services providers. The presence of both in the region, especially in the US, boosts the growth of the aircraft wheels market in the region. In the pre-COVID-19 pandemic period, the aircraft manufacturers in North America were experiencing large volumes of orders, which generated a huge requirement for aircraft wheels. In addition, the region houses some of the major airline operators, which is propelling the demand for aircraft wheels, owing to new aircraft orders and retrofits of wheels in operating aircraft by MRO services.

North America aircraft wheels market and maintaining its dominance among all other regions.

With the introduction of carbon-fiber-reinforced composite, aircraft wheels manufacturers are extensively using the material to design and manufacture aircraft nose wheels. The material is known for its high stiffness and strength, which makes it suitable for aircraft nose wheels. In addition, the composite material is lighter in weight than aluminum and magnesium alloy. Hence, the carbon-fiber-reinforced plastic (CFRP) based wheel is expected to reduce the mass density of an aircraft. This will result in lower fuel consumption, and the aircraft can be operated economically. Also, the range or payload can be increased. At present, aircraft wheels manufacturers are developing aircraft wheels made of CFRP composite. For instance, Fraunhofer LBF is using the CFRP composite to develop nose wheels for Airbus A320 aircraft. Hence, in the coming years, aircraft wheels manufacturers are expected to increasingly use CFRP material to manufacture aircraft nose wheels. Hence, the rise in the use of CFRP composite material for manufacturing aircraft nose wheels among aircraft wheels manufacturers is expected to become a future trend.

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The COVID-19 pandemic severely affected the market due to the shutdown of the global economy and subsequently lowered the productivity of aircraft manufacturing plants in the first two quarters of 2020. Continuous growth in the number of COVID-19 confirmed patients compelled governments and other authorities to impose complete or partial restrictions on cargo transportation, which has disrupted the supply chains of raw materials for aircraft wheels. These conditions hindered the overall business of aircraft wheels market players.

The aircraft wheels market is segmented based on type, aircraft type, fit type, and end user. Based on type, the market is bifurcated into main wheel and nose wheel. In terms of aircraft type, the aircraft wheels market is segmented into fixed wing aircraft, rotary wing aircraft, and unmanned aerial vehicle (UAV). Based on fit type, the market is bifurcated into line fit and retrofit. Further, in terms of end user, the market is bifurcated into commercial and military. The commercial segment is expected to hold a significant market share during the forecast period. Geographically, the global aircraft wheels market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).

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