Aircraft Wheels Market is Expected to Surpass USD 4.35 Billion by 2030 at a CAGR of 14.75% from 2022 to 2030; Escalating Air Traffic and Amplified Need for Lightweight Wheels Make the Market an Attractive Option
SkyQuest’s report on the Aircraft Wheels market serves as an outstanding resource for individuals seeking to acquire knowledge about this rapidly growing industry. Furthermore, the report presents its content clearly and concisely, making it accessible to a diverse range of readers, including industry experts and casual enthusiasts. Finally, the report offers an in-depth analysis of the primary and secondary market drivers, presenting readers with a comprehensive overview of the current market situation and future projections.
Westford, USA, March 20, 2023 (GLOBE NEWSWIRE) — Anticipated aircraft wheel market growth is likely to be witnessed in North America and Asia Pacific regions. This growth is attributed to various factors, such as the escalating air traffic, amplified need for lightweight wheels, technological advancements, implementation of environmental regulations, mounting demand for military aircraft, and the need to replace aging infrastructure. Furthermore, developing nations such as India and China are increasing their investments in airport infrastructure, resulting in a surge in demand for airport wheels. The increasing demand for military aircraft also contributes to the growth of the aircraft wheels market, as specialized wheels are necessary to meet diverse application requirements.
According to the most recent global research conducted by SkyQuest, the burgeoning demand for new aircraft is catalyzing the growth of the aircraft wheels market. Delta Airlines received twelve A220 aircraft, with the remaining 83 aircraft slated for delivery by the end of 2023, following an order of 95 A220 aircraft. Meanwhile, United Airlines focuses on replacing some of its aging Boeing 767s and 757s with more modern aircraft like the Boeing 787 or the long-range A321LR.
Browse in-depth TOC on the “Aircraft Wheels Market”
- Pages – 262
- Tables – 88
- Figures – 66
In the aviation industry, aircraft wheels are essential for ensuring safe takeoff and landing, providing flight support and stability. Besides, these wheels allow aircraft to move around on the ground, enhancing maneuverability. The importance of lightweight and durable wheels cannot be overstated regarding fuel efficiency and reduced emissions, which are increasingly vital factors in aviation. Therefore, aircraft wheels play a pivotal role in ensuring the safe and efficient operation of planes in today’s world.
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Prominent Players in Aircraft Wheels Market
- Safran Landing Systems
- Honeywell International Inc.
- UTC Aerospace Systems (Collins Aerospace)
- Meggitt PLC
- Crane Aerospace & Electronics
- Parker Hannifin Corporation
- Aircraft Wheel & Brake Inc.
- Lufthansa Technik AG
- Beringer Aero USA
- GKN Aerospace Services Structures Corporation
- Michelin Group
- Desser Holdings LLC
- Dunlop Aircraft Tyres
- Wilwood Engineering Inc.
- Goodyear Tire & Rubber Co.
- Magellan Aerospace Corporation
- Petlas Tire Corporation
- Avcorp Industries Inc.
- Russian Helicopters JSC
- Carlisle Companies Inc.
Commercial Aircraft Segment to Drive Higher Sales as There is Increasing Demand for Air Travel and the Rise of Airline Fleets
According to a recent analysis, the Commercial Aircraft segment emerged as a significant contributor to the rapid development of the Aircraft Wheels market in 2021. This trend is expected to continue from 2022 to 2030. The trend is due to the increasing demand for aircraft wheels in the commercial aviation sector being relatively higher compared to military and general aviation segments and the significant number of wheels required to support the weight of commercial aircraft during takeoff, landing, and ground operations. In addition, the expansion of low-cost carriers and regional airlines in emerging markets is driving the demand for aircraft wheels, as airlines aim to meet the increasing demand for air travel by expanding their fleets.
Research analysis indicates that North America is poised to assume a prominent position in the Aircraft Wheels market between 2022 and 2030. The region’s dominance can be attributed to several factors, including the strong demand for commercial aircraft and the presence of key players like United Technologies Corporation (UTC) and Honeywell International Inc. As per SkyQuest’s report, the North American market is projected to experience the highest growth rate of 4.8% during the forecast period, owing to the increasing number of reputable airline groups restructuring the airline industry. This upsurge in the market signifies a favorable outlook for North America’s market in the future.
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Aircraft Manufacturers Segment to Exhibit Strong Growth due to The Increase in Demand for Commercial Aircraft
The Aircraft Manufacturers segment emerged as the dominant method in the Aircraft Wheels market in 2021, and it is projected to maintain its lead from 2022 to 2030. The increasing demand for commercial aircraft has increased aircraft manufacturers’ production rates, resulting in a significant rise in the need for aircraft wheels, which are critical for safe and efficient operations. Advanced wheel technologies are being developed to meet the demand for lightweight and durable wheels. Maintenance, repair, and overhaul service providers also drive sales as they ensure the wheels meet safety standards. Aircraft manufacturers and MRO service providers are expected to be the dominant end-users in the aircraft wheels market.
The expansion of the aircraft wheels market in the Asia Pacific region is predicted to escalate due to a surge in air passenger traffic, the proliferation of low-cost carriers, and heightened investments in airport infrastructure. Significant investments from major aircraft manufacturers and MRO service providers further propel the growth. Additionally, as per SkyQuest’s report, the commercial fleet in the Asia Pacific region is expected to experience the highest growth rate of 4.29%. Over the next 20 years, the Asia Pacific region is projected to receive the highest number of aircraft deliveries, driven by regional economic growth and market liberalization.
In a recent report on the Aircraft Wheels market, the industry’s key players have been thoroughly analyzed. The report delves into multiple aspects, such as collaborations, mergers, innovative business policies, and strategies, offering insightful perspectives into significant trends and breakthroughs in the market. Additionally, the report scrutinizes the market share of the leading segments and provides a comprehensive geographic analysis. Lastly, the report sheds light on the significant players in the industry and their initiatives toward developing innovative solutions to cater to this growing demand.
Significant Developments in Aircraft Wheels Market
- The motion and control technologies global leader announced the successful completion of the sale of its Aircraft Wheel and Brake Division in Avon, Ohio to Kaman Corporation, a leading manufacturer of components and materials for aerospace, defense, industrial, and medical markets. The headquarters of Kaman Corporation is in Bloomfield, Connecticut.
- Matco Manufacturing, a Utah-based manufacturer of aircraft wheels, brakes, and related components, has been acquired by NMG Aerospace. The company has expertise in the design and component manufacturing of experimental and light sport aircraft wheels and brakes products. NMG Aerospace is delighted to have made this acquisition.
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Key Questions Answered in Aircraft Wheels Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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