Aircraft Wheels and Brakes Market Overview
Aircraft Wheels and Brakes Market Size was valued at USD 4.3 Billion in 2022. The Aircraft Wheels and Brakes market industry is projected to grow from USD 4.61 Billion in 2023 to USD 8.11 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2023 - 2032). The Aircraft Wheels and Brakes Market is poised for substantial growth, with projections indicating a significant rise in its valuation in the coming years.
Aircraft wheels and brakes constitute critical components in the aviation industry, contributing significantly to aircraft safety and operational efficiency. These systems play a crucial role in facilitating smooth landings, efficient deceleration during braking, and ground manoeuvrability, thereby ensuring the overall safety of flight operations.
The burgeoning demand for fleet modernization and the induction of new aircraft across commercial, military, and general aviation sectors are key drivers propelling the growth of the Aircraft Wheels and Brakes Market. As airlines and defense forces seek to enhance their operational capabilities, there is a growing emphasis on upgrading existing aircraft fleets with advanced wheel and brake systems.
Furthermore, the escalating air traffic volume worldwide has underscored the need for more robust and reliable braking systems to ensure safe and efficient aircraft operations. This surge in air travel, coupled with stringent safety regulations imposed by aviation authorities, has bolstered investments in cutting-edge wheel and brake technologies.
Despite the promising growth prospects, the Aircraft Wheels and Brakes Market faced challenges in recent times, primarily attributed to the disruptions caused by the COVID-19 pandemic. The temporary halt in global air travel and the subsequent downturn in aircraft production and aftermarket activities exerted a short-term dampening effect on market expansion. However, as the aviation industry gradually recovers and resumes normal operations, the market is expected to regain momentum.
Competitive Landscape
The Aircraft Wheels and Brakes Market is characterized by the presence of several prominent players vying for market share through product innovation and strategic collaborations. Key players in the industry include:
· Boeing
· Airbus
· Bombardier
· Embraer
· ATR
· Mitsubishi Heavy Industries
These companies are actively engaged in research and development initiatives to introduce advanced wheel and brake systems with enhanced durability, reliability, and performance capabilities.
Market Segmentation
Segmentation for the Aircraft Wheels and Brakes Market Outlook Research Report:
Wheel Type:
- Nose Wheel
- Main Landing Gear Wheel
Brake Type:
- Carbon Brake
- Steel Brake
End-User:
- OEM (Original Equipment Manufacturer)
- Aftermarket
Aircraft Type:
- Commercial Aircraft
- Military Aircraft
This segmentation allows for a comprehensive analysis of the aircraft wheels and brakes market, considering the different types of wheels and brakes, end-users, and aircraft types involved in the industry.
Regional Analysis
Geographically, North America emerges as a dominant market player in the Aircraft Wheels and Brakes segment, driven by the presence of established aerospace manufacturers and a robust aviation infrastructure. Additionally, the region's continuous investments in research and development activities contribute to technological advancements in wheel and brake systems.
Europe and the Asia Pacific are also anticipated to witness substantial growth opportunities, supported by increasing aircraft procurement activities and the expansion of the commercial aviation sector.
Industry Developments
- In July 2021, Safran Landing Systems announced the launch of its latest carbon brakes for the Airbus A320neo family, aimed at enhancing aircraft operational efficiency and reducing maintenance costs.
- Meggitt PLC introduced its next-generation integrated wheel and brake system, designed for regional and business jets, in March 2020, emphasizing improved reliability and weight reduction benefits.
Table of Contents
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope Of the Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. List Of Assumptions
2.2.4. Limitations
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
4. Market Landscape
4.1. Porter’s Five Forces Analysis
4.1.1. Threat Of New Entrants
4.1.2. Bargaining Power of Buyers
4.1.3. Threat Of Substitutes
4.1.4. Segment Rivalry
4.1.5. Bargaining Power of Suppliers
4.2. Supply Chain Analysis
5. Market Dynamics
5.1. Introduction
5.2. Market Drivers
5.3. Market Restraints
5.4. Market Opportunities
5.5. Technological Trends
5.6. Patent Analysis
5.7. Regulatory Landscape
To Be Continued….
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