The commercial aircraft wheels market is expected to grow from US$ 1,708.25 million in 2022 to US$ 2,775.54 million by 2030; it is estimated to grow at a CAGR of 7.7% during 2022–2030.
Therefore, the increasing orders for new aircraft are positively favoring the aircraft wheels’ business across the world and subsequently propelling the growth of the aircraft wheels market. However, 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 2022. 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 material for aircraft wheels. These conditions hindered the overall business of aircraft wheels market players.
Impact of COVID-19 Pandemic on Commercial Aircraft Wheels Market
The COVID-19 outbreak has significantly affected the world and is continuing to shatter several countries. Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production. Despite huge backlogs from aircraft manufacturers, the global aviation industry witnessed a significant rise in the number of passengers count and an increase in aircraft procurement before the pandemic.
Unfortunately, the COVID-19 outbreak has decimated the demand for aircraft globally, which reflected significantly lower volumes of orders among aircraft manufacturers and resulted in a lower number of productions. The decline in production volumes adversely affected the businesses of various component manufacturers and associated technologies. Thus, the aircraft wheels market players’ businesses have been severely affected by destabilization in aircraft production.
During the widespread of COVID-19 virus, 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 to adhere to the government rules in respect to lockdown and physical distancing. The aircraft manufacturers witnessed a significant reduction in demand for most of the aircraft models, especially, commercial aircraft models. The decrease in aircraft production and assembly has affected the demand for aircraft wheels, resulting in lower revenue generation. This factor negatively impacted the aircraft wheels market.
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Aircraft Wheels Market Insights
Rising Volumes of Aircraft Orders and Their Deliveries Fuels Growth of Aircraft Wheels Market
The demand for aircraft is rising across the world, owing to the rapidly growing airline industry in the developing economies because of the continuously increasing demand for passenger airline services. In addition, the aviation industry is undergoing expansion at a rapid pace, recording significant production volumes and deliveries of aircraft (commercial and military) fleets. Specifically, the commercial aviation industry has witnessed tremendous growth in the past few years with the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Further, there is a surge in commercial aviation, owing to the mounting number of air travel passengers and aircraft procurements. This surge in aircraft production is boosting the demand for aircraft wheels.
The commercial aircraft wheels market is segmented based on type, application, end-user, and region.
Segmentation by type:
Bias
Radial
Segmentation by application:
Commercial aviation
Military aviation
Segmentation by end-user:
OEMs
Aftermarket
Segmentation by region:
North America
Europe
Asia Pacific
Middle East & Africa
South America
Key Drivers:
Increasing demand for commercial aircraft
Rising air traffic
Growing focus on safety and reliability
Technological advancements
Key Challenges:
High cost of aircraft wheels
Stringent regulations
Competition from low-cost manufacturers
The commercial aircraft wheels market is expected to grow at a CAGR of 5.8% from 2022 to 2030. The growth of the market is driven by the increasing demand for commercial aircraft, rising air traffic, growing focus on safety and reliability, and technological advancements.
The Asia Pacific region is expected to be the fastest growing market for commercial aircraft wheels during the forecast period. This is due to the increasing air traffic in countries such as China and India.
The key players in the commercial aircraft wheels market include Safran Landing Systems, Messier-Bugatti-Dowty, UTC Aerospace Systems, Honeywell International, and Shinko Precision Industry.
Here are some of the key trends in the commercial aircraft wheels market:
Increasing demand for lightweight aircraft wheels
Growing focus on carbon fiber wheels
Development of new materials for aircraft wheels
Adoption of new manufacturing technologies
The commercial aircraft wheels market is a competitive market. The key players are constantly innovating and developing new products to meet the growing demand of the market.
Key Company
Safran
UTC
Meggit
Honeywell
Parker Hannifin
The Commercial Aircraft Wheels market is projected to register a CAGR of over 5.3% during the forecast period.
The COVID-19 pandemic had a major effect on the Commercial Aircraft Wheels Market. The onset of the pandemic led to various restrictions on the travel industry and with various countries globally going into lockdown, this led to a decline in the demand for air travel during the pandemic time. The pandemic led to a decline in the production capacities of various aircraft tire manufacturers owing to a shortage in the supply of essential parts and components. The decline in the COVID-19 pandemic led to various countries worldwide opening up their borders and removing restrictions on travel which led to an increase in the demand for new and advanced aircraft to meet the growing demand of air passenger traffic. Moreover, the lifting of the lockdown led to various aircraft tire manufacturers receiving the essential parts and components thereby leading to an increase in production capacities. Thus, such developments will lead to the market witnessing growth during the forecast period.
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