Increasing MRO Activities in Emerging Economies in APAC to Provide Growth Opportunities for Aircraft Wheels MRO Market During 2021–2028
According to our new research study on “Aircraft Wheels MRO Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Wheel Type, Aircraft Type, Technology, and Geography,” the market is projected to reach US$ 2,769.54 million by 2028 from US$ 1,704.25 million in 2021; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028.
With the rapidly growing aviation industry from the last few years, the demand for aircraft wheels MRO services is also increasing. Emerging economies in APAC are showcasing a significant rise in the adoption of MRO services for the components of commercial and military aircraft, including aircraft wheels. The well-established MRO hubs in Singapore, Malaysia, and Thailand, among others, produce significant revenues from the services provided for aircraft wheels. The aircraft wheels MRO service hub in Singapore is characterized by the presence of AMETEK Singapore Pte Ltd., SIA Engineering Company Limited, and Singapore Technologies Aerospace Ltd, among others. In June 2019, Singapore Technologies Engineering Ltd formed a joint venture with Vietnam Airlines Engineering Company (VAECO) to offer MRO services for wheels and other aircraft components to Vietnam Airlines.
Further, according to Wisconsin Economic Development Corporation (WEDC), the country houses over 120 aerospace companies that contribute to ~25% of the MRO services business in APAC. Further, Singapore-based airlines observe substantial growth in passenger counts, which is compelling them to operate their aircraft fleet for extended periods. The flying frequency is directly proportional to the demand for MRO activities, involving repairing or replacing wheels and other aircraft components. Additionally, countries such as Malaysia, Thailand, Vietnam, Indonesia, and the Philippines are witnessing a surge in aircraft wheels MRO services due to the rise in demand for passenger airline services. Thus, growth in the number of aircraft MRO service providers and increase in aircraft fleet volumes in APAC are creating a favorable business environment for the market players.
The aircraft wheels MRO market is segmented based on wheel type, aircraft type, and technology. Based on wheel type, the aircraft wheels MRO market is segmented into nose wheel and main wheel. Based on aircraft type, the market is categorized into narrowbody aircraft, widebody aircraft, general aviation aircraft, military aircraft, and helicopter. Based on technology, the aircraft wheels market is segmented into inspection, non-destructive testing, machining, and others. Based on geography, the global aircraft wheels market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Aircraft Wheels MRO Market
Owing to the ongoing COVID-19 outbreak, governments in regions such as Europe, Asia Pacific, and North America have imposed stringent limitations on corporate activity and the movement of products and persons. These variables are expected to impact both supply and demand for aircraft maintenance services, affecting the worldwide aircraft wheels MRO market’s revenue growth, particularly in 2021. The market is likely to stabilize in 2022, and the aircraft wheels MRO market will see growth from 2022 to 2028.
AAR CORP, AeroRepair Corp., Air Atlanta Aviaservices, AMETEK Inc., Lufthansa Technikt, Röder Präzision GmbH, Technic Aviation, TP Aerospace, and World Aero are among the major companies operating in the aircraft wheels MROs market.
Report : Aircraft Wheels MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Wheel Type (Nose Wheel and Main Wheel), Aircraft Type (Narrowbody Aircraft, Widebody Aircraft, General Aviation Aircraft, Military Aircraft, and Helicopter), and Technology (Inspection, Non-Destructive Testing, Machining, and Others)
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