Aircraft Wheels Market Size, Share, Outlook By 2028

Aircraft Wheels Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Main Wheel and Nose Wheel), Aircraft Type (Fixed Wing Aircraft, Rotary Wing Aircraft, and UAV), Fit Type (Line Fit and Retrofit), and End User (Commercial and Military)

Publication Month : Sep 2021

  • Report Code : TIPRE00021704
  • Category : Aerospace and Defense
  • Status : Published
  • No. of Pages : 172
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The 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% during 2021–2028.

There is an increase in orders for new commercial aircraft across the world. For instance, Delta Airlines placed an order of 95 A220 aircraft, out of which 12 A220 aircraft were supplied in May 2020, and the rest are scheduled to be delivered by the end of 2023. United Airlines is focusing on replacing some of its aging Boeing 767s and 757s with new-generation aircraft, such as Boeing 787 or long-range A321LR. Also, Frontier Airlines has ~175 A320 family aircraft on orders. 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 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 material for aircraft wheels. These conditions hindered the overall business of aircraft wheels market players.

Impact of COVID-19 Pandemic on 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.

Type-Based Market Insights

Based on type, the Aircraft Wheels market is segmented into main wheel and nose wheel. In 2020, the main wheel segment accounted for the largest share in the market.

Aircraft Wheels Market, by Type, 2020 and 2028 (%)

Aircraft Wheels Market, by Type, 2020 and 2028 (%)
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Aircraft Type-Based Market Insights

Based on aircraft type, the aircraft wheels market has been segmented into fixed wing aircraft, rotary wing aircraft, and unmanned aerial vehicle (UAV). In 2020, the fixed wing aircraft segment accounted for the largest share in the market.

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Aircraft Wheels Market: Strategic Insights

aircraft-wheels-market
Market Size Value inUS$ 1,704.25 million in 2021
Market Size Value byUS$ 2,769.54 Million by 2028
Growth rateCAGR of 7.2% from 2021 to 2028
Forecast Period2020 - 2028
Base Year2020
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The players operating in the aircraft wheels market are adopting strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

  • In May 2021, Raytheon Technologies' Collins Aerospace business updated the wheels and brakes of the US Navy's C-130 Hercules military transport aircraft and KC-130T tanker.
  • In June 2019, Meggitt PLC, a renowned international business that specializes in high-performance components and subsystems for the aerospace, defense, and certain energy markets, was chosen to deliver brake and wheel modifications for the present and future ATR72 fleets.

The global aircraft wheels market has been segmented as mentioned below:

By Type

  • Nose Wheel
  • Main Wheel

By Technology

  • Fixed Wing Aircraft
  • Rotary Wing Aircraft
  • UAV

By Fit Type

  • Line Fit
  • Retro Fit

By End User

  • Military
  • Commercial

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM

Company Profiles

  • Collins Aerospace
  • Meggitt PLC
  • Honeywell International Inc
  • Parker Hannifin Corporation
  • BERINGER AERO
  • Lufthansa Technik
  • Grove Aircraft Landing Gear System Inc
  • MATCO Manufacturing Inc
  • NMG Aerospace
  • Zlin Aircraft a.s.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region is leading the aircraft wheels market in 2020?

North America is the largest revenue generator in the aircraft wheels market compared to the other regions. 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

Which primary factor is driving the aircraft wheels market?

The demand for aircraft is rising across the world owing to the rapidly growing airline industry in the developing economies due to 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, commercial aviation is surging owing to the mounting number of air travel passengers and aircraft procurements. This surge in aircraft production boosts the demand for aircraft wheels.

Which segment by end user led the aircraft wheels market?

The commercial segment led the end user segment. The commercial segment of the aircraft wheels market growth is attributed to the rising demand for aircraft in developing economies and the increasing number of airline companies worldwide.

Which are the five key companies in the global aircraft wheels market?

Raytheon Technologies Corporation, Meggitt Plc, Honeywell International Inc., Parker Hannifin Corporation, Safran, are the five key players in the global aircraft wheels market. These companies have shown consistent growth in revenue and larger volumes of sales. In addition, the well-established top five players are offering a comprehensive product portfolio and have a prominent presence in terms of share in the global market.

At what CAGR is the aircraft wheels market expected to grow during the forecast period?

The aircraft wheels market is expected to grow at a CAGR of 7.2% during the forecast period. To improve the overall investor interface experience and stay ahead in the competitive market landscape, aircraft wheels providers are anticipated to increase the number of solutions during the forecast period. Further, with the introduction of carbon-fiber-reinforced plastic-based wheels in rotary wing aircraft, the market is expected to flourish further in the coming years with an opportunity to penetrate the rotary wing aircraft wheels.

Which segment by fir type is expected to grow at the fastest CAGR during the forecast period?

By fit type, the line fit segment is expected to grow at the fastest CAGR during the forecast period. Line fit segment of aircraft wheels market is expected to gain a notable market share due to rising airline services in developing economies owing to the increasing disposable income among the consumers, low air fare, and growing airports. Further, the line fit segment will continue to grow its business due to the rising procurement of military aircraft by several countries.

The List of companies - Aircraft Wheels Market

  1. Collins Aerospace
  2. Meggitt PLC
  3. Honeywell International Inc
  4. Parker Hannifin Corporation
  5. BERINGER AERO
  6. Lufthansa Technik
  7. Grove Aircraft Landing Gear System Inc
  8. MATCO Manufacturing Inc
  9. NMG Aerospace
  10. Zlin Aircraft a.s.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

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  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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