Aircraft Wheels and Brakes Market Size, Trends and Growth Analysis by 2027

The global market for aircraft wheels and brakes is projected to expand significantly, increasing from approximately US$ 7,471.74 million in 2021 to around US$ 12,142.18 million by 2028. This growth represents a compound annual growth rate (CAGR) of 7.2% over the period from 2021 to 2028.

In June 2021, United Airlines revealed its intention to acquire 270 new aircraft from Boeing and Airbus. This surge in demand for new commercial aircraft from established airlines is driving the need for aircraft wheels and brakes. Additionally, the emergence of new airlines, such as Wizz Air from Abu Dhabi, Islas Air from Spain, and Northern Airlines from Sweden, is further enhancing the demand for aircraft and their essential components, including wheels and brakes.

However, the COVID-19 pandemic had a profound impact on the market, as it led to a global economic shutdown that significantly reduced the productivity of aircraft manufacturing facilities during the first half of 2020. The continuous rise in COVID-19 cases forced governments to implement full or partial restrictions on cargo transport, disrupting the supply chains for materials and components necessary for aircraft manufacturing. These challenges have adversely affected the overall operations of companies within the aircraft wheels and brakes market.

The market is primarily dominated by established industry leaders such as Honeywell International Inc, Parker Hannifin Corporation, SAFRAN S.A., Meggitt Plc., and Crane Aerospace and Electronics. The demand for wheels and brakes from aircraft manufacturers is on the rise; however, most contracts tend to be awarded to these well-known companies. The production of aircraft wheels and brakes must comply with numerous regulatory standards, necessitating various certifications and substantial investments in research and development. This creates a high barrier to entry for new players in the market. Nevertheless, as aircraft production volumes increase, the entry of new competitors is anticipated, which may reduce the barriers for smaller or mid-sized aircraft manufacturers seeking advanced technology wheels and brakes at competitive prices.

Effects of the COVID-19 Pandemic on the Aircraft Wheels and Brakes Market

During the COVID-19 pandemic, the commercial aviation sector experienced a complete standstill, leaving little room for forecasting future trends. Numerous production facilities in the United States, France, Russia, and China were temporarily shut down to comply with government mandates regarding lockdowns and social distancing. Aircraft manufacturers faced a 30-50% decline in demand for various aircraft models, particularly commercial ones. This reduction in aircraft production and assembly directly impacted the demand for aircraft wheels, brakes, and braking systems, leading to significant revenue losses. Consequently, this situation has hindered the growth of the aircraft wheels and brakes market.

Furthermore, airlines worldwide have adopted strategies to retire various wide-body and narrow-body jets to cut operational costs, which has negatively influenced the aviation aftermarket industry. This trend is expected to further diminish the demand for wheels and brakes in the upcoming years.

The overall size of the aircraft wheels and brakes market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the aircraft wheels and brakes market across all relevant segments and regions. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the aircraft wheels and brakes sector.

Key players in the market include Beringer Aero, Collins Aerospace, Honeywell International Inc., Meggitt PLC, Parker Hannifin Corporation, Safran, MATCO Manufacturing Inc, Grove Aircraft Landing Gear System Inc, and Crane Aerospace & Electronics.