Aircraft Wheels Market Size, Trends and Growth Analysis by 2027

The global market for aircraft wheels is projected to expand from US$ 1,704.25 million in 2021 to US$ 2,769.54 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.2% during the period from 2021 to 2028.

Traditionally, aircraft wheels have been constructed using magnesium alloys. However, contemporary manufacturers are increasingly turning to lightweight materials to enhance the durability and reduce maintenance needs of aircraft wheels. The use of lightweight alloys not only contributes to the overall reduction of aircraft weight but also aids manufacturers in achieving optimal fuel efficiency. In light of recent technological advancements, there has been a significant shift towards utilizing various aluminum alloys in wheel production. For example, UTC Aerospace Systems (UTAS) is investigating a silver-based aluminum alloy for aircraft wheel development. This innovative material is anticipated to boost the strength of the wheels by approximately 20% and enhance damage tolerance by around 70%, thanks to its superior stiffness and corrosion resistance. Additionally, the incorporation of this silver-based aluminum is expected to lighten the wheels and minimize maintenance downtime. Consequently, the growing trend of adopting lightweight alloys in aircraft wheel manufacturing is a key driver of market growth.

The aircraft wheels market is categorized based on several factors, including type, aircraft type, fit type, end user, and geographical region. In terms of type, the market is divided into main wheels and nose wheels. As of 2020, the main wheel segment held the largest market share. When considering aircraft type, the market encompasses fixed wing aircraft, rotary wing aircraft, and unmanned aerial vehicles (UAVs), with the fixed wing segment representing a significant portion of the market in 2020. The fit type classification includes line fit and retrofit, where the retrofit segment led the market in 2020. Furthermore, the end user segmentation divides the market into military and commercial sectors, with the commercial segment dominating in 2020. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with North America accounting for a substantial share of the global market in 2020.

The global economic downturn and the disruptions in supply chains caused by the COVID-19 pandemic have significantly impeded the growth of the aircraft wheels market, particularly during 2020 and 2021. Challenges such as production delays, inventory mismatches, staffing issues, and supply shortages have negatively impacted overall market expansion. The COVID-19 pandemic has had a profound effect worldwide, continuing to disrupt numerous countries. Prior to the pandemic, the aerospace sector was witnessing robust growth in production levels. Despite substantial backlogs from aircraft manufacturers, the global aviation industry had seen a marked increase in passenger numbers and aircraft acquisitions. Unfortunately, the pandemic led to a drastic decline in aircraft demand globally, resulting in significantly reduced order volumes for aircraft manufacturers and a corresponding drop in production rates. This downturn in production adversely affected the operations of various component manufacturers and related technologies, severely impacting the businesses of players in the aircraft wheels market due to the destabilization of aircraft production.

Key players in the global aircraft wheels market include 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, and Zlin Aircraft a.s. These companies are at the forefront of innovation and development in the aircraft wheels sector, contributing to the market's growth and evolution.