Aircraft Wheels Market Size, Share, Growth, And Industry Analysis, By Type (Main Wheel and Nose Wheel), By Application (Civil Aircraft and Military Aircraft), Regional Forecast To 2032

Updated On: 22 April 2024

Aircraft Wheels Market Report Overview

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The global aircraft wheels market size was USD 64 million in 2021 and market is projected to touch USD 89 million by 2032, exhibiting a CAGR of 3.3% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with the aircraft wheels market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels.

The aircraft wheels are designed to support the aircraft's full weight while on the ground and to transmit the static and dynamic loads generated during taxi, take-off, and landing into the aircraft's shock absorption system (typically an oleo-pneumatic shock absorber or steel spring). During landing, the wheel/tire combination is subjected to the maximum loads due to fast speeds and strong impact loads that distort the tires, loading the wheel at the flanges. This article will walk you through the design and construction of a conventional aviation wheel and tire assembly.

COVID-19 Impact: Disruption in Manufacturing of Aircraft Led to Decline in the Market

The COVID-19 pandemic has had a tremendous impact on the world and is still causing havoc in various places. Prior to the epidemic, the aircraft industry was seeing rapid expansion in terms of output. Despite massive backlogs from aircraft manufacturers, the global aviation industry saw a large increase in passenger count and aircraft procurement prior to the pandemic. Unfortunately, the COVID-19 outbreak has destroyed worldwide aircraft demand, resulting in much lower volumes of orders among aircraft manufacturers and a smaller number of manufacturers. The drop in manufacturing quantities harmed the companies of several component makers and related technologies.

As a result, volatility in aircraft production has severely harmed the companies of aircraft wheel market participants. During the widespread COVID-19 virus, the entire commercial aviation industry stopped 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 with respect to lockdown and physical distancing. The aircraft manufacturers witnessed a significant reduction in demand for most aircraft models, especially commercial ones. The decreased aircraft production and assembly have affected the demand for aircraft wheels, resulting in lower revenue generation. This factor negatively impacted the aircraft wheels market.

Latest Trends

"Employment of Fiber-Reinforced Composites to Boost Market Growth "

Because of the high specific stiffness and strength, fiber-reinforced composites are increasingly being employed in aviation. The massive Airbus A380 is made up of 22 percent composite materials. In the cutting-edge A350 XWB, this figure jumps to more than 50%. Large portions of the fuselage and wing units are composed of lightweight CFRP. Since the 1980s, there has been no significant improvement in aircraft wheels regarding materials employed or basic design. Fraunhofer LBF plans to break new ground in this industry by constructing the first CFRP nose wheel for an A320. In the Institute's projects, it has already been possible to demonstrate promising lightweight design possibilities by substituting CFRP wheels for the metal in the automobile sector.

Aircraft Wheels Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into the main wheel and nose wheel.

• By Application Analysis

Based on application, the market can be divided into civil aircraft and military aircraft.

Driving Factors

"Developing Economies to Aid Market Growth"

The global demand for aircraft is expanding due to the quickly growing airline business in developing economies and the continuously increasing demand for passenger airline services. Furthermore, the aviation industry is rapidly expanding, with considerable production volumes and deliveries of aircraft (commercial and military) fleets. The commercial aviation industry, in particular, has seen enormous growth in recent years, both to the advent of new low-cost carriers (LCCs) and fleet expansion methods implemented by full-service carriers (FSCs). Furthermore, commercial aviation is experiencing a spike due to increasing air transport passengers and aircraft purchases. This increase in aircraft production is increasing demand for aircraft wheels market growth.

"Growing Need for Travelling by Aircraft to Propel Market Growth"

The growing working-class population and the basic necessity for economical transit from one location to another also affect the expansion of the aircraft wheels market. Another driver fueling the growth of the aircraft wheels market is the increased sale of aircraft wheels due to different advancements in aircraft MRO (Maintenance, Repair, and Overhaul) services. In addition, the increasing number of aircraft deliveries is raising the demand for aircraft wheels, which is expected to expand significantly during the projection period.

Restraining Factors

"Lack of Well-Knit Supply Chain to Restrict Market Growth"

The market for aircraft wheels, on the other hand, has certain limitations that can restrict the market's potential growth, such as aircraft manufacturers taking up a significant amount of lead time, fiscal investments, and planning that impact aircraft production, resulting in an increased order to deliverance ratio and backlog, and a lack of a well-knit supply chain, which has the potential to stymie the market's growth.

Aircraft Wheels Market Regional Insights

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"Asia Pacific to Expand Significantly Due to Emergence of Homegrown Aircraft"

Asia-Pacific is expected to expand significantly over the forecast period due to the emergence of homegrown aircraft in China and the region's large market for airline operators. The national portion of the aircraft wheels market research also includes specific market-impacting elements and domestic legislation changes that affect present and future market trends. In addition, the presence and availability of global brands and the obstacles they face owing to big or scarce competition from local and domestic brands will fairly calculate the region’s holistic aircraft wheels market share.

Key Industry Players

"Major Market Players to Have Collaborative Efforts in Order to Sustain in The Market"

Firms in the aircraft wheels market use mergers, acquisitions, and market initiatives to retain their market positions. The Collins Aerospace division of Raytheon Technologies upgraded the wheels and brakes of the US Navy's C-130 Hercules military transport aircraft and KC-130T tanker.

List of Market Players Profiled

• Safran (France)
• UTC (U.S.)
• Meggit (U.K.)
• Honeywell (U.S.)
• Parker Hannifin (India)

Report Coverage

The report's devoted part presents a detailed study of the impact of COVID-19 and its succeeding variant outbreaks on demand, supply, price, vendor uptake, and recommendations for long-term outcomes. The updated study contains insights, analyses, projections, and predictions for the aircraft wheels market, considering the COVID-19 impact. The research profiles a report with extensive studies describing the firms in the market affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.