DUBLIN, November 26, 2021– (COMMERCIAL THREAD)–The Global Aircraft Wheels and Brakes Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Component (Braking System, Wheels and Brakes), Type of Adjustment (Line Adjustment and Retro Adjustment) and end user (defense and commercial) ‘ the report was added to ResearchAndMarkets.com offer.
The global aircraft wheels and brakes market is expected to grow from US $ 7,471.74 million in 2021 to US $ 12,142.18 million by 2028; it is estimated to increase at a CAGR of 7.2% from 2021 to 2028.
In June 2021, United Airlines announced plans to purchase 270 new Boeing and Airbus planes. Such an increase in demand for new commercial aircraft from existing airlines amplifies the demand for aircraft wheels and brakes. In addition, new airlines such as Wizz Air of Abu Dhabi, Islas Air of Spain and Northern Airlines of Sweden are further increasing demand for airplanes and their components, including wheels and brakes.
However, the COVID-19 pandemic has severely affected the market due to the shutdown of the global economy and subsequently a decline in the productivity of aircraft manufacturing plants in the first two quarters of 2020. The continued growth in the number of infected patients has forced governments and other authorities to impose full or partial restrictions on freight transport, disrupting supply chains for aircraft manufacturing materials and components. The aforementioned conditions have hampered the overall activity of players in the Aircraft Wheels and Brakes market.
The aircraft wheels and brakes market is largely dominated by established players, such as Honeywell International Inc, Parker Hannifin Corporation, SAFRAN SA, Meggitt Plc. and Crane Aerospace and Electronics.
The demand for wheels and brakes among aircraft manufacturers is increasing sharply. However, most contracts are awarded to established players. In addition, the manufacture of these wheels and brakes requires compliance with several standards set by the competent authorities. This requires obtaining various certifications and significant investments in R&D, which limits the entry of new players into the field. Thus, the threat to businesses from new entrants is high in the current scenario. However, with the increase in aircraft production volume, the emergence of new players is expected. This should reduce the threat to new entrants, as several small and medium-sized aircraft manufacturers would source their wheels and brakes from new entrants offering state-of-the-art wheels and brakes at a competitive price.
Impact of the COVID-19 pandemic on the aircraft wheels and brakes market
During the COVID-19 outbreak, the entire commercial aviation industry came to a halt with minimal resources to predict the future. Several production units in the United States, France, Russia and China have been temporarily suspended in order to comply with government rules relating to lockdown and physical distancing. Aircraft manufacturers have seen a 30-50% reduction in demand for most aircraft models, especially commercial aircraft models. Declining production and assembly of aircraft affected the demand for aircraft wheels, brakes and braking systems, resulting in lost revenue. This factor has negatively impacted the growth of the Aircraft Wheels and Brakes market.
In addition, the strategy of phasing out various wide-body jets and narrow-body jets by different airlines around the world in order to reduce operating costs has had a negative impact on the aviation aftermarket industry. . It should also weaken the demand for wheels and brakes in the years to come.
Growing use of durable, lightweight and strong carbon brakes
Growing demand for passenger air services
Honeywell International Inc.
Parker Hannifin Corporation
MATCO Manufacturing Inc
JAY-Em Aerospace and Machine, Inc.
Grove Aircraft Inc Landing Gear System
Aerospace Crane & E
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