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 grow at a CAGR of 7.2% from 2021 to 2028.

In June 2021, United Airlines announced its plans to purchase 270 new Boeing and Airbus aircraft. Such a rise in demand for new commercial aircraft from existing airline companies is magnifying the demand for aircraft wheels and brakes. Also, new airlines such as Wizz Air from Abu Dhabi, Islas Air from Spain, and Northern Airlines from Sweden are further bolstering demand for aircraft and their components, including wheels and brakes. However, the COVID-19 pandemic severely affected the market due to the shutdown of the global economy and subsequently lowered productivity of aircraft manufacturing plants in the first two quarters of 2020. Continuous growth in the number of infected patients compelled governments and other authorities to impose complete or partial restrictions on cargo transportation, which has disrupted the aircraft manufacturing material and component supply chains. The abovementioned conditions hindered the overall business of aircraft wheels and brakes market players.

The aircraft wheels and brakes market is majorly dominated by well-established players, such as Honeywell International Inc, Parker Hannifin Corporation, SAFRAN S.A., Meggitt Plc., and Crane Aerospace and Electronics. The demand for wheels and brakes among aircraft manufacturers is strongly increasing. However, most of the contracts are awarded to well-established players. Additionally, the manufacturing of these wheels and brakes requires compliance with several standards set by the governing authorities. This involves obtaining various certifications and significant investments in R&D, which restricts the entrance of the new players in the field. Thus, the threat to business of new entrants is high in the current scenario. However, with the rise in aircraft production volume, the emergence of new players is foreseen. This is expected to lower the threat to new entrants as several smaller or mid-sized aircraft manufacturers would be procuring their wheels and brakes from new entrants offering advanced technology wheels and brakes at a competitive price.

Impact of COVID-19 Pandemic on Aircraft Wheels and Brakes Market

During the COVID-19 outbreak, 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 in order to adhere to the government rules related to lockdown and physical distancing. The aircraft manufacturers witnessed 30-50% reduction in demand for most of the aircraft models, especially for commercial aircraft models. The lower aircraft production and assembly has affected the demand for aircraft wheels, brakes, and braking system, resulting in loss in revenue generation. This factor has negatively impacted the growth of the aircraft wheels and brakes market.

Moreover, the strategy to retire various wide body jets and narrow body jets by different airlines across the world to reduce operational costs has been adversely affecting the aviation aftermarket industry. This is also expected to weaken the demand for wheels and brakes in the coming years.

The overall the aircraft wheels and brakes market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the aircraft wheels and brakes market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the aircraft wheels and brakes market. 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 are a few players operating in the market