Aircraft Wheels & Brakes Market Research Report: Information by Wheel Type (Nose Wheel, Main Landing Gear Wheel), by Brake Type (Carbon Brake, Steel Brake), by End-User (OEM, Aftermarket) by Aircraft Type (Commercial Aircraft, Military Aircraft), and by Region — Global Forecast till 2023
The global aircraft wheels and brakes market is expected to exhibit a steady 7% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global aircraft wheels and brakes market is mainly driven by the growing initiation of new airlines around the world. The report profiles the major players operating in the global aircraft wheels and brakes market to provide a detailed analysis of the competitive landscape of the market, as well as a detailed analysis of the major drivers and restraints affecting the global aircraft wheels and brakes market.
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Aircraft wheels and brakes are crucial components of aircraft and perform vital functions in the time the aircraft spends on the ground. While they are not vital to the aircraft’s flying mechanism, keeping aircraft wheels and brakes in top condition is still vital for airlines, as faults in wheels or brakes can have catastrophic consequences on the aircraft’s landing ability. As the wheels and brakes are responsible for slowing the aircraft down upon landing, they have to be strong enough to bear the weight of the entire aircraft as well as the inertial forces generated upon landing.
The increasing number of new airlines around the world is likely to be a major driver for the global aircraft wheels and brakes market over the forecast period, as aircraft wheels and brakes have a long operational life and are changed at relatively long intervals.
The global aircraft wheels and brakes market is segmented on the basis of type, end use, aircraft type, and region.
By type, the aircraft wheels market is segmented into nose wheel and main landing gear wheels. The main landing gear wheel segment is likely to hold on to the largest share in the global aircraft wheel market over the forecast period.
The aircraft brake market is segmented into carbon brakes and steel brakes. The carbon brake segment accounts for the highest share in the global aircraft wheels and brakes market and is likely to retain this position over the forecast period due to the higher efficacy and instant braking ability of carbon brakes.
By end use, the global aircraft wheels and brakes market is segmented into OEM and aftermarket. The OEM segment accounts for the largest share in the global aircraft wheels and brakes market. However, the aftermarket segment is expected to exhibit a higher growth rate over the forecast period due to the growing demand for retrofits.
By aircraft type, the global aircraft wheels and brakes market is segmented into commercial and military aircraft. Commercial aircraft hold the largest share in the global aircraft wheels and brakes market, but the military aircraft segment is expected to exhibit faster growth over the forecast period.
Leading players in the global aircraft wheels and brakes market include Grove Aircraft Landing Gear Systems Inc., Lufthansa Technik, Beringer-aero, AAR, Crane Aerospace & Electronics, United Technologies, Safran, Parker Hannifin Corp., Honeywell International, and Meggitt Aircraft Braking Systems.
North America is likely to dominate the global aircraft wheels and brakes market over the forecast period due to the presence of several leading aircraft manufacturers as well as airline component manufacturers in the region. Players such as Meggitt, Honeywell, United Technologies, and others have a strong base in the U.S. and Canada, resulting in steady growth of the aircraft wheels and brakes market in the region.
Europe is also likely to retain a major share in the global aircraft wheels and brakes market over the forecast period due to the growing number of new low-cost airlines being formed in the region.
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Asia Pacific is expected to exhibit the highest growth rate in the global aircraft wheels and brakes market over the forecast period due to the increasing demand for new aircraft, both commercial and military, in countries such as China and India.
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Also Read: https://www.marketresearchfuture.com/reports/aircraft-landing-gear-repair-overhaul-market-6234