According to the new research report published by The Insight Partners, titled “Aircraft Wheels Market is expected to grow from US$ 1,704.25 million in 2021 to US$ 2,769.54 million by 2028; it is estimated to grow at a CAGR of 7.2% during 2021–2028.

There is an increase in orders for new commercial aircraft across the world. For instance, Delta Airlines placed an order of 95 A220 aircraft, out of which 12 A220 aircraft were supplied in May 2020, and the rest are scheduled to be delivered by the end of 2023. United Airlines is focusing on replacing some of its aging Boeing 767s and 757s with new-generation aircraft, such as Boeing 787 or long-range A321LR. Also, Frontier Airlines has ~175 A320 family aircraft on orders. Therefore, the increasing orders for new aircraft are positively favoring the aircraft wheels’ business across the world and subsequently propelling the growth of the aircraft wheels market. However, the COVID-19 pandemic severely affected the market due to the shutdown of the global economy and subsequently lowered the productivity of aircraft manufacturing plants in the first two quarters of 2020. Continuous growth in the number of COVID-19 confirmed patients compelled governments and other authorities to impose complete or partial restrictions on cargo transportation, which has disrupted the supply chains of raw material for aircraft wheels.

The demand for aircraft is rising across the world, owing to the rapidly growing airline industry in the developing economies because of the continuously increasing demand for passenger airline services. In addition, the aviation industry is undergoing expansion at a rapid pace, recording significant production volumes and deliveries of aircraft (commercial and military) fleets. Specifically, the commercial aviation industry has witnessed tremendous growth in the past few years with the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Further, there is a surge in commercial aviation, owing to the mounting number of air travel passengers and aircraft procurements. This surge in aircraft production is boosting the demand for aircraft wheels.

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Based on aircraft type, the aircraft wheels market has been segmented into fixed wing aircraft, rotary wing aircraft, and unmanned aerial vehicle (UAV). In 2020, the fixed wing aircraft segment accounted for the largest share in the market.

The COVID-19 outbreak has significantly affected the world and is continuing to shatter several countries. Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production. Despite huge backlogs from aircraft manufacturers, the global aviation industry witnessed a significant rise in the number of passengers count and an increase in aircraft procurement before the pandemic.

Unfortunately, the COVID-19 outbreak has decimated the demand for aircraft globally, which reflected significantly lower volumes of orders among aircraft manufacturers and resulted in a lower number of productions. The decline in production volumes adversely affected the businesses of various component manufacturers and associated technologies. Thus, the aircraft wheels market players' businesses have been severely affected by destabilization in aircraft production.

Companies Profiled in this report includes

·         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

·         Zlin Aircraft a.s.

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