Global Aircraft Wheels Market to Register a CAGR of 3.3% from 2019 to 2025| QY Research, Inc
Industry: Market Research
In 2018, the worldwide Aircraft Wheels industry reached a valuation of US$ 54.0 Mn and is likely to attain US$ 71.0 Mn by the end of 2025, exhibiting a lethargic CAGR of 3.3% from 2019 to 2025.
Los Angeles, CA (PRUnderground) February 19th, 2020
Airline operators are expanding their fleet lines resulting in high demand for aircraft components. Maintenance and refurbishment of old aircraft is expected to offer a lucrative growth opportunity for the global Aircraft wheel market. QYR Consulting has carefully studied potential growth factors and challenges impeding the growth of the market and has published a report titled, “Aircraft Wheels Market Report Company Analysis, History, and Future Overview, Global Sales Trends by 2025.”
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Increasing Demand for Aircraft Wheels in Civil Aviation Industry to Boost the Growth of the Civil Aircraft Segment
The application segment of the market is classified into Military Aircraft and Civil Aircraft. The rapid increase in commercial flights operating from domestic and international airports is expected to create a high demand for Aircraft Wheels resulting in the growth of the Civil Aircraft segment. The authors of the report have categorized the type segment of the market into Nose Wheel and Main Wheel.
Development of New Airports in the Asia-Pacific is Anticipated to Offer Growth Opportunity
The development of new airports in China and India is likely to drive the growth of the market. The Asia-Pacific region is expected to offer a tremendous growth opportunity due to the booming aviation industry. The airplane connectivity in Thailand, China, Malaysia, and India is estimated to establish 700 new routes over the next few years.
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Market Players are Focusing on Facility Expansion
Some of the key players functioning in the Aircraft Wheels market are UTC, Safran, Honeywell, Parker Hannifin, and Meggit. Market players are involved in expanding manufacturing facilities and entering into an agreement with suppliers to strengthen their position in the market.
In 2018, UTC Aerospace Systems announced to invest in a new wheel and brake MRO facilities including 50% expansion of its London service sector. The move is aimed at increasing investment to maximize manufacturing for expanding fleet of aircrafts.
Delay in Delivery of Aircraft Wheels is Expected to Hamper the Growth of the Market
Growing demand for air travel as it has become an affordable means of transport has resulted in an increasing number of civil aircrafts. The Aircrafts need maintenance and refurbishment leading to high requirement of aircraft components, which is expected to foster the growth of the market. However, the delay in the delivery of the Aircraft Wheels by manufacturers is expected to hamper the growth of the market.
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