Aircraft Wheels MRO Market to grow at a CAGR of 7.2% from 2021 to 2028

The aircraft wheels MRO 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% from 2021 to 2028.

With the rapidly growing aviation industry from the last few years, the demand for aircraft wheels MRO services is also increasing. Emerging economies in APAC are showcasing a significant rise in the adoption of MRO services for commercial and military aircraft components, including aircraft wheels. The well-established MRO hubs in Singapore, Malaysia, and Thailand, among others, produce significant revenues from the services provided for aircraft wheels. The aircraft wheels MRO service hub in Singapore is characterized by the presence of AMETEK Singapore Pte Ltd., SIA Engineering Company Limited, and Singapore Technologies Aerospace Ltd, among others. In June 2019, Singapore Technologies Engineering Ltd formed a joint venture with Vietnam Airlines Engineering Company (VAECO) to offer MRO services for wheels and other aircraft components to Vietnam Airlines.

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Companies Profiled in this report includes:  AAR CORP, AeroRepair Corp., AEROSPACE MRO CO., LTD., Air Atlanta Aviaservices, AMETEK Inc., Lufthansa Technik, Röder Präzision GmbH, Technic Aviation, TP Aerospace., World Aero

Further, according to Wisconsin Economic Development Corporation (WEDC), the country houses over 120 aerospace companies that contribute to ~25% of the MRO services business in APAC. Further, Singapore-based airlines observe substantial growth in passenger counts, which is compelling them to operate their aircraft fleet for extended periods. The flying frequency is directly proportional to the demand for MRO activities, involving repairing or replacing wheels and other aircraft components. Additionally, countries such as Malaysia, Thailand, Vietnam, Indonesia, and the Philippines are witnessing a surge in aircraft wheels MRO services due to the rise in demand for passenger airline services. Thus, growth in the number of aircraft MRO service providers and increase in aircraft fleet volumes in APAC are creating a favorable business environment for the Aircraft Wheels MRO market players.

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Impact of COVID-19 Pandemic on Aircraft wheels MRO Market

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on the movement of vehicles and humans. Air travel ban was one of the stringent rules set by governments across the globe during the first half of 2020. These bans led the aviation industry to halt the operations and experience the lowest revenue generation during the period. The airport sector also witnessed a stiff decline in passenger count, aircraft movement, and revenue generation. The significant loss in revenues resulted in limited investments by airline operators in MRO services. This factor showcased a fall in demand for aircraft MRO services, which hampered the growth of the aircraft wheels MRO market.

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