Aircraft Wheels and Brakes Market Demand and Growth Analysis with Forecast up to 2028

According to the new research report published by The Insight Partners, titled "Aircraft Wheels and Brakes Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Type, and End User," the 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.

The demand for airline MRO services is increasing due to the rapidly growing aviation industry from the past few years. Emerging economies, especially countries in APAC, are highly focused on extending MRO services to commercial as well as military aircrafts. Economic growth, increasing air passengers, and growing aviation infrastructure spending in APAC countries are the major factors driving the growth of the aircraft MRO services, which is subsequently providing lucrative opportunities for the growth of the aircraft wheels and brakes market. According to the International Air Transport Association, 1.8 billion passengers travelled globally through airline in 2020, and the total number of new passengers would increase to over 7.2 billion in the next 20 years. The surge in passenger count would further increase the fleet size and the demand for MRO activities for upgrading the aircraft fleet. The rising number of middle-class travelers, especially in India, China, and Singapore, is the main factor contributing to air travel growth in APAC, which is fueling the growth of MRO facilities in these countries. These factors are bolstering the growth of the aircraft wheels and brakes market.

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Based on component, the aircraft wheels and brakes market is segmented into braking system, wheels, and brakes. The braking system segment was valued at US$ 2,321.55 million in 2020. By fit type, the market is bifurcated into line fit and retrofit. Based on end user, the market is bifurcated into and defense and commercial.

The COVID-19 pandemic has adversely impacted the global aviation market. The pandemic hampered the global air travel demand and supply chain management in 2020. Travel restrictions and regulatory norms by the governments also led to a reduction in opportunities for the global aircraft manufacturers and service providers. However, as the regions are starting to open, the industry is expected to benefit from a strong domestic demand and adequate government initiative in the coming years.

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 major companies operating in the aircraft wheels and brakes market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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