Aircraft Wheels and Brakes Market Research Insights with Upcoming Trends Segmentation, Opportunities & Forecast to 2028

The "Aircraft Wheels and Brakes Market Forecast to 2028" is an in-depth study of the industry with a special focus on the global market trend analysis.

NEW YORK, UNITED STATES, UNITED STATES, January 30, 2023 /EINPresswire.com/ -- The Latest research report study on “Aircraft Wheels and Brakes Market Size, Global Analysis and Forecast to 2028” the Aircraft Wheels and Brakes market is projected 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 aircraft wheels and brakes market is majorly dominated by well-established players, such as Honeywell International Inc, Parker Hannifin Corporation, SAFRAN S.A., Meggitt Plc., and Crane Aerospace and Electronics. The demand for wheels and brakes among aircraft manufacturers is strongly increasing. However, most of the contracts are awarded to well-established players. Additionally, the manufacturing of these wheels and brakes requires compliance with several standards set by the governing authorities. This involves obtaining various certifications and significant investments in R&D, which restricts the entrance of the new players in the field. Thus, the threat to business of new entrants is high in the current scenario. However, with the rise in aircraft production volume, the emergence of new players is foreseen. This is expected to lower the threat to new entrants as several smaller or mid-sized aircraft manufacturers would be procuring their wheels and brakes from new entrants offering advanced technology wheels and brakes at a competitive price.

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Growth in air transport activities, focus on NextGen air transportation systems, and presence of key players that are significantly investing in R&D to develop technologically advanced braking systems are estimated to boost North America’s aircraft wheels and brakes market during the forecast period. The increasing demand for lightweight aircraft in the commercial and military sectors has created a need for lightweight electric brakes. Alaska Airlines, United Airlines, American Airlines, Delta Air Lines, and Southwest Airlines are among the key companies in the North American aviation sector that are investing millions of dollars in the R&D of newer and advanced technologies in partnership with several technology developers. Also, these airlines continuously procure high volumes of aircraft, which enables the aircraft OEMs to procure a significant volume of wheels and brakes. This is catalyzing the aircraft wheels and brakes market. Significant rise in the assembly of wheels and braking systems in an aircraft and replacement of old components and requirement of maintenance services are bolstering the market growth. There is a high demand for long-lasting wheels and carbon brakes, which is encouraging manufacturers to upgrade the existing systems, thereby enhancing market growth.

Increasing Use of Durable, Lightweight, and Sturdy Carbon Brakes to Propel Aircraft Wheels and Brakes Market Growth in Coming Years
The aircraft manufacturing industry has been reliant on steel-based brakes over the decades; however, in the recent years, the industry players have extensively shifted their focus toward carbon brakes. This is mainly attributed to the low weight and greater durability of carbon. The lighter weight of carbon brakes helps manufacturers in keeping the weight of aircraft models lower than those with traditional brakes; the lightweight aircraft fleets operate with greater fuel efficiency and lowered CO2 emissions. Aircraft weight and CO2 emissions are the two critical parameters of focus in the aircraft manufacturing industry. Moreover, carbon brakes facilitate cost-saving as the sturdier nature of carbon offers brakes additional strength along with an ability to operate in adverse environments. Further, carbon brakes require lesser maintenance as they can handle ~2,000 landings on average. Hence, carbon brakes are being used extensively in modern aircraft models to reduce overall operational costs, including brakes maintenance, repairing, and overhaul (MRO) costs. Carbon brakes are compatible with all modern commercial and military aircraft models, which enable the retrofitting of carbon brakes with ease. Hence, these brakes find applications in the MRO activities of older aircraft fleets, which require maintenance. Thus, the escalating adoption of carbon brakes into commercial and military aircraft is fueling the aircraft wheels and brakes market growth.

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Aircraft Wheels and Brakes Market: Competitive Landscape and Key Developments
- In 2021, the US Air Force announced that it is working to extend the operating life of the B-52 Stratofortress so that it can operate into the 2050s. Collins Aerospace has been selected to design and manufacture a new wheel and carbon brake for the platform, resulting in a fleet refit of 77 aircraft.
- In 2020, Collins Aerospace’s long-lasting wheels and carbon brakes continue to assist C-130 operators in saving time and money on maintenance. The company, which is a division of Raytheon Technologies, announced the completion of the first upgrade of new wheels and brakes for the US Navy’s fleet of C-130T and KC-130T aircraft.

Aircraft Wheels and Brakes Market: Component Overview
Based on component, the global aircraft wheels and brakes market is segmented into braking system, wheels, and brakes. Electric brakes have emerged as an attractive alternative to conventional aircraft brake systems due to their benefits such as reduction in fuel consumption and CO2 emissions due to optimized weight of aircraft. These brake systems come with easy installation procedures and maintenance requirements, which simplifies the process of retrofitting for aircraft MRO services players. The electric brake systems integrate smart features such as real-time assessment of carbon disk wear and quick data transmission to the cockpit to bring greater convenience in aircraft operations.

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