Main Wheel Segment to dominate North America Aircraft Wheels Market during 2020–2028
According to The Insight Partners market research study on “North America Aircraft Wheels Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Aircraft Type, Fit Type and End-User,” is expected to reach US$ 906.17 million by 2028 from US$ 603.49 million in 2021. The market is estimated to grow at a CAGR of 6.0% from 2021 to 2028. The report provides opportunity prevailing in the North America aircraft wheels market along with the drivers, trend and restraints pertaining to the market growth. Up-scaling volumes of aircraft orders and their deliveries, Surging adoption of lightweight alloy to manufacture aircraft wheels, and advance application of carbon-fiber-reinforced plastic-based wheels for rotary wing aircraft are the major factor driving the growth of the North America aircraft wheels market. However, raising life span of aircraft wheels hinder the growth of North America aircraft wheels market.
The US is the worst-hit country in North America. The continuous growth of infected individuals has led the government to impose lockdown across the nation's borders during Q2 and Q3 of 2020. The majority of the manufacturing plants either were temporarily shut or operated with minimum staff; the aircraft OEMs and aircraft components and associated product manufacturers witnessed disruption in supply chain; these are some of the North American countries' critical issues. Since the US has a larger density of aircraft manufacturers and aircraft associated technology and component manufacturers, followed by Canada and Mexico. The outbreak of the virus has severely affected the production of each. The lower number of manufacturing staff has resulted in lesser production quantity. From the aircraft OEM’s perspective, Boeing, the aviation giant in the region, has witnessed a significant fall in orders and production, which is one of the key restraining factors for the aircraft line fit wheels market. Apart from Boeing, several other aircraft OEMs such as Bombardier, Textron, and Gulfstream, among others, also experienced tremors of COVID–19 on their orders and production lines. From the supply side, the region has higher numbers of aircraft wheels market players. The restricted workforce, disruption in the supply chain, and limited volumes of orders have sternly shaken the aircraft wheels market players in the region.
The North America aircraft wheels market is segmented on the bases of type, aircraft type, fit type, and end-user, and country. Based on type, the market is segmented into nose wheel and main wheel. In 2020, main wheel segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on aircraft type, the aircraft wheels market is segmented into fixed wing aircraft, rotary wing aircraft, and UAV. In 2020, fixed wing aircraft segment held the largest share in the market and UAV is expected to be the fastest growing segment during the forecast period. Based on fit type, the market is segmented into line fit and retro fit. In 2020, retro fit segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on end-user, the market is segmented into military and commercial. In 2020, commercial segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on country, the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market and Canada is expected to be the fastest growing country during the forecast period.
Collins Aerospace; Meggitt PLC; Honeywell International Inc.; Parker Hannifin Corporation; BERINGER AERO; Lufthansa Technik; Grove Aircraft Landing Gear System Inc.; MATCO Manufacturing Inc.; and NMG Aerospace are among the leading companies in the North America aircraft wheels market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.