Aircraft Wheels Market Size, Share, and Key Findings 2031
The aircraft wheels market size is projected to reach US$ 3.12 billion by 2031 from US$ 1.83 billion in 2023. The market is expected to register a CAGR of 6.9% during 2023–2031. Increasing use of CFRP composite in aircraft nose wheel manufacturing is expected to remain a key trend in the market.
Aircraft Wheels Market Analysis
Due to the introduction of carbon-fiber-reinforced composite, aircraft wheel manufacturers are extensively using the material to design and manufacture an aircraft nose wheel. The material is known for its high stiffness and strength, which makes it compatible with an aircraft nose wheel. In addition, the composite material is lighter in weight than aluminum and magnesium alloy. Hence, the carbon-fiber-reinforced plastic (CFRP) based wheel is expected to reduce the mass density of an aircraft. This will result in lower fuel consumption and the aircraft can be operated economically. Also, the range or payload can be increased. At present, aircraft wheel manufacturers are developing aircraft wheels made of CFRP composite. For instance, Fraunhofer LBF is using the CFRP composite to develop nose wheels for an Airbus A320 aircraft. Hence, in the coming years, aircraft wheel manufacturers are expected to use CFRP material increasingly to manufacture aircraft nose wheels. Hence, the rise in use of CFRP composite material for manufacturing aircraft nose wheels are anticipated to grow among aircraft wheel manufacturers and become future trend.
Aircraft Wheels Market Overview
The aircraft wheels market ecosystem comprises of following stakeholders- raw material and component providers, aircraft wheels manufacture, aircraft manufacturers, and end-users. The aircraft wheels manufacturers procure raw materials and components such as steel, aluminum, and magnesium alloy and components such as nuts and bolts among others are procured from the raw material and component providers. Aircraft wheels manufacturers assemble raw materials and components and produces into a finished goods. These manufacturers are the key market players of aircraft wheels market and holds a significant amount of share of the given market. Few of the prominent players who are operation in the market are Honeywell International Inc.; Safran S.A; Parker Hannifin Corporation; Raytheon Technologies Corporation; and Matco Manufacturing Inc. among others. Further, these manufacturers supply aircraft wheels to aircraft manufacturers such as Airbus, Boeing, Dassault Aviation, Bombardier, Lockheed Martin Corporation, and others for the line fits of wheels. Also, the aircraft wheel manufacturers sell the wheels to wheel retrofitting providers such as Lufthansa Technik, AAR Corporation, and TP Aerospace among others. These retrofitting providers procures aircraft wheels for airline companies and do wheels retrofit during aircraft’s maintenance, repairing, and overhauling (MRO) services.
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Aircraft Wheels Market: Strategic Insights
Market Size Value in US$ 1,704.25 million in 2021 Market Size Value by US$ 2,769.54 Million by 2028 Growth rate CAGR of 7.2% from 2021 to 2028 Forecast Period 2020 - 2028 Base Year 2020
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Aircraft Wheels Market: Strategic Insights
| Market Size Value in | US$ 1,704.25 million in 2021 |
| Market Size Value by | US$ 2,769.54 Million by 2028 |
| Growth rate | CAGR of 7.2% from 2021 to 2028 |
| Forecast Period | 2020 - 2028 |
| Base Year | 2020 |
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Aircraft Wheels Market Drivers and Opportunities
Growing Adoption of Lightweight Alloy to Manufacture Aircraft Wheels
The conventional aircraft wheels are made of magnesium alloys. However, in modern times, manufacturers are increasingly exploring lightweight materials to manufacture aircraft wheels to attain great durability and low maintenance. Also, an aircraft wheel made of lightweight alloys helps an aircraft manufacturer achieve an optimum fuel efficiency level by reducing some portion of aircraft weight. Thus, in the wake of new technological developments in aircraft wheels, the manufacturers are extensively using various types of aluminum alloys to make the wheels light in weight and with better corrosion resistance. For instance, UTC Aerospace Systems (UTAS) is exploring a silver-based aluminum alloy to develop an aircraft wheel. The strength of new wheels made of silver-based aluminum is expected to increase by about 20%. In addition, the new silver-based aluminum alloy is projected to increase damage tolerance by around 70% owing to its stiffness and improved corrosion resistance. The silver-based aluminum variant is also likely to make the aircraft wheel lighter and reduce maintenance downtime. Hence, the rising adoption of lightweight alloys to manufacture aircraft wheel drives the growth of the aircraft wheels market.
Rising Application of Carbon-Fiber-Reinforced Plastic-Based Wheels for Rotary Wing Aircraft
Presently, the majority of helicopters wheels are made of metallic light-alloy materials, such as aluminum or magnesium. However, wheels made of carbon-fiber-reinforced plastic (CFRP) are ~30%–40% less in weight than aluminum or magnesium alloy wheels. CFRP wheels are expected to offer improved corrosion resistance and noise, vibration, and harshness (NVH) performance. Also, these wheels are stiffer with improved fatigue life, which will extend their life. Manufacturers have already initiated the designing of CFRP-based wheels for rotary wing aircraft. For instance, in January 2021, Carbon ThreeSixty, a UK-based aircraft wheels manufacturing company, began to develop CFRP-based wheels for rotary wing aircraft. The company is expected to complete the wheel designing in the next 18 months. These composite wheels will also be interchangeable with existing wheels to make them suitable for retrofit applications. Hence, with the introduction of carbon-fiber-reinforced plastic-based wheels in rotary wing aircraft, the market is expected to flourish further in the coming years with an opportunity to penetrate the rotary wing aircraft wheels.
Aircraft Wheels Market Report Segmentation Analysis
Key segment that contributed to the derivation of the aircraft wheels market analysis is type, aircraft type, fit type, and end user.
- Based on type, the aircraft wheels market is segmented into main wheel and nose wheel. The main wheel segment held a larger market share in 2023.
- Based on aircraft type, the aircraft wheels market is segmented into fixed wing aircraft, rotary wing aircraft, and UAV. The fixed wing aircraft segment held a larger market share in 2023.
- Based on fit type, the aircraft wheels market is segmented into line fit and retrofit. The line fit segment held a larger market share in 2023.
- Based on end user, the aircraft wheels market is segmented into line commercial and military. The commercial segment held a larger market share in 2023.
Aircraft Wheels Market Share Analysis by Geography
The geographic scope of the aircraft wheels market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Asia Pacific and Europe regions. Further, Asia Pacific is likely to witness highest CAGR in the coming years. Also, the Asia Pacific is likely to surpass the North American aircraft wheels market in the coming years. China accounted for the largest market share in Asia Pacific aircraft wheels market in 2023; whereas India is likely to witness highest CAGR in the coming years. The swift growth of the aviation industry and increased demand for passenger airline services have fueled the commercial airline services in the country. Thus, there is huge potential and enormous opportunities to create joint ventures and collaboration in the aerospace sector in India for forming MRO facilities. Thus, a major focus on aircraft manufacturing and rising commercial airline services across India is expected to propel the growth of the aircraft wheels market across the country in the coming years.
Aircraft Wheels Market Report Scope
Aircraft Wheels Market News and Recent Developments
The aircraft wheels market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the aircraft wheels market are listed below:
- Safran Landing Systems inaugurated, on its Vélizy-Villacoublay site (France), an entirely revamped laboratory dedicated to testing its wheels and carbon brakes, and equipped with a new test bench. The company will have invested a total of 10 million euros to carry out this ambitious project. (Source: Safran, Press Release, April 2024)
- Bauer, the world-leader in aircraft component test and support equipment, announced the establishment of a wheel & brake equipment business unit. (Source: Bauer Inc, Press Release, April 2024)
Aircraft Wheels Market Report Coverage and Deliverables
The “Aircraft Wheels Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Aircraft wheels market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Aircraft wheels market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST analysis
- Aircraft wheels market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the aircraft wheels market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the aircraft wheels market in 2023.
The rising volumes of aircraft deliveries and the growing adoption of lightweight alloy to manufacture aircraft wheels are some of the factors driving the growth for aircraft wheels market.
Increasing use of CFRP composite in aircraft nose wheel manufacturing is one of the major trends of the market.
Raytheon Technologies Corporation, Honeywell International Inc, Parker Hannifin Corporation, Safran Group, Beringer Aero Usa, Lufthansa Technik, Tae Aerospace, Bauer Inc, and Matco Manufacturing Inc are some of the key players profiled under the report.
The estimated value of the aircraft wheels market by 2031 would be around US$ 3.12 billion.
The aircraft wheels market is likely to register of 6.9% during 2023-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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