The aircraft wheels & brakes market size is projected to reach US$ 15.40 billion by 2031 from US$ 8.22 billion in 2023. The market is expected to register a CAGR of 8.2% during 2023–2031. The rising adoption of electric brakes and fiber-reinforced plastic wheels is likely to remain a key trend in the market.
Aircraft Wheels & Brakes Market Analysis
The aircraft wheels and brakes market is majorly dominated by well-established players such as Honeywell International Inc, Parker Hannifin Corporation, Safran Group, and Crane Aerospace & Electronics among others. 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 authority. 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.
Aircraft Wheels & Brakes Market Overview
The aircraft wheels and brakes market ecosystem comprise of following stakeholders- raw material and component providers, aircraft wheels and brakes manufacturers, aircraft manufacturers, and end-users. The aircraft wheels and brakes manufacturers procure raw materials and components such as steel, aluminum, magnesium alloy, and carbon fiction materials among others and components such as sensors and actuators among others are from various raw material and component providers. Aircraft wheels and brakes manufacturers assemble raw materials and components and produces into a finished goods. The aircraft wheel and brake manufacturers work in tandem with aviation authorities, raw material suppliers, aircraft manufacturers, and the end users. Few of the prominent players who are operation in the market are Collins Aerospace, Honeywell International Inc, Safran Group, and Parker Hannifin Corporation among others. Further, the aircraft manufacturers procure wheels and brakes from above mentioned players and installs the same on aircraft fleet through line fit activity. Finally, the end-users such as airline companies, various countries armed forces, and MRO service providers acquires contracts for aircraft wheel and brake MRO activity. The MRO service providers continuously procure wheels and brakes from the market players in order to continuously offer their services to ever-rising demand for aircraft wheel and brake MRO.
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Aircraft Wheels & Brakes Market: Strategic Insights
Market Size Value in US$ 7,471.74 Million in 2021 Market Size Value by US$ 12,142.18 Million by 2028 Growth rate CAGR of 7.2% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Aircraft Wheels & Brakes Market: Strategic Insights
| Market Size Value in | US$ 7,471.74 Million in 2021 |
| Market Size Value by | US$ 12,142.18 Million by 2028 |
| Growth rate | CAGR of 7.2% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Aircraft Wheels & Brakes Market Drivers and Opportunities
Increasing Commercial Aircraft Deliveries
The rising commercial aircraft deliveries across different regions is driving the growth of wheels and brakes market. The production of commercial aircraft in large numbers is generating the demand for installation of new wheels and brakes across different regions. For instance, Airbus delivered around 735 aircraft in 2023 and witnessed an 11% hike compared to the 2022 deliveries. Moreover, the rise in global commercial aircraft fleet is further driving the growth for wheels and brakes worldwide. For instance, according to The Insight Partners’ secondary research the global commercial aircraft fleet in 2023 was around 27,385 that further reached to 28,398 aircaft in 2024. Such factors have been driving the adoption of aircraft wheels and brakes installation across the world.
Growth in Aircraft MRO Industry
With the rapidly growing aviation industry from the past few years, the demand for airline MRO services is also increasing. Emerging economies, such as those 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. Moreover, accordinto The Insight Partner’s Analysis, the global aircraft MRO industry is likely to surpass US$ 140 billion by the end of 2034 which is further likely to generate new demand for aircraft wheels and brakes in the coming years.
Aircraft Wheels & Brakes Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aircraft wheels & brakes market analysis are component, fit type, and end user.
- Based on component, the aircraft wheels & brakes market is segmented into braking system, wheels, and brakes. The brakes segment held a larger market share in 2023.
- Based on fit type, the aircraft wheels & brakes market is segmented into line fit and retrofit. The retrofit segment held a larger market share in 2023.
- Based on end user, the aircraft wheels & brakes market is segmented into defense and commercial. The commercial segment held a larger market share in 2023.
Aircraft Wheels & Brakes Market Share Analysis by Geography
The geographic scope of the aircraft wheels & brakes market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific has dominated the market in 2023 followed by North America and Europe regions. Further, Asia Pacific is also likely to witness highest CAGR in the coming years. China dominated the Asia Pacific aircraft wheels & brakes market in 2023. The demand for wheels and brakes market in China is mainly driven by the demand generated from MRO operations for the large number of fleet. For instance, in 2024, the commercial aircraft fleet across China stood at 4,126 which is further likely to reach around 6,429 aircraft by 2034. Moreover, according to the Airbus forecasts, more than 9,000 aircraft are likely to be delivered across China during 2023 to 2042. Such factors are likely to generate new opportunities for market vendors in the coming years.
Aircraft Wheels & Brakes Market Report Scope
Aircraft Wheels & Brakes Market News and Recent Developments
The aircraft wheels & brakes 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 & brakes 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. The result is a responsible working environment and the promise to reinforce the Safran's ability to develop and qualify higher-performance, more durable and competitive brakes as well as to keep pace with its customers’ ramp ups. This applies to almost all segments of civil, military and business aviation. (Source: Safran, Press Release, Apr 2024)
- Parker-Hannifin Corporation (NYSE: PH, “Parker”), the global leader in motion and control technologies, today announced that it has completed its previously announced transaction to sell its Aircraft Wheel and Brake Division, located in Avon, Ohio, in the United States, to Kaman Corporation (NYSE: KAMN). Kaman, headquartered in Bloomfield, Connecticut, is a leading manufacturer of components and materials for aerospace and defense, industrial and medical markets. (Source: Parker-Hannifin Corporation, Press Release, Sep 2022)
Aircraft Wheels & Brakes Market Report Coverage and Deliverables
The “Aircraft Wheels & Brakes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Aircraft wheels & brakes market market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Aircraft wheels & brakes market market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Aircraft wheels & brakes market 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 & brakes market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Fit Type , and End User and Geography
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
The aircraft wheels & brakes market is likely to register of 8.2% during 2023-2031.
The estimated value of the aircraft wheels & brakes market by 2031 would be around US$ 15.40 billion.
The rising adoption of electric brakes and fiber-reinforced plastic wheels is one of the major trends of the market.
Honeywell International Inc, Parker Hannifin Corporation, Safran, Collins Aerospace, Beringer Aero, Crane Aerospace and Electronics, Grove Aircraft Landing Gear Systems Inc, Jay-Em Aerospace and Machine Inc, Matco Manufacturing Inc, and TransDigm Group Incorporated are some of the key players profiled under the report.
Increasing commercial aircraft deliveries and increasing use of durable, lightweight, sturdy carbon brakes are some of the factors driving the growth for aircraft wheels & brakes market.
Asia Pacific region dominated the aircraft wheels & brakes market in 2023.
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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