Retro Fit Segment to Dominate Asia Pacific Aircraft Wheels and Brakes Market during 2020–2028

According to a new market research study on “Asia Pacific Aircraft Wheels and Brakes Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Fit Type, and End User,” is expected to reach US$ 3,147.99 million by 2028 from US$ 1,650.72 million in 2021. The market is estimated to grow at a CAGR of 9.7% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific aircraft wheels and brakes market along with the drivers and restraints pertaining to the market growth. Electric brakes and fiber-reinforced plastic wheels is the major factor driving the growth of the Asia Pacific aircraft wheels and brakes market. However, recall of B737 max and discontinuation of A380 and B747 manufacturing may hinder the growth of Asia Pacific aircraft wheels and brakes market.

The COVID-19 pandemic has disrupted the economy of APAC and its aerospace market, along with changing the customer attitude toward the sector. The region has witnessed a significant decline in the air transportation. As per IATA estimates Asia-Pacific airlines recorded a year-on-year revenue decline of US$ 113 billion in 2020. The reduction in air travel demand, and border restrictions have resulted in the grounding of aircraft at an unprecedented scale. ~18,000 aircraft, including the Boeing 747 and Airbus A380, were shelved in 2020 due to the collapse in passenger demand and bankruptcies. China is one of the leading aerospace manufacturing countries in the region and has been one of APAC's most affected countries by the pandemic during Q1 and Q2 of 2020. Airbus and Boeing manufacturing facilities in China were shut down for a long period, which resulted in substantially low demand for various components and systems, including wheels and brakes. Similarly, OMAC, an indigenous aircraft manufacturer in China, also halted its production of C919 during Q1. However, the aviation authorities, airlines, and aircraft manufacturers foresee a strong growth in APAC aviation industry. Owing to this, several airlines and military forces are ordering and taking deliveries of newer aircraft models. This is expected to drive the demand for aircraft wheels, brakes, and braking systems among commercial and military MRO facilities and aircraft manufacturers. With the decline in COVID-19 cases, many manufacturing plants and facilities are starting to open up in various countries in APAC, and employees are also returning to work. Countries such as Japan, South Korea, and Australia have made better progress in recent weeks, having ramped up their vaccination programs. In contrast, Singapore has been the leader among the APAC economies, with a first-dose vaccination rate as a share of total population that is amongst the highest in the world, on a par with the UK and Canada.

The market for aircraft wheels and brakes market is segmented into component, fit type, end user, and country. Based on component, the market is segmented into braking systems, wheels, and brakes. In 2020, the brakes segment held the largest share Asia Pacific aircraft wheels and brakes market. Based on fit type the market is divided into line fit and retro fit. In 2020, the retro fit segment held the largest share Asia Pacific aircraft wheels and brakes market. Based on end user, the market is segmented into defense and commercial. In 2020, commercial segment held the largest share Asia Pacific aircraft wheels and brakes market. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and rest of Asia Pacific. In 2020, China held the largest share Asia Pacific aircraft wheels and brakes market

Collins Aerospace, Crane Aerospace & Electronics, Honeywell International Inc, Meggitt PLC, Parker Hannifin Corporation, and Safran are among the leading companies in the Asia Pacific Aircraft Wheels and Brakes Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, 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 (NYSE: RTX), 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.