Report : Asia Pacific Aircraft Wheels Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Main Wheel and Nose Wheel), Aircraft Type (Fixed Wing Aircraft, Rotary Wing Aircraft, and UAV), Fit Type (Line Fit and Retrofit), and End-User (Commercial and Military)
Retro Fir Segment to dominate Asia Pacific Aircraft Wheels Market during 2020–2028
According to a new market research study on “Asia Pacific 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$ 718.03 million by 2028 from US$ 376.52 million in 2021. The market is estimated to grow at a CAGR of 9.7% from 2021 to 2028. The report provides opportunity prevailing in the Asia Pacific aircraft wheels market along with the drivers, trend and restraints pertaining to the market growth. Amplifying application of carbon-fiber-reinforced plastic-based wheels for rotary wing aircraft, accelerated use of CFRP composite in aircraft nose wheel manufacturing, and elevating volumes of aircraft orders and their deliveries are the major factor driving the growth of the Asia Pacific aircraft wheels market. However, widening life span of aircraft wheels hinder the growth of Asia Pacific aircraft wheels market.
The COVID-19 outbreak has resulted in a massive financial loss in the Asia Pacific region. The governments in Asia Pacific countries have been continuously taking possible steps to reduce its effects by announcing lockdown and physical distancing measures (post lockdown), which has negatively affecting the aircraft manufacturing sector. China is one of the leading aerospace manufacturing countries in the region and has been one of Asia Pacific's most affected countries during Q1 and Q2 of 2020. Due to this, the manufacturing facilities have been witnessing severe conditions in aircraft and aircraft component manufacturing facilities. The Airbus and Boeing manufacturing facilities in China were shut down for a longer period, which has negatively influenced the demand for aircraft wheels. Further, India, Australia, Japan, and South Korea are still combating the virus. However, the countries have eased the lockdown measures, which is reflecting the restart of manufacturing facilities. Nonetheless, the remarkable lower volumes of air travel passengers have slowed down the demand for various components among the OEMs regionally and internationally. This has been negatively affecting the aircraft wheels market.
The Asia Pacific 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 Australia, China, India, Japan, South Korea, and Rest of APAC. In 2020, China held the largest share in the market and India is expected to be the fastest growing country during the forecast period.
Collins Aerospace; Meggitt PLC; Honeywell International Inc.; Parker Hannifin Corporation; BERINGER AERO; and Lufthansa Technik are among the leading companies in the Asia Pacific 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.