Report : Asia-Pacific Aircraft Wheels MRO Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Wheel Type (Nose Wheel and Main Wheel), Aircraft Type (Narrowbody Aircraft, Widebody Aircraft, General Aviation Aircraft, Military Aircraft, and Helicopter), and Technology (Inspection, Non-destructive Testing, Machining, and Others)
Non-destructive Testing Segment to Dominate APAC Aircraft Wheels MRO Market During 2021–2028
According to a new market research study on “APAC Aircraft Wheels MRO Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Wheel Type, Aircraft Type, and Technology” is expected to reach US$ 234.64 million by 2028 from US$ 139.89 million in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the APAC aircraft wheels MRO market along with the drivers and restraints pertaining to the market growth. Strategic tie-ups for defense aircraft wheels MRO services and increasing MRO activities in emerging economies in APAC are the major factor driving the growth of the APAC aircraft wheels MRO market. However, evolving specifications of aircraft wheels hinder the growth of APAC aircraft wheels MRO market.
In case of COVID-19, APAC is highly affected specially India. The COVID-19 outbreak has resulted in a massive financial loss in the APAC region. The governments of countries in APAC have imposed lockdowns to contain the spread of virus, which has negatively affected the manufacturing sector. China is one of the leading aerospace manufacturing countries in the region; however, owing to the spread of the virus in 2020, the manufacturing facilities have been witnessing severe challenges in generating revenues from different markets. India, Japan, and several Southeast Asian countries are still combating the virus, which is a critical factor slowing the growth of the aircraft MRO market in the region. The aircraft maintenance service providers are observing noteworthy downfall in respective businesses, which is directly attributed to the lesser demand for the same among various end users, including airline operators. The outbreak has substantially disrupted the aircraft MRO services in the region, which had a negative impact on the market. The recovery period is expected to be faster than other regions, as several countries are anticipated to gain new airports in the coming years and governments of various countries, including China, are taking various initiatives to reduce the losses from the aviation industry. Several airlines in the region have retired their wide-body jets and narrow-body jets, which were prime customers of aftermarket products and services. This factor is anticipated to inhibit the aircraft wheels MRO market for the next few months. Thus, the retirement and long-term storage of wide-body jets is creating tremors in the aircraft wheels MRO market.
The APAC aircraft wheels MRO market is segmented based on wheel type, aircraft type, technology, and country. Based on wheel type, the market is segmented into nose wheel and main wheel. The main wheel segment dominated the APAC aircraft wheels MRO market in 2020 and same segment is expected to be fastest growing during forecast period. Based on aircraft type, the market is bifurcated into narrowbody aircraft, widebody aircraft, general aviation aircraft, military aircraft, and helicopter. The narrowbody aircraft segment dominated the APAC aircraft wheels MRO market in 2020 and widebody aircraft segment is expected to be fastest growing during forecast period. Based on technology, the market is segmented into inspection, non-destructive testing, machining, and others. The non-destructive testing segment dominated the APAC aircraft wheels MRO market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
AAR CORP; AEROSPACE MRO CO., LTD.; AMETEK Inc.; Lufthansa Technik; and TP Aerospace. are among the leading companies in the APAC aircraft wheels MRO 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 2021, AMERON, of AMETEK MRO, has recently been approved to sell 29 types of aircraft PMA pyrotechnic parts in China by the Civil Aviation Administration of China (CAAC) through a Validation of Supplemental Type Certificate (VSTC).
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