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

According to a new market research study on “Europe 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$ 3,431.28 million by 2028 from US$ 2,003.82 million in 2021. The market is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The report provides trends prevailing in the Europe aircraft wheels and brakes market along with the drivers and restraints pertaining to the market growth. Escalating demand for passenger airline services is the major factor driving the growth of the Europe aircraft wheels and brakes market. However, recall of B737 max and discontinuation of A380 and B747 manufacturing may hinder the growth of Europe aircraft wheels and brakes market.

The air transport sector plays an important role in economic growth and employment in many European countries. With the COVID-19 outbreak, the production and sales of aircraft wheels and brake came to a sudden halt in the most part of Europe. The collapse of demand side severely impacted the EU aerospace sector and reduced international trade, thereby putting the economies in deep crisis. The European aerospace industry began to witness airspace inefficiencies, activity delays, and declining flight counts with the initial spread of COVID-19. The global passenger volume contracted by 60.5%, and total cost of infrastructure declined by 45.4% in 2020, increasing unit costs. This reduced demand has severely impacted the regional aircraft wheels and brake market. The EU aerospace industry is anticipated to recover gradually due to a slower economic recovery and the importance of international services. As per the IATA estimates, Europe faced net loss of ~US$ 26.9 billion in 2020. In 2021, net losses are estimated to lower down to US$ 11.9 billion. However, the European aircraft manufacturing giant, Airbus, foresees faster recovery of the aviation industry and aircraft manufacturing. According to the company, the global and European aviation industry is expected to reach pre-COVID levels during 2023–2025. Owing to this, the company has been ramping up its production volumes to be capable of delivering a large number of orders. Airbus plans to produce 900 Airbus A320 family aircraft models per year by 2025, with 64 per month by 2023 and 75 units per month by 2025. The announcement of such strategies indicates a promising scenario for the growth of the manufacturers of aircraft components, including wheels and brakes.

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 Europe 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 Europe 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 Europe aircraft wheels and brakes market. Based on country, the market is segmented into UK, Germany, France, Italy, Russia, and rest of Europe. In 2020, France held the largest share Europe aircraft wheels and brakes market.

BERINGER AERO, Collins Aerospace, Crane Aerospace & Electronics, Honeywell International Inc, Meggitt PLC, Parker Hannifin Corporation, and Safran are among the leading companies in the Europe 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.