Report : Europe 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)
Fixed Wing Aircraft Segment to dominate Europe Aircraft Wheels Market during 2020–2028
According to a new market research study on “Europe 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$ 782.65 million by 2028 from US$ 457.06 million in 2021. The market is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The report provides opportunity prevailing in the Europe aircraft wheels market along with the drivers, trend and restraints pertaining to the market growth. Raising adoption of lightweight alloy to manufacture aircraft wheels, boosting volumes of aircraft orders and their deliveries, and expanding use of CFRP composite in aircraft nose wheel manufacturing are the major factor driving the growth of the Europe aircraft wheels market. However, upgrading life span of aircraft wheels hinder the growth of Europe aircraft wheels market.
In Europe, several countries have been experiencing a continuous surge in the number of infected individuals. The European aviation industry is composed of aircraft OEMs, component suppliers, airlines, and MRO service providers. The outbreak of the COVID–19 viruses has affected each aviation business stakeholders' business in the region. Several airlines in the region have postponed the pending aircraft fleet's procurement dates to manage their current operational costs during COVID times and post-COVID times. This move by the airlines has led the aircraft OEMs and component suppliers to suffer economic loss. This factor has had a negative result on the European and international aircraft wheels market players. Airbus, the leading and forerunner in Europe's aircraft production volume, delivered 566 aircraft in 2020, compared to 863 aircraft in 2019. Apart from Airbus, other aircraft OEMs such as Dassault Aviation, Leonardo, Sukhoi, Tupolev, and Ilyushin, among others also faced severe challenge in delivering substantial number of aircraft models to respective customers. This affected the growth aircraft wheels market as the demand for these components declined among the European aircraft manufacturers mentioned above. France, Italy, the UK, and Russia, are among the key countries that have higher number of aircraft manufacturers as well as the worst-hit countries. The severe accentuation in spread of virus has harshly affected the regions aviation stakeholders.
The Europe 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 France, Germany, Italy, the UK, Russia, and Rest of Europe. In 2020, France held the largest share in the market and the UK is expected to be the fastest growing country during the forecast period.
Collins Aerospace; Meggitt PLC; Honeywell International Inc.; Parker Hannifin Corporation; BERINGER AERO; Lufthansa Technik; Zlin Aircraft a.s are among the leading companies in the Europe 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.