Report : Europe 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)
Narrowbody Aircraft Segment to Dominate Europe Aircraft Wheels MRO Market During 2021–2028
According to a new market research study on “Europe 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$ 261.47 million by 2028 from US$ 168.12 million in 2021. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report provides trends prevailing in the Europe aircraft wheels MRO market along with the drivers and restraints pertaining to the market growth. Escalating demand of passenger airline services and growing partnerships, acquisitions, and strategic collaborations are the major factor driving the growth of the Europe aircraft wheels MRO market. However, evolving specifications of aircraft wheels hinder the growth of Europe aircraft wheels MRO market.
In case of COVID-19, Europe is highly affected specially France and Russia. The region is expected to suffer an economic hit due to the lack of revenue from various industries, as several other countries such as the UK, Germany, and Italy has also recorded the large no. of coronavirus cases. Additionally, with the outbreak of another variant of COVID-19 in the UK, the aircraft wheels MRO market is expected to get hampered. European countries have a substantial number of airline operators across respective territories. Owing to the severity of the situation, the aircraft wheels MRO manufacturers operating in the countries are experiencing substantially lesser orders, which is hampering the aircraft MRO manufacturer’s business. This, in turn, is ultimately negatively affecting the aircraft wheels MRO market in the region. The A380 passenger aircraft were discontinued during the COVID-19 pandemic as most of these aircraft were grounded due to their high passenger capacity and low fuel efficiency, compared to smaller aircraft. The vacant seats and low passenger count shifted the airlines toward narrow-body aircraft. Airbus A380 is one of the largest revenue-generating aircraft for the MRO market; hence, its discontinuation due to the COVID-19 crisis in 2020 has affected the market growth. For instance, in February 2021, Lufthansa Group also initiated the strategy to replace A380 and 747 with new smaller type aircraft due to consequence of the low air transportation in 2020.
The Europe 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 Europe 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 Europe 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 Europe 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 the UK, Germany, France, Italy, Russia, and rest of Europe.
AAR CORP, Air Atlanta Aviaservices, AMETEK Inc., Lufthansa Technik, Röder Präzision GmbH, Technic Aviation, TP Aerospace., and World Aero are among the leading companies in the Europe 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, AAR, a leading provider of aviation services to commercial and government operators, MRO s and OEMs, has signed a multi-year agreement to perform airframe maintenance on United Airlines’ narrow-body aircraft fleet at its MRO facility in Rockford, IL.
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