Report : North America Aircraft Wheels and Brakes Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Braking System, Wheels, and Brakes), Fit Type (Line Fit and Retro Fit), and End User (Defense and Commercial)
Brakes Segment to Dominate North America Aircraft Wheels and Brakes Market during 2020–2028
According to a new market research study on “North America 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$ 3,972.81 million by 2028 from US$ 2,645.80 million in 2021. The market is estimated to grow at a CAGR of 6.0% from 2021 to 2028. The report provides trends prevailing in the North America aircraft wheels and brakes market along with the drivers and restraints pertaining to the market growth. Increasing use of durable, lightweight, sturdy carbon brakes is the major factor driving the growth of the North America aircraft wheels and brakes market. However, recall of B737 max and discontinuation of A380 and B747 manufacturing may hinder the growth of North America aircraft wheels and brakes market.
In North America, the US witnessed the most severe impact of COVID-19 in 2020. The aircraft wheels and brake manufacturers and service providers in the region are affected due to imposition of nationwide lockdowns and travel restrictions, shutdown of production facilities, and shortage of employees. The massive outbreak created both a health crisis and an economic crisis in the North American countries, especially in the US, which also led to major disruptions in the aerospace industry, impacting supply chains, manufacturing, product sales, and so on. The COVID-19 pandemic has directly and indirectly impacted the industry’s short-term and long-term strategies. The pandemic has caused huge havoc in the airlines industry in North America due to huge net losses and delayed recovery. The aircraft industry in North America was one of the strongest performers in the pre-crisis period, however, IATA reports an estimated loss of ~US$ 45.8 billion in 2020 in the region. Nevertheless, in 2021, following the recovery, the net profit margin of the North American aerospace industry is anticipated to improve to –6.8% from –41.4% in 2020. The presence of large domestic markets is anticipated to drive the improvement. Recovery in demands for passenger, cargo, and military aircraft fleet is anticipated to boost manufacturing and sales of the aircraft wheels and brakes in the coming financial quarters.
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 North America 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 North America 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 North America aircraft wheels and brakes market. Based on country, the market is segmented into US, Canada, and Mexico. In 2020, the US held the largest share North America aircraft wheels and brakes market.
BERINGER AERO, Collins Aerospace, Crane Aerospace & Electronics, Grove Aircraft Landing Gear System Inc, Honeywell International Inc., JAY-Em Aerospace and Machine, Inc., MATCO Manufacturing Inc, Meggitt PLC, Parker Hannifin Corporation, and Safran are among the leading companies in the North America 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 2021, the US Air Force works to extend the operating life of the B-52 Stratofortress into the 2050s; Collins Aerospace, a Raytheon Technologies subsidiary, has been selected to design and manufacture a new wheel and carbon brake for the platform, resulting in a fleet refit of 77 aircraft.