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

According to a new market research study on “South 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$ 1,067.77 million by 2028 from US$ 763.13 million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The report provides trends prevailing in the South America aircraft wheels and brakes market along with the drivers and restraints pertaining to the market growth. Burgeoning demand for MRO activities in emerging economies is the major factor driving the growth of the South America aircraft wheels and brakes market. However, recall of B737 max and discontinuation of A380 and B747 manufacturing may hinder the growth of South America aircraft wheels and brakes market.

In South America Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, and Ecuador, among others. Governments of South American countries has taken all necessary actions to protect their citizens and control the COVID-19 spread. Brazil is the largest spender in the aerospace industry and the only modern aircraft manufacturing country in the region. Owing to this, the demand for components and aircraft related systems and technologies is at an all-time high in the country. In addition, the majority of the components are imported from the US, China, and European countries. The slowdown in commercial and military aircraft production in these countries has impaired the supply chain in Brazil. This has weakened the demand for several 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 South 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 South 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 South America aircraft wheels and brakes market. Based on country, the market is segmented into Brazil, Argentina, and rest of South America. In 2020, Brazil held the largest share South America aircraft wheels and brakes market.

Collins Aerospace, Honeywell International Inc, Meggitt PLC, Parker Hannifin Corporation, and Safran are among the leading companies in the South 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 2019, Meggitt PLC, a renowned international business that specializes in high-performance components and subsystems for the aerospace, defense, and certain energy markets, has been chosen to deliver brake and wheel modifications for the present and future ATR72 fleets.