Asia-Pacific 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)
Market Introduction
The aircraft wheels MRO market in APAC is sub segmented into China, India, South Korea, Australia, Japan, and the Rest of APAC. The region is characterized by the presence of emerging economies such as China, South Korea, India, Malaysia, and Vietnam. Factors such as rising GDP per capita along with the growing share of upper-middle-class and middle class, presence of a large youth population, and growing inclination toward leisure and business tourism are boosting the commercial aviation industry growth. According to Boeing, APAC is expected to receive ~17,390 deliveries during 2019–2038. Thus, the proliferation of the commercial aviation industry is subsequently driving the aircraft wheels MRO market growth in the region. Further, governments across APAC are supporting the development of the aerospace and defense sector. For instance, the Government of India, in March 2020, reduced the Goods and Service Tax (GST) on MRO services from 18% to 5%. Moreover, the region is becoming an MRO hub as various aircraft and component manufacturers, as well as independent aircraft MRO players, are expanding their footprints in the region. For instance, in July 2021, Turkish Technic announced its plans to expand its operations in APAC by joining forces with Sapura Technics, a local maintenance service provider. In August 2021, Lockheed Martin Corporation proposed to set up an MRO facility for F-21 aircraft in India. Furthermore, in July 2021, Air Manas, Kyrgyzstan, awarded an A220 flight-hour services contract to Airbus. In September 2019, STARLUX Airlines, a Taiwan-based airline, awarded Triumph Group a two-year aircraft wheel MRO contract for its A321neo fleet. Strategic tie-ups for defense aircraft wheels MRO services and increasing MRO activities in emerging economies in APAC are the major factor driving the growth of the APAC aircraft wheels MRO market.
In case of COVID-19, APAC is highly affected specially India. The COVID-19 outbreak has resulted in a massive financial loss in the APAC region. The governments of countries in APAC have imposed lockdowns to contain the spread of virus, which has negatively affected the manufacturing sector. China is one of the leading aerospace manufacturing countries in the region; however, owing to the spread of the virus in 2020, the manufacturing facilities have been witnessing severe challenges in generating revenues from different markets. India, Japan, and several Southeast Asian countries are still combating the virus, which is a critical factor slowing the growth of the aircraft MRO market in the region. The aircraft maintenance service providers are observing noteworthy downfall in respective businesses, which is directly attributed to the lesser demand for the same among various end users, including airline operators. The outbreak has substantially disrupted the aircraft MRO services in the region, which had a negative impact on the market. The recovery period is expected to be faster than other regions, as several countries are anticipated to gain new airports in the coming years and governments of various countries, including China, are taking various initiatives to reduce the losses from the aviation industry. Several airlines in the region have retired their wide-body jets and narrow-body jets, which were prime customers of aftermarket products and services. This factor is anticipated to inhibit the aircraft wheels MRO market for the next few months. Thus, the retirement and long-term storage of wide-body jets is creating tremors in the aircraft wheels MRO market.
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Market Overview and Dynamics
The APAC aircraft wheels MRO market is expected to grow from US$ 139.89 million in 2021 to US$ 234.64 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The need for aircraft wheels maintenance, repairing, and overhauling (MRO) services has increased significantly in the past few years, owing to the rise in demand for passenger airline services. The growing demand for passenger airline services is resulting in extended flying hours of aircraft as well as frequent landing and takeoffs. The extended operational hours of aircraft are leading to a greater risk of wear and tear on aircraft wheels, subsequently underlining the need for a more frequent wheel retrofitting. In addition, major airline companies across the region are expanding their aircraft fleets to meet the escalating demand for airline services. In October 2019, Indigo Airlines decided to extend its aircraft fleet size and placed an order of 300 Airbus 320 neo aircraft. The increasing aircraft fleet sizes are further fueling the businesses of aircraft wheels MRO companies across the APAC region.
Key Market Segments
In terms of wheel type, the main wheel segment accounted for the largest share of the APAC aircraft wheels MRO market in 2020. In terms of aircraft type, the narrowbody aircraft segment held a larger market share of the APAC aircraft wheels MRO market in 2020. Further, the non-destructive testing segment held a larger share of the APAC aircraft wheels MRO market based on technology in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC aircraft wheels MRO market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AAR CORP; AEROSPACE MRO CO., LTD.; AMETEK Inc.; Lufthansa Technik; and TP Aerospace.
Reasons to buy report
- To understand the APAC aircraft wheels MRO market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC aircraft wheels MRO market
- Efficiently plan M&A and partnership deals in APAC aircraft wheels MRO market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC aircraft wheels MRO market
- Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.
APAC Aircraft Wheels MRO Market Segmentation
APAC Aircraft Wheels MRO Market - By Wheel Type
- Nose Wheel
- Main Wheel
APAC Aircraft Wheels MRO Market - By Aircraft Type
- Narrowbody Aircraft
- Widebody Aircraft
- General Aviation Aircraft
- Military Aircraft
- Helicopter
APAC Aircraft Wheels MRO Market - By Technology
- Inspection
- Non-destructive Testing
- Machining
- Others
APAC Aircraft Wheels MRO Market - By Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of APAC
APAC Aircraft Wheels MRO Market - Company Profiles
- AAR CORP
- AEROSPACE MRO CO., LTD.
- AMETEK Inc.
- Lufthansa Technik
- TP Aerospace.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Aircraft Wheels MRO Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat to New Entrants
4.2.4 Threat to Substitutes
4.2.5 Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Aircraft Wheels MRO Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand of Passenger Airline Services
5.1.2 Increasing MRO Activities in Emerging Economies in APAC
5.2 Market Restraints
5.2.1 Evolving Specifications of Aircraft Wheels
5.3 Market Opportunities
5.3.1 Strategic Tie-Ups for Defense Aircraft Wheels MRO Services
5.4 Future Trends
5.4.1 Partnerships, Acquisitions, and Strategic Collaborations
5.5 Impact Analysis of Drivers and Restraints
6. Aircraft Wheels MRO Market – APAC Analysis
6.1 APAC Aircraft Wheels MRO Market Overview
6.2 APAC Aircraft Wheel MRO Market Revenue Forecast and Analysis
7. APAC Aircraft Wheels MRO Market Analysis – By Wheel Type
7.1 Overview
7.2 APAC Aircraft Wheels MRO Market, By Wheel Type (2020 and 2028)
7.3 Nose Wheel
7.3.1 Overview
7.3.2 Nose Wheel: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Main Wheel
7.4.1 Overview
7.4.2 Main Wheel: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
8. APAC Aircraft Wheels MRO Market Analysis – By Aircraft Type
8.1 Overview
8.2 APAC Aircraft Wheels MRO Market, by Aircraft Type (2020 and 2028)
8.3 Narrowbody Aircraft
8.3.1 Overview
8.3.2 Narrowbody Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Widebody Aircraft
8.4.1 Overview
8.4.2 Widebody Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
8.5 General Aviation Aircraft
8.5.1 Overview
8.5.2 General Aviation Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Military Aircraft
8.6.1 Overview
8.6.2 Military Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Helicopter
8.7.1 Overview
8.7.2 Helicopter: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
9. APAC Aircraft Wheels MRO Market Analysis – By Technology
9.1 Overview
9.2 APAC Aircraft Wheels MRO Market, By Technology (2020 and 2028)
9.3 Inspection
9.3.1 Overview
9.3.2 Inspection: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Non-destructive Testing
9.4.1 Overview
9.4.2 Non-destructive Testing: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Machining
9.5.1 Overview
9.5.2 Machining: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
10. APAC Aircraft Wheels MRO Market – Country Analysis
10.1 Overview
10.1.1 APAC: Aircraft Wheels MRO Market, by Key Country
10.1.1.1 China: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 China: Aircraft Wheels MRO Market, By Wheel Type
10.1.1.1.2 China: Aircraft Wheels MRO Market, by Aircraft Type
10.1.1.1.3 China: Aircraft Wheels MRO Market, by Technology
10.1.1.2 Japan: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Japan: Aircraft Wheels MRO Market, By Wheel Type
10.1.1.2.2 Japan: Aircraft Wheels MRO Market, by Aircraft Type
10.1.1.2.3 Japan: Aircraft Wheels MRO Market, by Technology
10.1.1.3 India: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 India: Aircraft Wheels MRO Market, By Wheel Type
10.1.1.3.2 India: Aircraft Wheels MRO Market, by Aircraft Type
10.1.1.3.3 India: Aircraft Wheels MRO Market, by Technology
10.1.1.4 South Korea: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 South Korea: Aircraft Wheels MRO Market, By Wheel Type
10.1.1.4.2 South Korea: Aircraft Wheels MRO Market, by Aircraft Type
10.1.1.4.3 South Korea: Aircraft Wheels MRO Market, by Technology
10.1.1.5 Australia: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 Australia: Aircraft Wheels MRO Market, By Wheel Type
10.1.1.5.2 Australia: Aircraft Wheels MRO Market, by Aircraft Type
10.1.1.5.3 Australia: Aircraft Wheels MRO Market, by Technology
10.1.1.6 Rest of APAC: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of APAC: Aircraft Wheels MRO Market, By Wheel Type
10.1.1.6.2 Rest of APAC: Aircraft Wheels MRO Market, by Aircraft Type
10.1.1.6.3 Rest of APAC: Aircraft Wheels MRO Market, by Technology
11. APAC Aircraft Wheels MRO Market - COVID-19 Impact Analysis
11.1 APAC: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
13. Company Profiles
13.1 AAR CORP
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 AEROSPACE MRO CO., LTD.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 AMETEK Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Lufthansa Technik
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 TP Aerospace.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. APAC Aircraft Wheels MRO Market Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC: Aircraft Wheels MRO Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. China: Aircraft Wheels MRO Market, By Wheel Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. China: Aircraft Wheels MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. China: Aircraft Wheels MRO Market, by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 6. Japan: Aircraft Wheels MRO Market, By Wheel Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. Japan: Aircraft Wheels MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Japan: Aircraft Wheels MRO Market, by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 9. India: Aircraft Wheels MRO Market, By Wheel Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. India: Aircraft Wheels MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Aircraft Wheels MRO Market, by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 12. South Korea: Aircraft Wheels MRO Market, By Wheel Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. South Korea: Aircraft Wheels MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. South Korea: Aircraft Wheels MRO Market, by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 15. Australia: Aircraft Wheels MRO Market, By Wheel Type – Revenue and Forecast to 2028 (US$ Million)
Table 16. Australia: Aircraft Wheels MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Million)
Table 17. Australia: Aircraft Wheels MRO Market, by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of APAC: Aircraft Wheels MRO Market, By Wheel Type – Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of APAC: Aircraft Wheels MRO Market, by Aircraft Type – Revenue and Forecast to 2028 (US$ Million)
Table 20. Rest of APAC: Aircraft Wheels MRO Market, by Technology – Revenue and Forecast to 2028 (US$ Million)
Table 21. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Aircraft Wheels MRO Market Segmentation
Figure 2. APAC Aircraft Wheels MRO Market Segmentation – By Country
Figure 3. APAC Aircraft Wheels MRO Market Overview
Figure 4. APAC Aircraft Wheels MRO Market, By Wheel Type
Figure 5. APAC Aircraft Wheels MRO Market, By Aircraft Type
Figure 6. APAC Aircraft Wheels MRO Market, By Technology
Figure 7. APAC Aircraft Wheels MRO Market, By Country
Figure 8. Porter’s Five Forces Analysis
Figure 9. APAC Aircraft wheel MRO Market- Ecosystem Analysis
Figure 10. APAC Aircraft wheel MRO Market Impact Analysis of Drivers and Restraints
Figure 11. APAC Aircraft Wheels MRO Market Revenue Forecast and Analysis (US$ Million)
Figure 12. APAC Aircraft Wheels MRO Market Revenue Share, by Wheel Type (2020 and 2028)
Figure 13. APAC Nose Wheel: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Main Wheel: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Aircraft Wheels MRO Market Revenue Share, by Aircraft Type (2020 and 2028)
Figure 16. APAC Narrowbody Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Widebody Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC General Aviation Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC Military Aircraft: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. APAC Helicopter: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. APAC Aircraft Wheels MRO Market Revenue Share, by Technology (2020 and 2028)
Figure 22. APAC Inspection: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. APAC Non-destructive Testing: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. APAC Machining: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. APAC Others: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. APAC: Aircraft Wheels MRO Market Revenue Overview, by Country (2020) (US$ Mn)
Figure 27. APAC: Aircraft Wheels MRO Market Revenue Share, by Key Country (2020 and 2028)
Figure 28. China: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Japan: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. India: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. South Korea: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Australia: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Rest of APAC: Aircraft Wheels MRO Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Impact of COVID-19 Pandemic in APAC Country Markets
- AAR CORP
- AEROSPACE MRO CO., LTD.
- AMETEK Inc.
- Lufthansa Technik
- TP Aerospace.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the APAC aircraft wheels MRO market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC aircraft wheels MRO market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the aircraft wheels MRO market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution