Europe Aircraft Wheels and Brakes Market

Market Introduction

The European aerospace and defense industry acts as a major pillar in the European economy. According to the Aerospace and Defense Industries Association of Europe (ASD), the regional aerospace sector has significantly expanded registering a Y-o-Y sales growth of 5.2% in 2019. Positive net trade balance to the European economy generated by the European aerospace sector, technological transformation, and increase in demand for aircraft and aircraft components from the civil and military sector are driving the aircraft wheels and brakes market. The sector delivered strong economic performances with increased deliveries in the last few years and has witnessed a growth in civil and military aircraft demand, as well as stronger competition, which has resulted in significant efforts in the R&D and improvements in the manufacturing of wheels and brakes. Rise in innovation and technologies and sustainable and competitive products and services offered by the key market players are anticipated to boost the European aircraft wheels and brakes market. There is a growing demand for fiber-reinforced composites in the aviation industry in the EU, owing to their high specific stiffness and strength. Composite materials make up 22% of the large Airbus A380. Germany-based research institute Fraunhofer LBF is significantly focusing on the field of innovation by developing the first Carbon Fiber-Reinforced Plastics (CFRP) nose wheel for an A320. The commercialization of the CFRP nose wheel is expected to revolutionize the aircraft wheels industry, which is foreseen to boost the aircraft wheels and brakes market. Owing to the presence of prominent aircraft manufacturers such as Airbus, BAE Systems, Dassault Aviation, SAAB AB, and Ilyushin, and Tupolev, the production volume of various aircraft models (across commercial aircraft, general aviation aircraft, and military aircraft) is significant in the region. The production of aircraft is directly proportional to the demand for wheels and brakes, which is one of the key factors propelling the businesses of aircraft wheels and brakes market players. The aircraft manufacturing giant Airbus delivered 863 aircraft in 2019, while the number decreased to 566 units in 2020 as a result of COVID-19. However, according to a senior management official from Airbus, the company has been significantly ramping up its production volumes as the demand for aircraft fleet has been surging post lockdown. The aircraft manufacturers expect recovery to be led by the single-aisle segment. Hence, they are exploring opportunities to produce 75 A320 family aircraft per month by 2025 from an expected 45 by the end of 2021, registering around a 67% increase. Such statistics showcase a substantial rise in procurement of wheels and brakes, which is further expected to drive the aircraft wheels and brakes market. The region also houses several aircraft MRO companies such as AirFrance KLM Engineering and Maintenance, TAP Maintenance & Engineering, Lufthansa Technik AG, BAE Systems PLC, and Airbus SE, which is significantly enhancing the market growth. Various airlines in the region operate with MRO verticals to support their airline fleet. For instance, Germany-based Lufthansa Group offers a complete range of wheels and brakes overhaul services for all types of Boeing, Embraer, Bombardier, and Airbus aircraft models. The need for wheels and brake overhauling is consistently growing with the growth in the procurement of newer aircraft fleets. This is compelling the MRO service providers to maintain a substantial wheel, brakes, and braking systems inventory. This factor highlights the revenue generation in the European aircraft wheels and brakes market among the MRO facilities.

The air transport sector plays an important role in economic growth and employment in many European countries. With the COVID-19 outbreak, the production and sales of aircraft wheels and brake came to a sudden halt in the most part of Europe. The collapse of demand side severely impacted the EU aerospace sector and reduced international trade, thereby putting the economies in deep crisis. The European aerospace industry began to witness airspace inefficiencies, activity delays, and declining flight counts with the initial spread of COVID-19. The global passenger volume contracted by 60.5%, and total cost of infrastructure declined by 45.4% in 2020, increasing unit costs. This reduced demand has severely impacted the regional aircraft wheels and brake market. The EU aerospace industry is anticipated to recover gradually due to a slower economic recovery and the importance of international services. As per the IATA estimates, Europe faced net loss of ~US$ 26.9 billion in 2020. In 2021, net losses are estimated to lower down to US$ 11.9 billion. However, the European aircraft manufacturing giant, Airbus, foresees faster recovery of the aviation industry and aircraft manufacturing. According to the company, the global and European aviation industry is expected to reach pre-COVID levels during 2023–2025. Owing to this, the company has been ramping up its production volumes to be capable of delivering a large number of orders. Airbus plans to produce 900 Airbus A320 family aircraft models per year by 2025, with 64 per month by 2023 and 75 units per month by 2025. The announcement of such strategies indicates a promising scenario for the growth of the manufacturers of aircraft components, including wheels and brakes.

Market Overview and Dynamics

The aircraft wheels and brakes market in Europe is expected to grow from US$ 2,003.82 million in 2021 to US$ 3,431.28 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028. Burgeoning demand for MRO activities in emerging economies; with the rapidly growing aviation industry from the past few years, the demand for airline MRO services is also increasing. Emerging economies, such as those in Europe, are highly focused on extending MRO services to commercial as well as military aircrafts. Economic growth, increasing air passengers, and growing aviation infrastructure spending in European countries are the major factors driving the growth of the aircraft MRO services, which is subsequently providing lucrative opportunities for the growth of the aircraft wheels and brakes market. According to the International Air Transport Association, the total number of new passengers would increase to over 7.2 billion the next 20 years compare to 1.8 billion passengers travelled globally through airline in 2020, and it would further increase the fleet size and the demand for MRO activities for upgrading the aircraft fleet. The rising number of middle-class travelers is the main factor contributing to air travel growth in the region. The growth of air travel is positively impacting the growth of MRO facilities in the above-mentioned countries, which is thereby catalyzing the aircraft wheels and brakes market. The flying frequency is directly proportional to the demand for MRO activities. This factor is heavily influencing the growth of the country's aircraft MRO services business. Increased flying frequency are directly proportionate to higher demands for MRO services, including wheels and brakes repair or replacement. Thus, the growth in the number of aircraft MRO service providers and increase in aircraft fleet volumes is creating substantial business opportunities for the aircraft wheels and brakes market players.

Key Market Segments

Based on component, the market is segmented into braking systems, wheels, and brakes. In 2020, the brakes segment held the largest share Europe 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 Europe 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 Europe aircraft wheels and brakes market.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the aircraft wheels and brakes market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BERINGER AERO, Collins Aerospace, Crane Aerospace & Electronics, Honeywell International Inc., Meggitt PLC, Parker Hannifin Corporation, and Safran among others.

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• To understand the Europe aircraft wheels and brakes market landscape and identify market segments that are most likely to guarantee a strong return
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EUROPE AIRCRAFT WHEELS AND BRAKES MARKET SEGMENTATION

By Component

• Braking System
• Wheels
• Brakes

By Fit Type

• Line Fit
• Retro Fit

By End User

• Defense
• Commercial

By Country

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

Company Profiles

• BERINGER AERO
• Collins Aerospace
• Crane Aerospace & Electronics
• Honeywell International Inc.
• Meggitt PLC
• Parker Hannifin Corporation
• Safran

Europe Aircraft Wheels and Brakes Market Strategic Insights

Europe Aircraft Wheels and Brakes Market Segmentation Analysis

Europe Aircraft Wheels and Brakes Market Report Highlights

Europe Aircraft Wheels and Brakes Report Scope

Europe Aircraft Wheels and Brakes Market Country and Regional Insights