Market Introduction
The aircraft wheels MRO market in Europe is further segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. With more than 20,000 flights a day and ~500 million passengers flying every year, Europe has the world’s busiest airspace. The region is a tourism hotspot and a home to several business capitals, which makes air travel a preferred means of transport. Further, high GDP per capita, well-established aerospace infrastructure, and favorable aviation-related economic policies are among the prime factors driving the aviation industry in the region, which subsequently driving the aircraft wheels MRO market. The demand for modern aircraft in the commercial and military aircraft fleets in the region is also bolstering the market for aircraft wheels MRO market growth. The airlines in Europe need to adhere to the stringent rules and regulations set by European Aviation Safety Agency (EASA) to ensure passenger safety. Aircraft MRO aids in the maintenance process, thereby improving the reliability and productivity of the aircraft. Further, various inorganic and organic strategies adopted by market players, such as partnerships and acquisitions, are fueling the aircraft wheels MRO market growth in Europe. These strategies help them establish strong relationships with other suppliers. For example, Lufthansa Technik, the largest MRO service provider in Germany, teamed up with Collins Aerospace, a US-based aerospace and defense products supplier, to provide maintenance services for the main landing gear of the Airbus A380. In March 2020, TP Aerospace opened its first wheels MRO workshop in Moscow, Russia. In January 2021, Bombardier completed the acquisition of 160,000 sq. ft. MRO facility in Berlin, Germany, which from Lufthansa Technik and ExecuJet Aviation Group. In June 2021, Airbus Helicopter announced the acquisition of ZF Luftfahrttechnik to strengthen its MRO capabilities. Moreover, in March 2019, SR Technics announced the renewal of its wheels services contract with SWISS.
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.
Market Overview and Dynamics
The Europe aircraft wheels MRO market is expected to grow from US$ 168.12 million in 2021 to US$ 261.47 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. With the rapidly growing aviation industry from the last few years, the demand for aircraft wheels MRO services is also increasing. Emerging economies in the region are showcasing a significant rise in the adoption of MRO services for the components of commercial and military aircraft, including aircraft wheels. The well-established MRO hubs produce large revenues from the services provided for aircraft wheels. Further, several airlines observe substantial growth in passenger counts, which is compelling them to operate their aircraft fleet for extended periods. The flying frequency is directly proportional to the demand for MRO activities, involving the repair or replacement of wheels and other aircraft components. Additionally, countries such as UK, Germany, and Russia are witnessing a surge in aircraft wheels MRO services due to the rise in demand for passenger airline services. Thus, the growth in the number of aircraft MRO service providers and increase in aircraft fleet volumes is creating a favorable business environment for the aircraft wheels MRO market players and driving the Europe market growth.
Key Market Segments
In terms of wheel type, the main wheel segment accounted for the largest share of the Europe aircraft wheels MRO market in 2020. In terms of aircraft type, the narrowbody aircraft segment held a larger market share of the Europe aircraft wheels MRO market in 2020. Further, the non-destructive testing segment held a larger share of the Europe 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 Europe 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, Air Atlanta Aviaservices, AMETEK Inc., Lufthansa Technik, Röder Präzision GmbH, Technic Aviation, TP Aerospace., and World Aero.
Reasons to buy report
Europe Aircraft Wheels MRO Market Segmentation
Europe Aircraft Wheels MRO Market - By Wheel Type
Europe Aircraft Wheels MRO Market - By Aircraft Type
Europe Aircraft Wheels MRO Market - By Technology
Europe Aircraft Wheels MRO Market - By Country
Europe Aircraft Wheels MRO Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 168.12 Million |
| Market Size by 2028 | US$ 261.47 Million |
| CAGR (2021 - 2028) | 6.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Wheel Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Aircraft Wheels MRO Market is valued at US$ 168.12 Million in 2021, it is projected to reach US$ 261.47 Million by 2028.
As per our report Europe Aircraft Wheels MRO Market, the market size is valued at US$ 168.12 Million in 2021, projecting it to reach US$ 261.47 Million by 2028. This translates to a CAGR of approximately 6.5% during the forecast period.
The Europe Aircraft Wheels MRO Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Aircraft Wheels MRO Market report:
The Europe Aircraft Wheels MRO Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Aircraft Wheels MRO Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Aircraft Wheels MRO Market value chain can benefit from the information contained in a comprehensive market report.
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