Market Introduction
South American aviation sector presents enormous growth potential, owing to the increasing air passenger traffic, aircraft orders and deliveries, government initiatives, and funding toward the defense sector and technological advancements. The aviation market in SAM and the Caribbean is expected to witness growth, in terms of both interregional connectivity and connections with the rest of the world. The SAM aviation industry occupies a significant share in the global market. This is majorly attributed to the authorities of the region that have introduced an operational and regulatory framework to enable the airlines to make the greatest possible economic contribution and maximize aviation’s benefits for national and regional development. Rising sustainable development goals, addressing infrastructure bottlenecks, and planning to respond to growing passenger and cargo demand are anticipated to boost the SAM aerospace sector during the forecast period. This will provide a promising growth opportunity for the aircraft wheels and brakes market players. The key players in the SAM aerospace industry include Embraer SA., Airbus SE., Boeing Company, Lockheed Martin Corporation, and Bombardier Inc. Increase in plans to modernize military aircraft fleet, growth of low-cost carriers, and privatization of Brazil, Jamaica, Honduras, Paraguay, and Peru airports are expected to develop the airport infrastructure, thereby increasing the number of MRO service providers. This, in turn, would boost the demand for lightweight and efficient aircraft components such as wheels and brakes over the years. This factor is seen to be an influential factor for the 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.
Market Overview and Dynamics
The aircraft wheels and brakes market in South America is expected to grow from US$ 763.13 million in 2021 to US$ 1,067.77 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028. Surge in demand for passenger airline services; commercial airline traffic has increased at a noteworthy rate in the past few months, after a notable decrease in COVID-19 cases in many parts of the world. Further, a rise in passenger airline operations highlights the need for additional aircraft to reduce the operational burden of existing fleets, thus compelling the airline companies to procure new aircraft fleets. In June 2021, United Airlines, Inc. rolled out its purchase order of 200 Boeing 737 (including 50 B737 Max 8s and 150 737 Max 10s) and 70 Airbus 321 Neo fleet. Similarly, Indigo Airlines received 44 A320 Neo aircraft in January 2020, and it is yet to receive more than 250 aircraft models. Hence, the rising production and procurement of new aircraft fleets, in response to the growing demand for passenger airline services, is boosting the adoption of aircraft wheels and brakes, thereby driving the market growth.
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 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.
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 South America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Collins Aerospace, Honeywell International Inc., Meggitt PLC, Parker Hannifin Corporation, and Safran among others.
Reasons to buy report
SOUTH AMERICA AIRCRAFT WHEELS AND BRAKES MARKET SEGMENTATION
By Component
By Fit Type
By End User
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 763.13 Million |
| Market Size by 2028 | US$ 1,067.77 Million |
| CAGR (2021 - 2028) | 4.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Aircraft Wheels and Brakes Market is valued at US$ 763.13 Million in 2021, it is projected to reach US$ 1,067.77 Million by 2028.
As per our report South America Aircraft Wheels and Brakes Market, the market size is valued at US$ 763.13 Million in 2021, projecting it to reach US$ 1,067.77 Million by 2028. This translates to a CAGR of approximately 4.9% during the forecast period.
The South America Aircraft Wheels and Brakes 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 South America Aircraft Wheels and Brakes Market report:
The South America Aircraft Wheels and Brakes Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Aircraft Wheels and Brakes Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Aircraft Wheels and Brakes Market value chain can benefit from the information contained in a comprehensive market report.
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