Market Introduction
The South America aircraft wheels market is bifurcated into Brazil and the Rest of SAM. The rest of the South America comprises countries such as Argentina, Peru, Ecuador, Uruguay, and Venezuela. South America is currently facing economic and political instability, which is hampering the country’s economic growth. Despite such uncertainty, the growing middle-class population in the region is positively affecting the growth of the aviation industry in South America. Further, the demand for aircraft in this region is expected to increase in near future owing to the development of the airport infrastructure, improvement in the air transportation network, and the high share of low-cost transportation in domestic routes along with the active operation of large aviation holding companies and national airlines. The aforementioned factors are expected to propel the growth of the aircraft wheels market in this region.
Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, and Ecuador, among others. South America's government has taken an array of actions to protect their citizens and contain COVID-19's spread. Brazil is the largest spender in the aerospace industry and is the only modern aircraft manufacturing country in the region. Owing to this, the demand for components related to aircraft 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 the country has impaired the supply chain in Brazil. This has weakened the demand for several components, including aircraft wheels. Thus, the outbreak of COVID-19 has had a harsh impact on the South American aircraft wheels market, especially in Brazil.
Market Overview and Dynamics
The aircraft wheels market in South America is expected to grow from US$ 174.07 million in 2021 to US$ 243.55 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028. With the introduction of carbon-fiber-reinforced composite, aircraft wheel manufacturers are extensively using the material to design and manufacture an aircraft nose wheel. The material is known for its high stiffness and strength, which makes it compatible with an aircraft nose wheel. In addition, the composite material is lighter in weight than aluminum and magnesium alloy. Hence, the carbon-fiber-reinforced plastic (CFRP) based wheel is expected to reduce the mass density of an aircraft. This will result in lower fuel consumption and the aircraft can be operated economically. Also, the range or payload can be increased. At present, aircraft wheel manufacturers are developing aircraft wheels made of CFRP composite. For instance, Fraunhofer LBF is using the CFRP composite to develop nose wheels for an Airbus A320 aircraft. Hence, in the coming years, aircraft wheel manufacturers are expected to use CFRP material increasingly to manufacture aircraft nose wheels. Hence, the rise in use of CFRP composite material for manufacturing aircraft nose wheels are anticipated to grow among aircraft wheel manufacturers and become future trend.
Key Market Segments
In terms of type, the main wheel segment held a larger share in 2020. Based on aircraft type, fixed wing aircraft segment held the largest share in 2020. Based on fit type, retro fit segment held the largest share in 2020. Based on end-user, commercial segment held the largest share in 2020
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the aircraft wheels 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; Meggitt PLC; Honeywell International Inc.; Parker Hannifin Corporation; BERINGER AERO; and Lufthansa Technik among others.
Reasons to buy report
South America Aircraft Wheels Market Segmentation
South America Aircraft wheels Market – By Type
South America Aircraft Wheels Market – By Aircraft Type
South America Aircraft Wheels Market – By Fit Type
South America Aircraft Wheels Market – By End-user
South America Aircraft Wheels Market – By Country
South America Aircraft wheels market – Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 174.07 Million |
| Market Size by 2028 | US$ 243.55 Million |
| CAGR (2021 - 2028) | 4.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Aircraft Wheels Market is valued at US$ 174.07 Million in 2021, it is projected to reach US$ 243.55 Million by 2028.
As per our report South America Aircraft Wheels Market, the market size is valued at US$ 174.07 Million in 2021, projecting it to reach US$ 243.55 Million by 2028. This translates to a CAGR of approximately 4.9% during the forecast period.
The South America Aircraft Wheels 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 Market report:
The South America Aircraft Wheels 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 Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Aircraft Wheels Market value chain can benefit from the information contained in a comprehensive market report.
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