Asia Pacific Aircraft Wheels Market
The aircraft wheels market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is characterized by the presence of emerging nations with significant military expenditure and defense R&D investments and favorable government initiatives, which boosts the growth of the defense sector in the respective nations. According to Boeing, the region is expected to receive ~17,390 deliveries between 2019 and 2038. In 2020, China, India, Japan, South Korea, and Australia were among the countries with the largest military spending in Asia Pacific, with the military expenditure of US$ 252 billion, US$ 66.9 billion, US$ 55 billion, US$ 44 billion, and US$ 27 billion, respectively. The increasing spending on military aircraft in China, Japan, and India through significant contracts to leading military aircraft manufacturers is expected to propel the adoption of line fit aircraft wheels in the coming years.
The COVID-19 outbreak has resulted in a massive financial loss in the Asia Pacific region. The governments in Asia Pacific countries have been continuously taking possible steps to reduce its effects by announcing lockdown and physical distancing measures (post lockdown), which has negatively affecting the aircraft manufacturing sector. China is one of the leading aerospace manufacturing countries in the region and has been one of Asia Pacific's most affected countries during Q1 and Q2 of 2020. Due to this, the manufacturing facilities have been witnessing severe conditions in aircraft and aircraft component manufacturing facilities. The Airbus and Boeing manufacturing facilities in China were shut down for a longer period, which has negatively influenced the demand for aircraft wheels. Further, India, Australia, Japan, and South Korea are still combating the virus. However, the countries have eased the lockdown measures, which is reflecting the restart of manufacturing facilities. Nonetheless, the remarkable lower volumes of air travel passengers have slowed down the demand for various components among the OEMs regionally and internationally. This has been negatively affecting the aircraft wheels market.
Strategic insights for the Asia Pacific Aircraft Wheels provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 376.52 Million |
| Market Size by 2028 | US$ 718.03 Million |
| Global CAGR (2021 - 2028) | 9.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Aircraft Wheels refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The aircraft wheels market in Asia Pacific is expected to grow from US$ 376.52 million in 2021 to US$ 718.03 million by 2028; it is estimated to grow at a CAGR of 9.7% from 2021 to 2028. The demand for aircraft is rising across the world owing to the rapidly growing airline industry in the developing economies due to continuously increasing demand for passenger airline services. In addition, the aviation industry is undergoing expansion at a rapid pace, recording significant production volumes and deliveries of aircraft (commercial and military) fleets. Specifically, the commercial aviation industry has witnessed tremendous growth in the past few years with the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Further, commercial aviation is surging owing to the mounting number of air travel passengers and aircraft procurements. This surge in aircraft production boosts the demand for aircraft wheels. The production volumes of aircraft are continuously rising to bridge the gap between its demand and supply. For instance, Boeing and Airbus received new aircraft orders of 1,008 and 831 in 2018 and 2019, respectively and delivered 806 and 800 aircraft in the given respective years. However, in 2020, the number of aircraft orders and deliveries dipped due to the COVID-19 outbreak. On the other side, with the huge backlogs of aircraft delivery and with the fresh receiving orders, the market is expected to pull back its growth in the post-pandemic era. Furthermore, the demand for line fit wheels is growing with the rising production of aircraft as the main landing gear system consists of multiple wheels. The detailed chart of required wheels for the respective aircraft model is given below in Table 1. Also, Table 2 highlights the count of orders and deliveries of Airbus and Boeing in 2018, 2019, and 2020 along with the total production of military aircraft in the given years.
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
A few major primary and secondary sources referred to for preparing this report on the aircraft wheels market in Asia Pacific 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; Lufthansa Technik; Grove Aircraft Landing Gear System Inc.; MATCO Manufacturing Inc.; and NMG Aerospace among others.
The Asia Pacific Aircraft Wheels Market is valued at US$ 376.52 Million in 2021, it is projected to reach US$ 718.03 Million by 2028.
As per our report Asia Pacific Aircraft Wheels Market, the market size is valued at US$ 376.52 Million in 2021, projecting it to reach US$ 718.03 Million by 2028. This translates to a CAGR of approximately 9.7% during the forecast period.
The Asia Pacific 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 Asia Pacific Aircraft Wheels Market report:
The Asia Pacific Aircraft Wheels Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Aircraft Wheels Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Aircraft Wheels Market value chain can benefit from the information contained in a comprehensive market report.
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