Middle East and Africa Aircraft Wheels Market
The aircraft wheels market in the MEA is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The rest of MEA comprises Egypt, Turkey, Iran, Israel, Algeria, Nigeria, and Iraq. According to Stockholm International Peace Research Institute (SIPRI), Saudi Arabia is the largest military spender in MEA, and it invested US$ 57.5 billion in this sector in 2020. Turkey, Israel, Iran, and Algeria are among prominent military spenders in the region, after Saudi Arabia. Over the recent years, the civil aviation sectors in countries such as Saudi Arabia, Qatar, the UAE, and Kuwait have matured. According to the Federal Aviation Administration in the Middle East, the aviation industry is experiencing to grow at annual rate of 10%. Similarly, the African countries are experiencing growth in the aviation industry after rising air passenger count due to advances in the liberalization of air service agreements. The IATA projects are expecting growth in annual passengers by almost 5.9% over the next 20 years, which accounts for more than 300 million additional air passengers. Moreover, the steady growth in passenger traffic and fluctuations in traffic volumes at individual airports are expected to increase the demand for passenger aircraft. Therefore, the aircraft industry is growing sustainably. In addition, government initiatives in trade, tourism, and other transport sectors in different regions are boosting the development and employment in these sectors. A few of the leading aircraft manufacturers in the region are Israel Aerospace Industries, Elbit Systems Ltd., and Turkish Aerospace Industries. To meet the demands of customers, these manufacturers strive to pace up their manufacturing facilities and production lines. This factor is propelling the growth of the aircraft wheels market in MEA. Further, the rise in aircraft fleet would reflect a surge in MRO activities, which is anticipated to bolster the aircraft wheels market growth during the forecast period.
The MEA aircraft wheels market is majorly affected by the disruption in the supply chain. Pertaining to the closure of borders of countries, the supply chain of several components of aircraft have been disturbed. Thus, the demand for aircraft wheels have also has declined significantly. This has resulted in a loss of business among the aircraft wheels market players offering their products to respective customers in the MEA region. South Africa has few aircraft manufacturers; hence, they generate the demand for aircraft wheels in the country. The widespread COVID – 19 viruses have led the manufacturers to suspend their operations or operate with a minimal workforce temporarily. This has weakened the demand for aircraft components, thereby hindering the aircraft wheels market in the country. Additionally, the disruption in the supply chain of aircraft wheels raw materials due to the pandemic, the aircraft wheels business is expected to have an adverse effect on the aircraft wheels market in the country.
Strategic insights for the Middle East and Africa 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$ 93.12 Million |
| Market Size by 2028 | US$ 119.14 Million |
| Global CAGR (2021 - 2028) | 3.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa 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 Middle East & Africa is expected to grow from US$ 93.12 million in 2021 to US$ 119.14 million by 2028; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028. The conventional aircraft wheels are made of magnesium alloys. However, in modern times, manufacturers are increasingly exploring lightweight materials to manufacture aircraft wheels to attain great durability and low maintenance. Also, an aircraft wheel made of lightweight alloys helps an aircraft manufacturer achieve an optimum fuel efficiency level by reducing some portion of aircraft weight. Thus, in the wake of new technological developments in aircraft wheels, the manufacturers are extensively using various types of aluminum alloys to make the wheels light in weight and with better corrosion resistance. For instance, UTC Aerospace Systems (UTAS) is exploring a silver-based aluminum alloy to develop an aircraft wheel. The strength of new wheels made of silver-based aluminum is expected to increase by about 20%. In addition, the new silver-based aluminum alloy is projected to increase damage tolerance by around 70% owing to its stiffness and improved corrosion resistance. The silver-based aluminum variant is also likely to make the aircraft wheel lighter and reduce maintenance downtime. Hence, the rising adoption of lightweight alloys to manufacture aircraft wheel drives the growth of the aircraft wheels market.
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 Middle East & Africa 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.
The Middle East and Africa Aircraft Wheels Market is valued at US$ 93.12 Million in 2021, it is projected to reach US$ 119.14 Million by 2028.
As per our report Middle East and Africa Aircraft Wheels Market, the market size is valued at US$ 93.12 Million in 2021, projecting it to reach US$ 119.14 Million by 2028. This translates to a CAGR of approximately 3.6% during the forecast period.
The Middle East and Africa 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 Middle East and Africa Aircraft Wheels Market report:
The Middle East and Africa Aircraft Wheels Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa Aircraft Wheels Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Aircraft Wheels Market value chain can benefit from the information contained in a comprehensive market report.
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