North America Aircraft Wheels Market
North America is the largest aerospace market in the world owing to the presence of military and commercial aircraft manufactures and MRO service providers. Due to the positive outlook toward the adoption of new technologies coupled with the presence of a skilled workforce, favorable economic policies, and high GDP per capita, the North American aerospace industry has flourished. A few of the leading aircraft manufacturers operating in the region are Northrop Grumman, Gulfstream Aerospace, Boing, Textron, Bombardier, and Lockheed Martin. The manufacturers of wheels and suppliers of these aircraft companies have their manufacturing facilities across the region. Each manufacturing facility produces noteworthy volumes of wheels for various aircraft models. This factor is driving the growth of the aircraft wheels market in North America and is projected to offer growth opportunities for the market players during the forecast period. Canadian and US-based airlines, such as Delta Air Lines, American Airlines, Air Canada, United Airlines, and Southwest Airlines, have placed numerous orders for commercial aircraft that are scheduled to be delivered between 2021 and 2025. For instance, Delta Airlines placed an order of 95 A220 aircraft, out of which 12 A220 aircraft were supplied in May 2020 and the rest are scheduled to be delivered by the end of 2023. United Airlines is focusing on replacing some of its aging Boeing 767s and 757s with new-generation aircraft, such as Boeing 787 or long-range A321LR. Also, Frontier Airlines has ~175 A320 family aircraft on orders. Such developments and rising orders for commercial aircraft are positively favoring the line fit aircraft wheel businesses in North America and subsequently propelling the growth of the aircraft wheels market.
The US is the worst-hit country in North America. The continuous growth of infected individuals has led the government to impose lockdown across the nation's borders during Q2 and Q3 of 2020. The majority of the manufacturing plants either were temporarily shut or operated with minimum staff; the aircraft OEMs and aircraft components and associated product manufacturers witnessed disruption in supply chain; these are some of the North American countries' critical issues. Since the US has a larger density of aircraft manufacturers and aircraft associated technology and component manufacturers, followed by Canada and Mexico. The outbreak of the virus has severely affected the production of each. The lower number of manufacturing staff has resulted in lesser production quantity. From the aircraft OEM’s perspective, Boeing, the aviation giant in the region, has witnessed a significant fall in orders and production, which is one of the key restraining factors for the aircraft line fit wheels market. Apart from Boeing, several other aircraft OEMs such as Bombardier, Textron, and Gulfstream, among others, also experienced tremors of COVID–19 on their orders and production lines. From the supply side, the region has higher numbers of aircraft wheels market players. The restricted workforce, disruption in the supply chain, and limited volumes of orders have sternly shaken the aircraft wheels market players in the region.
Strategic insights for the North America 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$ 603.49 Million |
| Market Size by 2028 | US$ 906.17 Million |
| Global CAGR (2021 - 2028) | 6.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America is expected to grow from US$ 603.49 million in 2021 to US$ 906.17 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028. Presently, the majority of helicopters wheels are made of metallic light-alloy materials, such as aluminum or magnesium. However, wheels made of carbon-fiber-reinforced plastic (CFRP) are ~30%–40% less in weight than aluminum or magnesium alloy wheels. CFRP wheels are expected to offer improved corrosion resistance and noise, vibration, and harshness (NVH) performance. Also, these wheels are stiffer with improved fatigue life, which will extend their life. Manufacturers have already initiated the designing of CFRP-based wheels for rotary wing aircraft. For instance, in January 2021, Carbon Three-Sixty, an aircraft wheels manufacturing company, began to develop CFRP-based wheels for rotary wing aircraft. The company is expected to complete the wheel designing in the next 18 months. These composite wheels will also be interchangeable with existing wheels to make them suitable for retrofit applications. Hence, with the introduction of carbon-fiber-reinforced plastic-based wheels in rotary wing aircraft, the market is expected to flourish further in the coming years with an opportunity to penetrate the rotary wing aircraft wheels.
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 North 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; Lufthansa Technik; Grove Aircraft Landing Gear System Inc.; MATCO Manufacturing Inc.; and NMG Aerospace among others.
The North America Aircraft Wheels Market is valued at US$ 603.49 Million in 2021, it is projected to reach US$ 906.17 Million by 2028.
As per our report North America Aircraft Wheels Market, the market size is valued at US$ 603.49 Million in 2021, projecting it to reach US$ 906.17 Million by 2028. This translates to a CAGR of approximately 6.0% during the forecast period.
The North 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 North America Aircraft Wheels Market report:
The North America Aircraft Wheels Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Aircraft Wheels Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Aircraft Wheels Market value chain can benefit from the information contained in a comprehensive market report.
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