PUBLISHER: The Insight Partners | PRODUCT CODE: 1874038
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874038
The aircraft wheels market is anticipated to grow from US$ 1.89 billion in 2024 to US$ 3.12 billion by 2031, reflecting a compound annual growth rate (CAGR) of 8.15% during the period from 2031 to 2031. A significant trend driving this market is the increasing utilization of carbon-fiber-reinforced polymer (CFRP) composites in the production of aircraft nose wheels.
Aircraft Wheels Market Analysis
With the advent of carbon-fiber-reinforced composites, manufacturers of aircraft wheels are increasingly adopting this material for designing and producing nose wheels. CFRP is recognized for its exceptional stiffness and strength, making it an ideal choice for aircraft nose wheels. Additionally, CFRP is lighter than traditional materials like aluminum and magnesium alloys, which contributes to a reduction in the overall mass of the aircraft. This weight reduction leads to decreased fuel consumption and more economical operation, while also enhancing the aircraft's range and payload capacity. Currently, manufacturers are focused on developing CFRP-based aircraft wheels; for example, Fraunhofer LBF is working on CFRP nose wheels for the Airbus A320. As a result, the trend of using CFRP composites in aircraft nose wheel production is expected to gain momentum among manufacturers in the coming years.
Aircraft Wheels Market Overview
The ecosystem of the aircraft wheels market includes various stakeholders such as raw material suppliers, manufacturers of aircraft wheels, aircraft producers, and end-users. Manufacturers source raw materials and components like steel, aluminum, and magnesium alloys, as well as nuts and bolts from suppliers. They then assemble these materials into finished products. These manufacturers are key players in the aircraft wheels market, holding a substantial market share. Notable companies in this sector include Honeywell International Inc., Safran S.A., Parker Hannifin Corporation, Raytheon Technologies Corporation, and Matco Manufacturing Inc. These manufacturers supply aircraft wheels to major aircraft producers like Airbus, Boeing, Dassault Aviation, Bombardier, and Lockheed Martin Corporation, as well as to retrofitting service providers such as Lufthansa Technik, AAR Corporation, and TP Aerospace, who procure wheels for airlines and perform retrofitting during maintenance, repair, and overhaul (MRO) services.
Strategic Insights
Aircraft Wheels Market Drivers and Opportunities
Increasing Use of Lightweight Alloys in Aircraft Wheel Production
Traditionally, aircraft wheels have been constructed from magnesium alloys. However, manufacturers are now increasingly turning to lightweight materials to enhance durability and reduce maintenance needs. Lightweight alloy wheels contribute to improved fuel efficiency by decreasing the overall weight of the aircraft. Consequently, manufacturers are exploring various aluminum alloys to create lighter wheels with superior corrosion resistance. For instance, UTC Aerospace Systems (UTAS) is investigating a silver-based aluminum alloy for aircraft wheel development, which is expected to enhance strength by approximately 20% and improve damage tolerance by around 70% due to its stiffness and corrosion resistance. This new alloy is also anticipated to reduce the weight of the wheels and minimize maintenance downtime. Thus, the growing adoption of lightweight alloys in aircraft wheel manufacturing is a significant driver of market growth.
Growing Use of CFRP Wheels in Rotary Wing Aircraft
Currently, most helicopter wheels are made from lightweight metallic alloys like aluminum or magnesium. However, wheels constructed from carbon-fiber-reinforced plastic (CFRP) are approximately 30% to 40% lighter than their aluminum or magnesium counterparts. CFRP wheels are expected to provide enhanced corrosion resistance and improved noise, vibration, and harshness (NVH) performance. Additionally, these wheels exhibit greater stiffness and fatigue life, extending their operational lifespan. Manufacturers have begun designing CFRP wheels for rotary wing aircraft; for example, in January 2021, Carbon ThreeSixty, a UK-based manufacturer, initiated the development of CFRP wheels for rotary wing aircraft, with completion expected within 18 months. These composite wheels will also be compatible with existing wheels for retrofit applications. Therefore, the introduction of CFRP wheels in rotary wing aircraft is likely to further stimulate market growth in the coming years, presenting opportunities for expansion in this segment.
Aircraft Wheels Market Report Segmentation Analysis
The analysis of the aircraft wheels market is segmented by type, aircraft type, fit type, and end user.
Aircraft Wheels Market Share Analysis by Geography
The geographic analysis of the aircraft wheels market is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America led the market in 2023, followed by Asia Pacific and Europe. The Asia Pacific region is expected to experience the highest CAGR in the coming years and may surpass North America in market size. In 2023, China held the largest market share in the Asia Pacific region, while India is projected to have the highest CAGR moving forward. The rapid growth of the aviation sector and the rising demand for passenger airline services in India have significantly boosted commercial airline operations. This presents substantial opportunities for joint ventures and collaborations in India's aerospace sector, particularly in establishing MRO facilities. Consequently, the focus on aircraft manufacturing and the expansion of commercial airline services in India are expected to drive growth in the aircraft wheels market in the coming years.
Aircraft Wheels Market Report Scope
Aircraft Wheels Market News and Recent Developments
The aircraft wheels market analysis is based on qualitative and quantitative data collected through primary and secondary research, including corporate publications, association data, and databases. Recent developments in the aircraft wheels market include:
Aircraft Wheels Market Report Coverage and Deliverables
The report titled "Aircraft Wheels Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas: