PUBLISHER: The Insight Partners | PRODUCT CODE: 1874039
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874039
The aircraft wheels MRO market is anticipated to grow from US$ 0.71 billion in 2024 to US$ 1.29 billion by 2031, reflecting a compound annual growth rate (CAGR) of 9.22% during the period from 2031 to 2031. A significant trend in this market is the increasing use of fiber-reinforced plastic wheels.
Analysis of the Aircraft Wheels MRO Market
The global aerospace and defense sector includes numerous established aircraft manufacturers that hold a considerable share of the aircraft market. With a wide array of aircraft wheels MRO service providers available, both small and large aircraft operators possess considerable bargaining power to secure high-quality MRO services at competitive prices. Consequently, buyers in the aircraft wheels MRO market enjoy a strong bargaining position due to their specific needs and the abundance of service providers.
Overview of the Aircraft Wheels MRO Market
The ecosystem of the aircraft wheels MRO market consists of several stakeholders: manufacturers of aircraft wheels, MRO companies, and end-users. Manufacturers source raw materials like steel, aluminum, and magnesium alloys, along with components such as nuts and bolts, to produce aircraft wheels. MRO companies then acquire these wheels from manufacturers and play a crucial role in the market, holding a significant market share. Notable players in this sector include AAR Corp, Aerorepair Corp, AMETEK Inc, Lufthansa Technik, and TP Aerospace. End-users, which include airlines, military forces, and general aviation companies, are the final link in this chain, retrofitting aircraft wheels through MRO companies.
Strategic Insights
Drivers and Opportunities in the Aircraft Wheels MRO Market
Growth of the Global Commercial Aircraft Fleet
The increasing number of commercial aircraft deliveries worldwide is propelling the growth of the wheels MRO market. The mass production of commercial aircraft is driving the demand for new wheel installations across various regions. For example, Airbus delivered approximately 735 aircraft in 2023, marking an 11% increase from 2022. Additionally, the global commercial aircraft fleet is expanding, with estimates indicating it grew from 27,385 aircraft in 2023 to 28,398 in 2024, and is projected to reach around 36,413 aircraft by 2034. This growth is expected to further stimulate the wheels MRO market in the coming years globally.
Expansion of the Aircraft MRO Industry
The aviation industry has been rapidly expanding in recent years, leading to a heightened demand for airline MRO services. Emerging economies, particularly in the Asia-Pacific region, are increasingly focused on enhancing MRO services for both commercial and military aircraft. Factors such as economic growth, rising air passenger numbers, and increased investment in aviation infrastructure in APAC countries are driving the growth of aircraft MRO services, thereby creating lucrative opportunities for the aircraft wheels MRO market. According to The Insight Partner's analysis, the global aircraft MRO industry is expected to exceed US$ 140 billion by 2034, which will likely generate new demand for aircraft wheels MRO in the years ahead.
Segmentation Analysis of the Aircraft Wheels MRO Market
Key segments contributing to the aircraft wheels MRO market analysis include wheel type, aircraft type, and technology.
Geographical Analysis of the Aircraft Wheels MRO Market
The geographical scope of the aircraft wheels MRO market report is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In 2024, Asia Pacific led the market, followed by North America and Europe, and is expected to experience the highest CAGR in the coming years. China was the dominant player in the Asia Pacific aircraft wheels MRO market in 2024, driven by the demand from MRO operations for its large fleet. For instance, China's commercial aircraft fleet was 3,821 in 2023 and is projected to grow to approximately 6,321 aircraft by 2033. Furthermore, Airbus forecasts indicate that over 9,000 aircraft will be delivered in China from 2023 to 2042, which is likely to enhance the fleet size and create new opportunities for wheels MRO in the country in the coming years.
Scope of the Aircraft Wheels MRO Market Report
Recent Developments in the Aircraft Wheels MRO Market
The aircraft wheels MRO market is assessed through qualitative and quantitative data collected from primary and secondary research, including significant corporate publications, association data, and databases. Some recent developments in the aircraft wheels MRO market include:
Coverage and Deliverables of the Aircraft Wheels MRO Market Report
The report titled "Aircraft Wheels MRO Market Size and Forecast (2021-2031)" offers a comprehensive analysis of the market, covering the following areas: