New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Aircraft Wheels and Brakes Market: Key Insights
According to our new research study on “Aircraft Wheels and Brakes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Fit Type, End User, and Geography,” the Aircraft Wheels and Brakes Market is projected to grow from US$ 7,471.74 million in 2021 to US$ 12,142.18 million by 2028; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028.
Aircraft Wheels and Brakes Market: Competitive Landscape and Key Developments
In 2021, the US Air Force announced that it is working to extend the operating life of the B-52 Stratofortress so that it can operate into the 2050s. Collins Aerospace has been selected to design and manufacture a new wheel and carbon brake for the platform, resulting in a fleet refit of 77 aircraft.
In 2020, Collins Aerospace's long-lasting wheels and carbon brakes continue to assist C-130 operators in saving time and money on maintenance. The company, which is a division of Raytheon Technologies, announced the completion of the first upgrade of new wheels and brakes for the US Navy's fleet of C-130T and KC-130T aircraft.
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Based on component, the global aircraft wheels and brakes market is segmented into braking system, wheels, and brakes. Aircraft brakes comprise steel brakes, carbon brakes, and electric brakes. Carbon brakes are extensively used in modern-day’s aircraft as they are considerably lighter than steel brakes. Carbon brakes are sturdier and can operate in up to 3,000°C temperatures. Also, these brakes require less maintenance as they can handle around 2,000 landings on average. The aircraft wheels and brakes market for the aircraft brakes segment is growing at a significant rate owing to the increasing frequency of aircraft’s landings and takeoffs due to the increasing demand for passenger aircraft fleet and cargo aircraft fleet and growing military aircraft application for defense purposes. Also, the increasing number of new aircraft to meet the requirement of major airline companies’ fleet size is expected to proliferate the demand for aircraft brakes in the coming years. Electric hydraulic brakes have fewer components than traditional hydraulic brakes, as well as they have better control over aircraft. There are no hydraulic fluids in the electric brakes; therefore, it reduces the weight of brakes and the risk of fluid leakage, which are two key attractions for the electric brakes among aircraft manufacturers. Hence, with the increasing activities in defense and commercial aviation, rising production of commercial and military aircraft, and the high volume of brakes MRO activity, the aircraft wheels and brakes market for the brakes segment is expected to grow during the forecast period.
North America dominates the global aircraft wheels and brakes market owing to the substantial production volume of commercial and military aircraft fleets and the continuously growing number of air passengers. According to the International Civil Aviation Organization (ICAO), the total passenger traffic of North America is expected to grow by around 3.1% annually by 2045, which is anticipated to boost the production of aircraft and demand for aircraft wheels and brakes in the coming years. Improvements in airport infrastructure, installation of advanced air traffic control and air navigation systems, and better safety and security services are estimated to promote the aviation sector in North America. Government investments in the travel industry and powerful incentives for foreign direct investors to explore economic opportunities in the region’s air transportation sector are also likely to augment North America’s aircraft industry and increase the demand for the aircraft wheels and brakes market during the forecast period.
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Growth in air transport activities, focus on NextGen air transportation systems, and presence of key players that are significantly investing in R&D to develop technologically advanced braking systems are estimated to boost North America’s aircraft wheels and brakes market during the forecast period. The increasing demand for lightweight aircraft in the commercial and military sectors has created a need for lightweight electric brakes. Alaska Airlines, United Airlines, American Airlines, Delta Air Lines, and Southwest Airlines are among the key companies in the North American aviation sector that are investing millions of dollars in the R&D of newer and advanced technologies in partnership with several technology developers. Also, these airlines continuously procure high volumes of aircraft, which enables the aircraft OEMs to procure a significant volume of wheels and brakes. This is catalyzing the aircraft wheels and brakes market. Significant rise in the assembly of wheels and braking systems in an aircraft and replacement of old components and requirement of maintenance services are bolstering the market growth. There is a high demand for long-lasting wheels and carbon brakes, which is encouraging manufacturers to upgrade the existing systems, thereby enhancing market growth.
The aircraft manufacturing industry has been reliant on steel-based brakes over the decades; however, in the recent years, the industry players have extensively shifted their focus toward carbon brakes. This is mainly attributed to the low weight and greater durability of carbon. The lighter weight of carbon brakes helps manufacturers in keeping the weight of aircraft models lower than those with traditional brakes; the lightweight aircraft fleets operate with greater fuel efficiency and lowered CO2 emissions. Aircraft weight and CO2 emissions are the two critical parameters of focus in the aircraft manufacturing industry. Moreover, carbon brakes facilitate cost-saving as the sturdier nature of carbon offers brakes additional strength along with an ability to operate in adverse environments. Further, carbon brakes require lesser maintenance as they can handle ~2,000 landings on average. Hence, carbon brakes are being used extensively in modern aircraft models to reduce overall operational costs, including brakes maintenance, repairing, and overhaul (MRO) costs. Carbon brakes are compatible with all modern commercial and military aircraft models, which enable the retrofitting of carbon brakes with ease. Hence, these brakes find applications in the MRO activities of older aircraft fleets, which require maintenance. Thus, the escalating adoption of carbon brakes into commercial and military aircraft is fueling the aircraft wheels and brakes market growth.
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Aircraft Wheels and Brakes Market: Component Overview
Based on component, the global aircraft wheels and brakes market is segmented into braking system, wheels, and brakes. Electric brakes have emerged as an attractive alternative to conventional aircraft brake systems due to their benefits such as reduction in fuel consumption and CO2 emissions due to optimized weight of aircraft. These brake systems come with easy installation procedures and maintenance requirements, which simplifies the process of retrofitting for aircraft MRO services players. The electric brake systems integrate smart features such as real-time assessment of carbon disk wear and quick data transmission to the cockpit to bring greater convenience in aircraft operations. The anti-oxidation coating on brakes increases their service life and provides better protection against de-icing products. Electric brakes are predominantly used in several military aircraft models; on the other hand, B787 Dreamliner is the only commercial aircraft model that uses electric brakes. Advanced features such as real-time assessment reporting and data transmission make it popular among aircraft manufacturers. With these benefits, electric brake systems are anticipated to become a prominent trend in the aircraft wheels and brakes market in the coming years.
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