New York, April 24, 2023 (GLOBE NEWSWIRE) -- The Europe Aircraft Wheel and Brake M.R.O. Market is forecasted to expand at a CAGR of 4.6% between 2023 and 2033. The aircraft wheel and brake M.R.O. market in Europe is expected to reach US$ 4.95 billion by the end of 2033.
As the demand for air travel continues to grow worldwide, demand for M.R.O. services for aircraft wheels and brakes has also increased.
- The International Air Transport Association estimates that global passenger traffic increased by 68% in 2021 as compared to 2020, and in December 2022, total traffic rose 39.7% as compared to December 2021 and reached 76.9% of the December 2019 level, exceeding the 5.5% average annual growth over the previous ten years and resulting in the growth of the airline industry.
The aviation industry will be fueled by this increase in passenger volume, which will also drive the expansion of the aircraft wheel and brake M.R.O. business in Europe. Companies are continuously exploring possible opportunities and striving to be at the forefront to tackle market challenges. Service providers are putting more emphasis on the development of innovative technologies that can be applied in a variety of end-use applications to further increase the longevity of components.
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Expansion of the aircraft wheel and brake M.R.O. market in Europe is being fueled by the various safety regulations for commercial aviation that are becoming increasingly stringent and require airlines to maintain their aircraft to high standards. This drives the demand for M.R.O. services as airlines must comply with these regulations to continue operating, as these components play a critical role in ensuring safe landings and take-offs.
Key Takeaways from Market Study
- By application, the commercial segment is expected to account for a leading market share of 80% in terms of value in 2023.
- Based on aircraft type, the narrow body segment is projected to hold more than 65% share of the European aircraft wheel and brake M.R.O. market in 2023. The segment is estimated to create an absolute dollar opportunity of US$ 1.24 billion between 2023 and 2033.
- Germany, the U.K., and Spain are expected to remain prominent markets in Europe with a high absolute opportunity growth rate as compared to other countries. These three are expected to account for more than 45% of the demand in Europe.
- The aircraft wheel and brake M.R.O. market in Europe is projected to reach US$ 4.95 billion by the end of 2033.
“Growing demand for air travel in Europe, enforcement of stringent safety regulations, and aging & expanding fleets are the major drivers for the demand for aircraft wheel and brake M.R.O.,” says a Persistence Market Research analyst.
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Competitive Landscape
The market in Europe is consolidated among leading service providers. Prominent players in the market are actively putting a significant share of their turnover in continuous technology development, which is an important tool to differentiate themselves from the competitors and position themselves in a high-quality niche.
Some of the key players in this industry include Collins Aerospace., Lufthansa Technik AG, Honeywell Aerospace, Delta Airlines Inc., AAR Corporation, and FL Technics, Inc.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the Europe aircraft wheel and brake M.R.O. market that contains an industry analysis of 2018 to 2022 and an opportunity assessment for 2023 to 2033.
The report provides an in-depth analysis of the market through different segments, namely, component, aircraft type, aircraft application, service provider, and country. The report also provides supply and demand trends along with an overview of the parent market.
For additional insights on the European aircraft wheel and brake M.R.O. market, write to media@persistencemarketresearch.com
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