Aircraft Wheels Market

Recent Developments:

• In May 2021, Michelin entered into a three-year supply agreement with MJets Company Limited (MJets) to provide General Aviation tires. Under the agreement, Michelin delivered tires for Beechcraft, Cessna, Dassault, Gulfstream, Hawker, HondaJet, and King Air aircraft in service of MJets. MJets became Michelin’s General Aviation tires portfolio's authorized dealer in Southeast Asia and India Markets.

• In April 2021, Goodyear was selected by Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) as an exclusive tire provider for the Boeing 737 NG fleet (includes over 130 aircraft) of KLM Royal Dutch Airlines and Transavia Airlines (part of Air France-KLM Group). The agreement was signed for a period of 10 years.

Bias wheels, characterized by crisscrossing layers of ply cords, historically dominated the market but are gradually being supplanted by radial wheels, which offer superior performance, reduced weight, and enhanced fuel efficiency. Radial wheels are gaining traction owing to their ability to withstand higher speeds and heavier loads, making them increasingly popular in modern aircraft designs. Regarding application, the market is segmented into commercial aviation and military aviation. Commercial aviation represents a significant portion of the market, driven by the continuous expansion of the global airline industry and the increasing demand for new aircraft. Meanwhile, military aviation demands specialized wheels designed to withstand rigorous operational environments and support diverse mission requirements. The military segment presents opportunities for manufacturers to develop robust and innovative wheel solutions tailored to military aircraft needs. As the aviation sector evolves with technological advancements and changing market dynamics, stakeholders in the global aircraft wheels market must adapt to meet the unique requirements of both commercial and military aviation segments, while also innovating to stay ahead in the competitive landscape.

Global Aircraft Wheels Market Analysis

In this report, the Global Aircraft Wheels Market has been segmented by Construction Type, Application, and Geography.

Global Aircraft Wheels Market, Segmentation by Geography

In this report, the Global Aircraft Wheels Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global Aircraft Wheels Market Share (%), by Geographical Region, 2024

During the projected period, North America is anticipated to dominate the market share, primarily attributed to the presence of well-established aviation industries in the region. The increasing focus on technological advancements aimed at enhancing the quality of air travel further bolsters the growth trajectory of manufacturing firms operating within North America.

Similarly, Europe is positioned to exhibit a substantial market share and is poised to generate significant revenues in the projected markets. This growth is fueled by the growing demand for air travel and the continuous improvement of aircraft manufacturing facilities across the region.

The Asia Pacific region is identified as having significant potential for the Aircraft Wheel Market, driven by emerging advancements and the establishment of manufacturing firms in key countries such as India, China, and Japan. The robust growth in airlines, travel and tourism industries, coupled with the presence of major aircraft and aircraft parts manufacturers like Mitsubishi and JAXA, contribute significantly to the region's burgeoning market share.

This report provides an in depth analysis of various factors that impact the dynamics of Global Aircraft Wheels Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers

• Aircraft Fleet Expansion and Modernization
• Stringent Safety Regulations

• Focus on Fuel Efficiency and Sustainability- In response to global environmental concerns and the aviation industry's commitment to reducing carbon emissions, aircraft manufacturers and operators are increasingly prioritizing fuel efficiency and sustainability across all aspects of aircraft design and operation. Aircraft wheels, as integral components of an aircraft's landing gear system, play a vital role in achieving these objectives. One key aspect of enhancing fuel efficiency is reducing aircraft weight. Lightweight wheels contribute to overall weight reduction, which directly translates into lower fuel consumption and reduced carbon emissions during flight. Manufacturers are leveraging advanced materials and innovative design techniques to develop lightweight yet durable wheels that meet the stringent safety and performance standards of the aviation industry.

  Sustainability considerations are driving the adoption of eco-friendly materials and manufacturing processes in aircraft wheel production. Companies are exploring alternative materials with lower environmental footprints, such as recycled metals and composites, to minimize the ecological impact of manufacturing operations. Additionally, advancements in manufacturing technologies, such as additive manufacturing (3D printing), enable more efficient use of resources and reduced waste generation in the production of aircraft wheels.

Restraints

• Competition from Alternate Technologies

• Long Certification Process- Certification is a crucial aspect of the aerospace industry, ensuring that aircraft components, including wheels, meet stringent safety and quality standards mandated by regulatory bodies such as the Federal Aviation Administration (FAA) in the United States and the European Aviation Safety Agency (EASA) in Europe. However, the certification process for aircraft wheels is known to be intricate and time-consuming, involving rigorous testing, validation, and documentation procedures.

  The lengthy certification process poses several challenges for manufacturers and suppliers within the Aircraft Wheels Market. Firstly, it significantly extends the time-to-market for new wheel designs or technological innovations, delaying their introduction into commercial or military aircraft fleets. This delay can hamper the ability of manufacturers to respond promptly to evolving market demands or emerging industry trends, potentially resulting in missed opportunities or loss of competitive advantage. Moreover, the protracted certification timeline increases development costs and resource allocations for manufacturers, as they must allocate substantial resources towards meeting regulatory requirements and navigating the certification process. These increased costs may eventually be passed on to customers, potentially impacting pricing competitiveness within the market.

Opportunities

• Modernization and Upgradation Projects

• Expansion of the Business Jet and Regional Aircraft- As the demand for business travel and regional connectivity continues to rise globally, aircraft manufacturers are increasingly focusing on the development and production of business jets and regional aircraft to cater to these markets. Business jets are favored by corporate travelers and high-net-worth individuals for their flexibility, efficiency, and comfort. The growing number of businesses expanding their operations globally drives the demand for business jets, creating a substantial market for aircraft wheels. These wheels must meet stringent safety standards while offering durability, reliability, and performance to ensure smooth operations for business jet owners and operators.

  Similarly, the regional aircraft market is witnessing robust growth due to the increasing need for efficient and reliable air transportation in underserved or remote regions. Regional airlines play a crucial role in connecting smaller cities and towns, driving economic growth and facilitating travel for passengers. As regional aircraft fleets expand, there is a corresponding demand for high-quality wheels that can withstand the rigorous demands of short-haul flights and frequent takeoffs and landings. Manufacturers in the Aircraft Wheels Market are poised to capitalize on these opportunities by designing and producing technologically advanced wheels tailored to the specific requirements of business jets and regional aircraft. This includes the development of lightweight yet durable materials, advanced braking systems, and innovative tire designs to enhance performance, fuel efficiency, and safety.

Key players in Global Aircraft Wheels Market include:

• Safran Landing Systems
• Honeywell International Inc
• Collins Aerospace (UTC)
• Magellan Aerospace Corporation
• Meggitt PLC
• Beringer Aero
• GKN Aerospace
• Parker Hannifin Corporation
• Dunlop Aircraft Tyres Ltd
• Michelin Aircraft Tyre
• Goodyear Tire & Rubber Co
• Aircraft Spruce and Specialty Co
• Dart Aerospace
• B/E Aerospace, Inc
• Hutchinson Aerospace & Industry
• Rosen Aviation
• UTC Aerospace Systems
• Grove Aircraft Landing Gear Systems Inc
• Desser Tire & Rubber Co. LLC
• General Aviation Modifications Inc

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis