As a crucial part of the landing gear for any type of airplane, new-age aircraft wheels and tires are being conceptualized to be low-weight and have optimal material strength, which is brought about with innovations in metal forging and casting processes along with improved functionality such as integration of different types of disk braking systems.
Increasing Number of Passengers Opting for Air Travel
Air travel around the world is expected to see a massive boost in the following 10 years owing to reduced fares for air travel resulting from strong competition in the field and enhanced power efficiency during this period. In addition, the number of passengers using air travel is also expected to double from 3.8 billion to 7.2 billion by 2035. This is expected to push up the orders for aircraft production, for expanding airline fleets and consequently the demand of aircraft wheels.
The rapidly expanding fleets of airlines globally, particularly for narrow-body aircraft has created demand for maintenance and repair activities, which gives aircraft wheels manufacturers better prospects for the future. Moreover, activities involving leasing of old aircrafts also gives new opportunities for aircraft wheel manufacturers arising from refurbishment requirements.
However, it’s not all good news for the aircraft wheels market, the prohibitory amounts of initial investments in manpower, time, and money to produce aircrafts often creates delivery backlogs. This is one of the key restraining factors for the aircraft wheels manufacturers. In addition, at present the infrastructure of supply chains for aircraft wheel manufacturers is rather limited in scope, further creating problems in the growth of the industry.
Technological Innovations to Remain Key Growth Factor
Top aircraft wheel producers such as Beringer Aero USA, Goodyear, the Parker Hannifin Corporation, Michelin, Meggitt PLC, and United Technologies Corporation, among others are increasingly emphasizing on technical innovations to attract major end users such as Boeing and Airbus.
- Michelin launched new bias PILOT range tires with high performance characteristics that enable it to have enhanced durability, high resistance to wear and tear, and multi-weather operability. This is made possible through enhanced carcass construction, ozone and ultra violet light resistant compound materials, and significantly deeper depth of skids, which works well with small to medium sized aircrafts.
- Goodyear Aviation Tires launched a wide range of aircraft wheels for military aircraft, which allows for increased loads, a design to boost the durability of the casing, and unique body shapes to reduce stress on the body from operation on different landing surfaces.
- United Technologies Corporation increased emphasis on the repair and overhaul sector for aircraft wheels through the relocation of their facilities to a larger site within London, to provide services for around 14000 wheels, more than 5000 heat sinks, and more than 2000 brakes for every year for a wide spectrum of airline clients. Similarly, this company has also created a facility in Hong Kong to service clients in the Asia Pacific Region, by doubling the size the site of MRO facility here.
Duopoly by Boeing and Airbus Pumping Revenue into North American and Western European Markets
Europe based Airbus and U.S. based Boeing are expected to continue as leaders of the commercial aircraft producers with several thousand production orders in the past couple of years alone. Owing to the demand for aircraft tires by these airplane manufacturers, the demand for aircraft wheels is also going to show a rapid rise in the same regions.
Asia Pacific also has numerous small scale aircraft manufacturers such as Hindustan Aeronautics Limited of India, Comac of China, the PJSC United Aircraft Corporation of Russia, and the Israel Aerospace Industries. To fulfil the requirements of these businesses, aircraft wheel manufacturers with find very profitable paths to grow in these regions during the years to come.
An assessment of the global aircraft wheel market provides a full report of the future and current situations in the aircraft wheels market. The report on the aircraft wheel market enables actionable insights to be available for readers.