Published Date : 06 Feb 20 | Views: 56 | Industry : Automation & Transportation
Increasing Demand for Aircraft Wheels in Civil Aviation Industry to Boost the Growth of the Civil Aircraft Segment
The application segment of the market is classified into Military Aircraft and Civil Aircraft. The rapid increase in commercial flights operating from domestic and international airports is expected to create a high demand for Aircraft Wheels resulting in the growth of the Civil Aircraft segment. The authors of the report have categorized the type segment of the market into Nose Wheel and Main Wheel.
Development of New Airports in the Asia-Pacific is Anticipated to Offer Growth Opportunity
The development of new airports in China and India is likely to drive the growth of the market. The Asia-Pacific region is expected to offer a tremendous growth opportunity due to the booming aviation industry. The airplane connectivity in Thailand, China, Malaysia, and India is estimated to establish 700 new routes over the next few years.
Market Players are Focusing on Facility Expansion
Some of the key players functioning in the Aircraft Wheels market are UTC, Safran, Honeywell, Parker Hannifin, and Meggit. Market players are involved in expanding manufacturing facilities and entering into an agreement with suppliers to strengthen their position in the market.
In 2018, UTC Aerospace Systems announced to invest in a new wheel and brake MRO facilities including 50% expansion of its London service sector. The move is aimed at increasing investment to maximize manufacturing for expanding fleet of aircrafts.
Delay in Delivery of Aircraft Wheels is Expected to Hamper the Growth of the Market
Growing demand for air travel as it has become an affordable means of transport has resulted in an increasing number of civil aircrafts. The Aircrafts need maintenance and refurbishment leading to high requirement of aircraft components, which is expected to foster the growth of the market. However, the delay in the delivery of the Aircraft Wheels by manufacturers is expected to hamper the growth of the market.