LONDON — (BUSINESS WIRE) — January 6, 2019 — The global commercial aircraft wheels market is expected to post a CAGR of nearly 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global commercial aircraft wheels market to post a CAGR of nearly 4% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing demand for commercial aircraft across the globe. The global commercial aviation industry is growing along with the increasing air traffic at both international and domestic levels. Emerging economies in APAC are driving the growth of the commercial aviation market. The need for more narrow-body aircraft is constantly rising owing to the surging in domestic and international air travel in APAC. This is a positive trend for the commercial aircraft wheels market.
This market research report on the global commercial aircraft wheels market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the greater application of 3D manufacturing techniques as one of the key emerging trends in the global commercial aircraft wheels market:
Global commercial aircraft wheels market: Greater application of 3D manufacturing techniques
3D printing or additive manufacturing is a process of developing a 3D object by adding successive layers of materials with the support of computerized control technology. This process allows manufacturers to easily produce smaller and complex components. The implementation of 3D printing in the aerospace industry can allow reductions in manufacturing time, wastage of materials, and overall associated costs. Therefore, 3D printing is expected to offer long-term sustainability along with enhancing the overall performance of an aircraft component.
“The materials used in aircraft depend mainly on their physical properties. For example, given its strength, steel is widely used for landing gears. However, turning steel into parts becomes time-consuming as well as labor-intensive. Hence, alternative solutions like additive manufacturing are being adopted by aircraft OEMs. 3D-printed parts are cost-effective and require less time for production,” says a senior analyst at Technavio for research on tires & rubber.
Global commercial aircraft wheels market: Segmentation analysis
This market research report segments the global commercial aircraft wheels market by application (regional jets, narrow-body aircraft, and wide-body aircraft) and geographical regions (APAC, EMEA, and the Americas).
The narrow-body aircraft segment held the largest market share in 2018, accounting for over 52% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of over 42%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
