Our in-depth analysis of the aircraft brake market includes the following segments:
By Brake Type
By Component Type
By Fit Type
Based on region, the aircraft brake market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The Asia-Pacific region is anticipated to have the highest growth during the forecast period owing to notable growth in the passenger traffic in and out of this region coupled with significant growth in general aviation in this region. However, North America is estimated to hold the largest share in the aircraft brake market for carbon brakes, on account of the presence of a large number of market participants.
The aircraft brake market is further classified on the basis of region as follows:
The increasing fleet size of commercial and defense aircraft is a major driver supporting the growth of the aircraft brake market. According to the International Civil Aviation Organization, in 2018, airlines worldwide carried around 4.3 billion passengers annually with 8.3 trillion revenue passenger kilometers (RPKs). The aircraft industry is attending an enormous increase in the number of aircraft on account of increased passenger movement across the globe which is boosting the market and is anticipated to support the development of the aircraft brake market over the forecast period.The demand for technological improvements in the prevailing aircraft brake system has boosted the growth of the electrical braking system market. Moreover, factors such as the development of lightweight brake materials, demand for lightweight aircraft, and increased military spending are expected to fuel the global aircraft brake market during the forecast period. On the contrary, brakes are required to work in extreme environments, which leads to degradation of the quality of brake material through corrosion and creates opportunities for the aftermarket industry.
The aircraft brake market is anticipated to record a robust CAGRover the forecast period i.e. 2020-2028. The market is segmented by brake type, by component type, by fittype&by end-user. Among this segment, the component type segment is further segmented to wheels, brakes, and braking systems, out of which, the brakes segment is anticipated to hold leading shares in the aircraft brake market on account of the high demand for carbon brakes and technological progressions in braking systems, such as electric braking systems. On the contrary, the retrofit segment of the fit type sector is expected to witness higher growth during the forecast periodowing to the aircraft maintenance and repair activities executed within a span of four to five years. CLICK TO DOWNLOAD SAMPLE REPORT
A Rise in the Traffic of Air Passengers
An increment of air passengers in recent years had led to an increase in the demand for aircraft, and to attain this demand, the aircraft industry is developing aircraft with advanced systems and components which is boosting the growth of the aircraft brake market.
Procurement of Advanced Aircraft to Support Development of Aircraft Brake
On account of procurement of newer generation aircraft, in the commercial and military sectors coupled with the concept of more electric aircraft, increasing emphasis on the reduction of the weight of aircraft, and development of new lightweight, the aircraft brake market is anticipated to witness growth over the forecast period.
Maintenance and Operational Cost of Aircraft Brake System
A major barrier in the aircraft brake market is the operating and maintenance cost faced by different airlines. However, the introduction of new technologies, such as the electric braking system, to overcome maintenance cost is hampering the market for traditional and carbon braking systems, which are relatively less effective. Additionally, long-term contracts with the existing top players is acting as a barrier for the growth of the market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Ipsheeta Dash, Sadaf Naaz