According to the new research report published by The Insight Partners, titled “Aircraft Wheels MRO Market is expected to grow from US$ 1,704.25 million in 2021 to US$ 2,769.54 million by 2028; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028.

The rapidly growing aviation industry from the last few years, the demand for Aircraft Wheels MRO services is also increasing. Emerging economies in APAC are showcasing a significant rise in the adoption of MRO services for commercial and military aircraft components, including Aircraft Wheels MRO. The well-established MRO hubs in Singapore, Malaysia, and Thailand, among others, produce significant revenues from the services provided for Aircraft Wheels MRO. The Aircraft Wheels MRO service hub in Singapore is characterized by the presence of AMETEK Singapore Pte Ltd., SIA Engineering Company Limited, and Singapore Technologies Aerospace Ltd, among others. In June 2019, Singapore Technologies Engineering Ltd formed a joint venture with Vietnam Airlines Engineering Company (VAECO) to offer MRO services for wheels and other aircraft components to Vietnam Airlines.

The strategic partnership also covered MRO services of VIP transport aircraft fleets operated by the Indian Air Force (IAF). Similarly, in April 2021, the US Air Force formed a strategic tie-up with Collins Aerospace for adopting wheels retrofitting services for its 70 B-52s aircraft. The increasing number of strategic tie-ups between aircraft MRO service providing companies and armed forces of various countries are expected to create opportunities for the Aircraft Wheels MRO market growth in coming years. Moreover, growing fleet sizes of military aircraft are creating lucrative opportunities for MRO servicing players to grow their businesses.

Based on wheel type, the Aircraft Wheels MRO market has been segmented into nose wheel and main wheel. The nose wheel finds a notable utility in aircraft as it is designed to support a portion of the aircraft load along with the main wheels. The nose has an extensive application in the ground navigation of aircraft, and it provides steering control during the taxing. The nose wheel segment is expected to grow significantly due to the rising number of aircraft fleets among airline companies globally. The growing number of aircraft fleets can be attributed to the increasing demand for airline services across developing economies.

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on the movement of vehicles and humans. Air travel ban was one of the stringent rules set by governments across the globe during the first half of 2020. These bans led the aviation industry to halt the operations and experience the lowest revenue generation during the period. The airport sector also witnessed a stiff decline in passenger count, aircraft movement, and revenue generation. The significant loss in revenues resulted in limited investments by airline operators in MRO services. This factor showcased a fall in demand for aircraft MRO services, which hampered the growth of the Aircraft Wheels MRO market.

Companies Profiled in this report includes

• AAR CORP

• AeroRepair Corp.

• AEROSPACE MRO CO., LTD.

• Air Atlanta Aviaservices

• AMETEK Inc.

• Lufthansa Technik

• Röder Präzision GmbH

• Technic Aviation

• TP Aerospace.

• World Aero

Find complete Report at: https://www.theinsightpartners.com/reports/aircraft-wheels-mro-market

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