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Aircraft Brake System Market to Reach $18.4 Billion, Globally, by 2032 at 5.5% CAGR: Allied Market Research
The surge in air travel, fueled by increasing disposable income, urbanization, and globalization, has resulted in a significant uptick in aircraft production and the expansion of fleets.
/EIN News/ -- Wilmington, New Castle, Delaware, May 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Aircraft Brake System Market by Aircraft Type (Fixed Wing and Rotary Wing), Actuation (Power Brake, Boosted Brake, and Independent Brake), Distribution (OEM and Replacement): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the aircraft brake system market was valued at $11.1 billion in 2022, and is estimated to reach $18.4 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Prime Determinants of Growth
Increase in air travel, driven by factors such as rising disposable income, urbanization, and globalization, has led to surge in aircraft production and fleet expansion. As airlines add more aircraft to their fleets, the demand for advanced brake systems is expected to rise parallelly. Furthermore, airlines regularly upgrade their fleets to incorporate newer, more fuel-efficient, and technologically advanced aircraft models, which necessitate the need for more sophisticated brake systems to meet higher performance standards, thereby contributing to the market growth.
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Report Coverage & Details
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $11.1 Billion |
Market Size in 2032 | $18.4 Billion |
CAGR | 5.50% |
No. of Pages in Report | 485 |
Segments covered | Aircraft type, actuation, distribution, and region |
Drivers | Increase in air passenger traffic across the globe |
Rise in operations in commercial aviation | |
Technological improvement in brake systems | |
Opportunity | Integration of advanced technologies in aircraft brake systems |
Restraints | Stringent regulatory environment pertaining to aircraft safety |
Weight and space constraints |
Procure Complete Report (485 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/aircraft-braking-system-market-A06199
Impact of Russia-Ukraine War Scenario
- Ukraine-Russia war has created significant challenges for the aircraft brake system market due to supply chain disruptions, geopolitical instability, changes in aircraft production/demand, currency fluctuations, regulatory changes, and impact on market confidence and investment. Industry stakeholders will need to closely monitor developments and adapt strategies to navigate the evolving geopolitical landscape and its implications on the aerospace industry.
- In addition, Russia is a major player in the global aerospace industry, with presence of several aircraft manufacturers and suppliers. The conflict and any resulting sanctions or trade restrictions imposed on Russia could disrupt its aerospace sector, affecting production capacity and supply chains. This disruption may have downstream effects on the availability of aircraft brake systems and related components.
The fixed wing segment to maintain its leadership status throughout the forecast period
On the basis of aircraft type, the fixed wing segment held the highest market share in 2022, accounting for more than three-fourths of the global aircraft brake system market revenue. This be attributed to the fact that the fixed-wing aircraft, particularly commercial airliners, make up bulk of the aviation industry. These aircraft require highly reliable and efficient brake systems due to their frequent takeoff and landing cycles. However, the rotary wing segment is projected to register the fastest CAGR of 8.7% from 2023 to 2032, owing to the fact that rotary wing aircraft operate differently from fixed-wing aircraft, often requiring specialized brake systems tailored to their unique flight characteristics and operational environments. Helicopters frequently perform vertical take-offs and landings (VTOL) and hover maneuvers, necessitating brake systems capable of handling high-intensity, dynamic braking scenarios.
The power brake segment to maintain its leadership status throughout the forecast period
On the basis of actuation, the power brake segment acquired the highest market share in 2022, accounting for more than two-fifths of the global aircraft brake system market revenue. This be attributed to the fact that power brakes, also known as hydraulic brakes, have been a standard technology in aircraft brake systems for decades. Their widespread adoption across various types of aircraft, including commercial airliners, military aircraft, and general aviation. However, the boosted brake segment is projected to register the fastest CAGR of 7.8% from 2023 to 2032. This is attributed to the fact that boosted brake systems offer superior braking performance compared to conventional systems, making them ideal for larger and heavier aircraft that require more efficient braking capabilities. As aircraft sizes and weights increase, there is a greater demand for boosted brake systems to ensure safe and effective braking during landing and taxiing.
The replacement segment to maintain its leadership status throughout the forecast period
On the basis of distribution, the replacement segment garnered the highest market share in 2022, accounting for more than three-fourths of the global aircraft brake system market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that many commercial aircraft in service are aging and require regular maintenance, repair, and overhaul (MRO) activities. As aircraft age, their brake systems also wear out and require replacement to ensure continued safe operation. The need for replacement brake systems is particularly significant for older aircraft models, which constitute a substantial portion of the global fleet. However, the OEM segment is projected to register the fastest CAGR of 9.4% from 2023 to 2032, due to the fact that OEMs are involved in the initial design and manufacturing phases of aircraft. As such, they have a direct connection with aircraft manufacturers and are often selected to provide brake systems as part of the original aircraft equipment. This integration with aircraft production processes positions OEMs to capture a significant portion of the market share.
North America to maintain its dominance by 2032
Region wise, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global aircraft brake system market revenue. This is attributed to the fact that the North American aerospace industry is leading the way in technological innovation for airplane systems, particularly brake systems. To increase the effectiveness, dependability, and safety of brake systems, they make significant investments in R&D activities, which drives the growth of the market. However, Asia-Pacific is expected to witness the fastest CAGR of 8.6% from 2023 to 2032, owing to the fact that the aviation industry is growing significantly in Asia-Pacific's emerging markets. In addition, as airlines are extending their fleets to accommodate the rising number of passengers, sudden increase has been witnessed in the demand for aircraft brake systems, which is expected to contribute toward the market growth in the region.
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Leading Market Players
- AAR Corp
- Beringer Aero
- Collins Aerospace
- Crane Co.
- Honeywell International Inc.
- Lufthansa Technik AG
- Meggitt PLC
- Parker-Hannifin Corporation
- Safran
- The Carlyle Johnson Machine Company
The report provides a detailed analysis of these key players of the global aircraft brake system market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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