Aircraft Braking Systems Market Size to Surpass USD 11 Billion by 2032 growing at 4.4% CAGR - Exclusive Report by Acumen Research and Consulting
The global Aircraft Braking Systems Market size was valued at USD 11.6 Billion in 2022 and is projected to arrive at a size of around USD 17.7 Billion by 2032 rising with a CAGR of 4.4% during the forecasted years, as reported by Acumen Research & Consulting
The aircraft braking systems industry is vital to the safety and efficiency of commercial, military, and general aviation aircraft. Aircraft braking systems are critical for safely and efficiently stopping an aircraft during takeoff and landing, as well as maintaining control of the aircraft during taxiing and ground operations.
The industry is highly regulated, with regulatory bodies such as the Federal Aviation Administration (FAA) in the United States and the European Aviation Safety Agency (EASA) in Europe imposing strict safety standards and performance requirements. As manufacturers and suppliers work to develop products that meet these stringent requirements, this has fueled innovation and technological advancements in aircraft braking systems.
Aircraft Braking Systems Market Statistics
- Global aircraft braking systems market revenue accounted for USD 11.6 billion in 2022, with a 4.4% CAGR from 2023 to 2032
- North American aircraft braking systems market share occupied around 37% in 2022
- Asia-Pacific aircraft braking systems market growth is estimated to attain a 5% CAGR from 2023 to 2032
- As per the Airbus stats, Airbus commercial aircraft deliveries reached 611 in 2021
- Recent stats from Boeing revealed that they delivered 340 aircraft in 2021
- By actuation, the independent brake system grabbed over 45% share in 2022
- Based on distribution channel, the OEM sub-segment gathered US$ 8.6 billion in revenue in 2022
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Aircraft Braking Systems Market Dynamics
Increasing Demand for Aircraft Fuels the Aircraft Brake Systems Market Value
The rising demand for aircraft as a result of increased air travel and cargo transportation is a major driver of growth in the aircraft braking systems market. As the number of commercial flights and air cargo shipments increases, so does the demand for new aircraft, which in turn drives demand for aircraft braking systems.
Aircraft braking systems are critical for ensuring aircraft safety during takeoff, landing, and ground operations. They are intended to provide consistent and precise control of an aircraft's speed and direction, even in adverse weather or runway conditions.
As aircraft manufacturers develop new models and technologies, there is a corresponding demand for advanced and innovative aircraft braking systems capable of meeting the demands of these new aircraft. This has prompted manufacturers and suppliers to invest in research and development in order to create new products and technologies that can enhance the safety and efficiency of aircraft braking systems.
Rising Demand in the Military and Defense Applications to Generate Noteworthy Aircraft Braking Systems Market Opportunities
Military aircraft operate in some of the most challenging and high-pressure environments, including combat zones and emergency situations, where reliable and precise braking systems are critical for the safety and effectiveness of the aircraft.
As a result, there is a growing demand for advanced aircraft braking systems that can provide high levels of performance and durability under extreme conditions. This has driven investment in research and development by manufacturers and suppliers, as they work to develop new technologies and materials that can improve the performance and reliability of aircraft braking systems for military and defense applications.
Military aircraft operate in some of the most difficult and high-pressure environments, such as combat zones and emergency situations, where dependable and precise braking systems are critical for the aircraft's safety and effectiveness.
As a result, there is an increasing demand for advanced aircraft braking systems capable of providing high levels of performance and durability in extreme conditions. This has prompted manufacturers and suppliers to invest in research and development in order to develop new materials and techniques that can enhance the efficiency and reliability of aircraft braking systems for military and defense applications.
Aircraft Braking Systems Market Segmentation
The global market has been categorized into component, aircraft type, actuation, fit type, distribution channel, and region.
The component segment is further segmented into split into brake discs, wheels, electronics, brake housing, and others. The aircraft types segment is divided into commercial, regional jet, general aviation, helicopter, and military. Independent, boosted, and power brake systems are the three types covered under the actuation segment. Fit type segment is bifurcated into line fit and retrofit. OEM and aftermarket are the two distribution channels evaluated in the market. North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa (MEA) are the regional categorization of the market.
Aircraft Braking Systems Market Share
Among components, brake discs held the majority of the market share in 2022. While electronics, brake housing, and other components are important for the proper operation of aircraft braking systems, they typically have a smaller market share than brake discs and wheels.
Based on aircraft braking systems industry analysis, the commercial aircraft type dominated the utmost shares in 2022. Helicopters, on the other hand, which are primarily used for military and emergency services, also require advanced braking systems to guarantee safe landings and takeoffs, but they account for a smaller portion of the overall market. Furthermore, military aircraft require advanced and high-performance braking systems, but they typically account for a smaller market share than commercial and regional aircraft.
On the basis of aircraft braking systems market forecast, the power brakes systems are expected to lead the market from 2023 to 2032. Also among actuations, the independent brake systems occupied the second largest share in the market.
In the fit type segment, line fit would gather significant market share, where as the retrofit could attain substantial growth rate CAGR throughout the forecasted period from 2023 to 2032.
Among distribution channels, the OEM market generated around 2/3rd of the revenue in 2022 as aircraft braking systems are installed during the manufacturing process. However, the aftermarket sub-segment growth is rising exponentially because of the continuous repair of the aircraft braking system parts.
Aircraft Braking Systems Market Regional Outlook
The significant presence of significant aircraft manufacturers, airlines, and military contractors in the area is what drives the growth of the North American market for aircraft braking systems. The region is home to major players in the aircraft braking systems market, such as Honeywell Aerospace and Collins Aerospace. The region also places a high value on technological advancement, which has fueled the development of advanced braking systems for military and commercial aircraft.
The Asia-Pacific region is expected to be one of the fastest-growing markets for aircraft braking systems in the coming years, owing to the region's increased demand for air travel and cargo transportation. China, India, and Japan are major commercial aircraft markets that are expected to drive significant demand for aircraft braking systems in the coming years. The region also has a growing number of local suppliers and manufacturers vying for a piece of the expanding market.
Aircraft Braking Systems Market Players
Some prominent aircraft braking systems companies covered in the industry include Honeywell International Inc., Meggitt PLC, Safran Landing Systems, Parker Hannifin Corporation, Beringer Aero, Collins Aerospace, Lufthansa Technik AG, Crane Aerospace & Electronics, Goodrich Corporation, Mersen SA, and UTC Aerospace Systems.
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