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Aircraft Braking System Market to Reach USD 8.91 Billion by 2031 Driven by Increasing Demand for Frequent Brake Replacements and Expanding Global Fleets

Aircraft Braking System Market Overview:

The SNS Insider report forecasts the Aircraft Braking System Market Size to reach USD 8.91 billion by 2031. reflecting a Compound Annual Growth Rate (CAGR) of 3.5% over the forecast period 2024-2031. The market was valued at USD 6.75 Billion in 2023.

Growing Demand for Aircraft Braking Systems Across All Segments

Growing emphasis on passenger and crew safety during landing, takeoff, and taxiing operations is a major driver for advanced braking systems. Shorter replacement cycles for brakes and an aging aircraft fleet create a constant demand for spare parts and Maintenance, Repair, and Overhaul (MRO) services, propelling the aftermarket segment. Lightweight and efficient braking components, such as carbon brakes, are gaining traction due to their weight reduction, durability, and lower maintenance costs compared to steel brakes. The rise of MRO service providers in Asia Pacific, the Middle East, and Latin America caters to the growing fleets in these regions.

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Major Key Players Included are:

  • Safran
  • The Carlyle Johnson Machine Company
  • Lufthansa Technik AG
  • Meggitt PLC
  • Beringer Aero
  • Collins Aerospace
  • Crane Co
  • Honeywell International Inc
  • Parker-Hannifin Corporation
  • AAR Corp., and other players.

Segment Analysis:

By Distribution: The OEM segment holds the largest share due to the rising demand for new aircraft across commercial and military platforms. Additionally, advancements in Advanced Air Mobility (AAM) and UAV platforms are expected to further drive OEM segment growth.

By Components: The actuators segment is witnessing the highest growth due to the shift from traditional hydromechanical actuators to electromechanical actuators, which offer superior performance.

By Actuation: Power brakes, also known as hydraulic brakes, dominated the market in 2023 due to their widespread adoption across various aircraft types.

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Impact of Global Events:

The Russia-Ukraine war has disrupted supply chains for critical raw materials and components used in aircraft braking systems. This disruption is likely to cause delays in aircraft production and deliveries, impacting the demand for new braking systems.

An economic slowdown could lead to reduced passenger air travel and decreased airline budgets for fleet expansion and maintenance. This, in turn, could dampen the growth of the aircraft braking system market, particularly in the aftermarket segment.

North America region held the largest market share in 2023

It is anticipated to maintain its dominance throughout the forecast period. This leadership position can be attributed to two key factors:

  • North America has several leading aircraft braking system manufacturers. These companies possess the expertise and infrastructure to cater to the global demand for advanced braking technologies.
  • North American aerospace industries are at the forefront of technological innovation for aircraft systems, including braking systems. Their commitment to R&D fosters the development of advanced braking solutions, further solidifying their market leadership.

While North America currently dominates the market, the report predicts the fastest growth in the Asia-Pacific region. This surge is fueled by the burgeoning aviation industry in this region’s emerging economies. As passenger traffic escalates, airlines are rapidly expanding their fleets, creating a significant demand for new aircraft and their corresponding braking systems. This trend positions Asia Pacific as a lucrative market for future growth.

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The market continues to witness advancements with strategic partnerships and technological innovations:

  • August 2022: RUAG Australia signed a contract with Honeywell to become an authorized service center for F-35 Joint Strike Fighter wheels and brakes in the Asia Pacific region.
  • April 2022: Air Transport Services Group (ATSG)partnered with Safran to upgrade its Boeing 767F fleet with a uniform wheel and brake design, utilizing Safran’s carbon brakes for weight reduction, fuel efficiency, and cost savings.

Key Takeaways for the Aircraft Braking System Market Study

  • The report forecasts a steady rise in the market, reaching USD 111.13 billion by 2031. This growth is driven by factors like increasing air traffic, expanding aircraft fleets, and the need for frequent brake replacements.
  • The report identifies key trends shaping the market, such as the growing demand for lightweight and efficient braking systems, the rise of UAVs, and the focus on stricter safety regulations.
  • The report provides a detailed segmentation of the market by distribution channel, component, and actuation type. It also highlights the challenges faced by the industry, including stringent regulations and economic fluctuations. Understanding these dynamics is crucial for navigating the market landscape.
  • The report analyzes regional trends, pinpointing North America as the current leader due to its strong manufacturing base and R&D focus. However, Asia Pacific is poised for the fastest growth due to its burgeoning aviation industry.

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Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Aircraft Braking System Market, By Aircraft Type
  9. Aircraft Braking System Market, By Component
  10. Aircraft Braking System Market, By Distribution
  11. Aircraft Braking System Market, By Actuation
  12. Regional Analysis
  13. Company Profiles
  14. Competitive Landscape
  15. Conclusion

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