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
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