Market Trends of Aircraft Winglets Industry
The Commercial Aviation Segment to Lead the Market
In recent years, the global commercial aviation industry witnessed significant growth in air traffic. The increasing number of airport construction projects, growing tourism, and rising disposable income have led to an increase in air passengers, creating demand for new aircraft and consequently leading to the market for winglets.
With the increased air passenger traffic, airlines started operating on all major routes and added new routes. In March 2024, United Airlines announced that it began operating on new routes, describing it as its most significant transatlantic expansion. United will be the only US airline to offer nonstop flights to Marrakesh, Morocco and Cebu, the Philippines. In addition, United is chartered to fly nonstop to Medellin, Colombia, for the first time. The rising number of air passengers has increased commercial aircraft deliveries from major aircraft manufacturers such as Airbus and the Boeing Company. In January 2024, Akasa Air placed an order for 150 Boeing 737 MAX jetliners valued at around USD 20 billion. These advancements are poised to propel the aircraft winglets market over the forecast period.
North America is Expected to Dominate the Market During the Forecast Period
The North American aircraft winglets market is growing, propelled by escalating cargo traffic, an expanding airport count, and heightened investments in the aviation industry. This surge, coupled with the aviation industry's rapid expansion and increasing urbanization, is set to fuel demand for new aircraft, further bolstering market growth. US-based airlines are notably ramping up their fleets and route networks. For instance, in January 2023, American Airlines unveiled plans to boost its active-service fleet by 32 large jets. Moreover, in Q4 2022, the airline welcomed seven new Airbus A321neos, five Boeing B787-8s, and three Embraer 175s. It also brought five Boeing B737 Max 8s, previously in long-term storage, back into service. The United States boasts the world's largest private and charter aircraft fleet, with over 12,000 business jets currently in operation.
Furthermore, the United States is intensifying efforts to enhance its military fleet and capabilities. The Stockholm International Peace Research Institute (SIPRI) data revealed a steady increase in US defense spending, reaching USD 916 billion in 2023, up from USD 876.94 billion in 2022 and USD 806.23 billion in 2021. The country's defense budget for FY 2024 is laser-focused on modernizing military systems to stay competitive globally, particularly against China and Russia. It also underscores the importance of day-to-day operations, crisis response, and allied engagements, all set to bolster the regional market growth.
