Winglets Market Size
Winglets Market size exceeded USD 1.98 billion in 2018 and will exhibit a growth rate of 8.9% during 2019-2026.
Growing production of passenger aircraft to cater to ever-increasing air travel passengers demand will drive the market growth.
Growth in air travel activities has generated huge opportunities for aircraft makers in the last few years. Urbanization, altering lifestyle, and economic development in major nations have boosted the proportion of air passengers.
Internationally, aircraft fleet industry has been projected to expand at 4% annually by the year 2038. These trends will have a beneficial impact on the rate of aircraft manufacturing in the coming years, enhancing the demand for winglets in the future as well.
In order to obtain key market trends
Another important growth enabler is growing trend of airlines to retrofit the product on in service aircrafts that allow airlines to improve its efficiency and performance. For example, in October 2019, Flydubai retrofitted its Being 737-800 aircraft with split scimitar winglets. Large airliners are collaborating closely with MRO service providers and industry participants to carry out retrofitting activities during aircraft maintenance hours, thus minimizing aircraft on ground time.
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Winglets Market Report Attributes
Report Attribute Details
Base Year 2018
Winglets Market Size in 2018 1.97 Billion (USD)
Forecast Period 2019 to 2026
Forecast Period 2019 to 2026 CAGR 8.9%
2026 Value Projection 3.25 Billion (USD)
Historical Data for 2016 to 2018
No. of Pages 180
Tables, Charts & Figures 289
Segments covered Winglet Type, Aircraft type, Platform, Fit, and Region
Growth Drivers
Increased production of aircraft
Enhancing concerns towards CO2 emission all over the world
Better product features
Increased narrow body aircraft demand
Increased retrofitting of winglets for in service aircrafts
Pitfalls & Challenges
Increased installation time
What are the opportunities for growth in this market?
Likewise, Advanced Aero Services (AAS) has also declared to establish an MRO facility at Shreveport Regional Airport, to cater to international as well as North American airlines in near future. These will further enhance the need for retrofitting of aircraft fleets in next few years, which is further going to increase the product sale.
Although these products possess good future in aircrafts industry in the future, but the issues related to installation time and increased weight restricts the growth of winglets market. On an average 25 days are taken to undertake in-service retrofit programme, which might vary as per resource availability.
Moreover, installation of these equipments adds weight to aircraft. Nevertheless, technology advancements and increasing need for new aircraft will drive the market revenue.
Winglets Market Analysis
Hybrid type will represent more than 25% global winglets market share during the forecast period. It is most commonly used by numerous aircraft makers such as Boeing, Gulfstream Aerospace Corporation, Falcon, etc.
Moreover, application of these products as aftermarket equipment in aircraft like Boeing 737-900ER are giving thrust to the shift towards sustainability. These winglets are contributing significantly towards minimizing CO2 emission, and improving the aircraft fuel efficiency. Availability of a number of authorized service providers offering retrofit services worldwide will also propel the product penetration during the forecast period.
Learn more about the key segments driving this market
Commercial aircrafts will be anticipated with large market share during the forecast period and will generate USD 1.6 billion in 2018. Narrow-body aircrafts represented more than half of the market revenue share due to increasing presence of low-cost carriers in the world.
Growing domestic air travels within developing nations like India and China and enhancing Revenue Passenger Kilometres (RPK) of airlines are anticipated to drive narrow body aircraft sales. RPK has been estimated to hold approximately 36% share of total air passengers market during 2019, which will further increase at significant rate during the study period.
A320 family will hold the largest market share of over 30% up to 2026 due to new technology adoption like low noise and fuel efficient engines. A320neo, newer generation of A320 family, are utilizing sharklets as a standard fit.
Increased orders of A320neo by a number of airlines from around the world are further propelling the market penetration. Sharklets allow A320 family aircrafts to have payload capacity up to 450 kg with the annual CO2 emission savings by more than 1,000 tonnes.
Retrofit segment will exhibit significant growth due to product adoption by various airlines like Air Asia, Qatar Airlines, Volaris, Interjet, Airarabia, and others. Strict emission regulations along with product capability to improve overall aircraft performance is propelling the revenue growth. Moreover, aircraft manufacturers like Boeing and Airbus have started retrofit programs for in service aircrafts which also boosts the winglets market value.
Learn more about the important segments driving this market
Market for winglets in North America will capture the largest share of over 50% compared to all the other regions from 2019 to 2026. Increasing manufacture of new aircrafts in North America will be the most prominent driving force of the market growth.
Strong presence of aircraft manufacturers like Boeing, Airbus, Bombardier and others and increasing aircraft production capabilities will help the industry grow. Domestic air passengers demand is growing up along with efforts for reducing carbon emissions, which will increase the demand for efficient and safe aircrafts, and again encourage market penetration.
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Winglets Market Share
Winglets industry is highly competitive and is expected to be dominated by few players over the projected time span. The key players involved in this industry includes
- Aviation Partners Inc
- Aviation Partners Boeing
- Kaman Corporation
- GKN Aerospace
- FACC AG.
Some of the key strategies adopted by these players include, market expansion, new product development, production capacity expansion, etc. For instance, in January 2019, Aviation Partners Boeing announced that the company will install split scimitar winglets on South Africa’s Mango Airlines aircraft fleet. This enabled the company to enhance its presence in Middle East & Africa.
