Winglets Market Set for Steady Growth, Projected to Reach $3.98 Billion by 2028
Winglets Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company’s Winglets Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UK, July 4, 2024 /EINPresswire.com/ -- The global winglets market, which stood at $2.68 billion in 2023, is expected to grow to $2.93 billion by 2024, reflecting a compound annual growth rate (CAGR) of 9.0%. It will grow to $3.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. This growth can be attributed to factors such as fuel efficiency enhancements, regulatory pressures for emissions reduction, and increased focus on operating cost reductions across the aviation industry.
Enhanced Aircraft Performance Drives Market Growth
Winglets play a crucial role in enhancing the aerodynamic performance and fuel efficiency of aircraft, thereby reducing drag and improving overall flight efficiency. With increasing global air travel demand and ongoing aircraft fleet upgrades and retrofits, the winglets market is poised for strong growth. Market competition and the need for airline differentiation further contribute to this trend.
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Key Players and Market Trends
Leading companies in the winglets market include Airbus SE, The Boeing Company, Mitsubishi Heavy Industries Ltd., and PPG Aerospace, among others. These players focus on advancing winglet design and materials to enhance aircraft performance and meet sustainability goals. For example, Airbus SE reported delivering 735 commercial aircraft in 2023, reflecting an 11% increase from the previous year, highlighting the robust demand driving the market.
Market Segments
•Winglet Type: Sharklets, Split Scimitar Winglets, Wingtip Fences, Blended Winglets, Other Winglet Types
•Fit: Line Fit, Retrofit
•End Use: Civil Aircraft, Military Aircraft, Commercial And Cargo Aircraft
Regional Insights: North America Leads, Asia-Pacific Shows Rapid Growth
North America dominated the winglets market in 2023, driven by significant aerospace industry presence and technological advancements. Asia-Pacific is expected to witness the highest growth rate during the forecast period, supported by increasing air travel demand and rising investments in aviation infrastructure.
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Winglets Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Winglets Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on winglets market size, winglets market drivers and trends, winglets market major players, competitors' revenues, market positioning, and market growth across geographies. The winglets market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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