Global Winglets Market is valued approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028.
The Winglets or Wingtip devices can be defined as wingtip devices that are utilized to improve airplane performance by reducing drag. These are used as vertical extensions of aircraft wingtips and enhances aircraft's fuel efficiency and cruising range. Moreover, Winglets are made with high-tech polymers and can be retrofitted to aircraft that were originally designed without them. The growing expansion of aircraft fleets worldwide and increasing demand for fuel efficient aircrafts as well as strategic initiatives from leading market players are factors that are accelerating the global market demand. For instance, according to Statista - in 2019, the global aircraft fleet was estimated at 25,900 Units and this number is projected to reach to 49,405 Units by 2039. Furthermore, strategic initiatives from leading market players such as new product testing would influence the growth of Winglets Market. For instance, in June 2022, USA based Tamarack aerospace group announced successful completion of its latest version of SmartWing active load-alleviating winglet technology on the Beechcraft King Air 350. Also, growing penetration of air cargo services and increasing investment towards aviation sector in emerging economies are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, a high deployment & maintenance cost associated with Winglets impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Winglets Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing aviation sector and presence of leading aircraft manufacturer in the region. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the increasing number air cargo activities and rising military expenditure in the region, would create lucrative growth prospects for the global Winglets Market across the Asia Pacific region.
Major market players included in this report are:
Aviation Partners Inc.
HYUNE AERO-SPECIALTY INC
Korean Air Aerospace Division
RUAG International Holding AG
Tamarack Aerospace Group, Inc.
Winglet Technology, LLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Aircraft Type
Narrow Body Aircraft
Wide Body Aircraft
Regional Jet Aircraft
By Winglet Type
Split Scimitar Winglets
By End Use
Commercial and Cargo Aircraft
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019, 2020
Base year - 2021
Forecast period - 2022 to 2028
Target Audience of the Global Winglets Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers