Global Winglets Market Outlook 2024, Forecast To 2033
8 Mar, 2024
The winglets market has seen robust growth, set to rise from $2.68 billion in 2023 to $2.93 billion in 2024, with a compound annual growth rate (CAGR) of 9.0%. This growth is driven by fuel efficiency demands and aircraft fleet upgrades. Projections suggest continued strong growth, with the market forecasted to reach $3.98 billion by 2028, boasting a CAGR of 8.0%. Factors such as next-generation aircraft emergence and sustainability goals will drive market expansion, alongside trends like enhanced range and payload capacity.
Global Winglets Market Key Driver
The anticipated surge in aircraft production is set to drive the expansion of the winglets market. Aircraft production encompasses the design, manufacturing, and assembly of various aircraft, including both commercial and military models. Winglets, integral to aircraft production, serve to enhance aerodynamic performance and fuel efficiency. Notably, in 2022, Airbus SE recorded 1,078 gross new orders and completed 661 commercial aircraft, compared to 611 in the previous year, as per the General Aviation Manufacturers Association. This uptick in aircraft production underscores the catalyst role it plays in propelling the growth of the winglets market.
Get A Free Sample Of The Global Winglets Market ReportGlobal Winglets Market Segments
The winglets market covered in this report is segmented –
1) Winglet Type:Sharklets, Split Scimitar Winglets, Wingtip Fences, Blended Winglets, Other Winglet Types
2) Fit:Line Fit, Retrofit
3) End Use:Civil Aircraft, Military Aircraft, Commercial And Cargo Aircraft
By Geography: The countries covered in the winglets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the winglets market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the winglets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Winglets Industry Players
Airbus SE; The Boeing Company; Mitsubishi Heavy Industries Ltd; PPG Aerospace; Melrose Industries Plc; Korean Air Lines Co. Ltd.; Gulfstream Aerospace Corporation; Dassault Aviation; Bombardier Aerospace; Textron Aviation Inc.; Spirit AeroSystems Holdings; Israel Aircraft Industries; Embraer S.A.; Daher; RUAG Holding; Aernnova Aerospace S.A.; FACC AG; GKN Aerospace; Honda Aircraft Company; Viking Air Limited; BLR Aerospace; Applied Composites Engineering; SyberJet Aircraft; Vortex Aviation Inc.; Aviation Partners Inc.; Aviation Partners Boeing (APB); Tamarack Aerospace Group;Yankee Composites; Winglet Technology LLC; The Aircraft Performance Company GmbH.
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Winglets Market Overview
Winglets refer to aerodynamic devices attached to the tips of an aircraft's wings, typically upward or downward-curved extensions that serve multiple purposes to improve the performance and efficiency of the aircraft. It enhance the overall aerodynamic performance of the aircraft, resulting in smoother and more efficient flight. The primary function of winglets is to minimize drag and to improve fuel efficiency.