What is the future of Aircraft Thrust Reverser Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Thrust Reverser Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Thrust Reverser Market will reach an estimated value of US$ 4,761.7 million in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Aircraft Thrust Reverser Market Segment Insights:
By Aircraft Type:
Both, narrow- and wide-body aircraft are expected to remain the growth engines of the global aircraft thrust reverser market during the forecast period of 2019 to 2024.
By Product Type:
Cascade is expected to remain the most dominant and fastest-growing product type in the aircraft thrust reverser market during the forecast period of 2019 to 2024, owing to its extensive usage in commercial and regional aircraft programs.
By Material Type:
Composite is expected to remain the material of choice in the global aircraft thrust reverser market during the forecast period. There has been an incessant replacement of metal components with composite components, owing to their excellent strength-to-weight ratio at a relatively low weight. Metals, such as aluminum, titanium, and stainless steel, are primarily used in small sub-components, such as hinges and fittings.
By Region:
North America is expected to remain the largest aircraft thrust reverser market during the forecast period, whereas Asia-Pacific is expected to experience the highest growth during the same period. The higher growth of aircraft thrust reverser in Asia-Pacific is mainly attributable to the increasing commercial aircraft fleet to support rising passenger traffic; the opening of assembly plants of Boeing and Airbus for B737, A320, and A330 aircraft programs; and upcoming commercial and regional aircraft, such as C919 and MRJ.