Categories: Market Research

Winglets Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Winglets Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Winglets Global Market Report 2024, The winglets market size has grown strongly in recent years. It will grow from $2.68 billion in 2023 to $2.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to fuel efficiency and performance enhancement, regulatory pressure for emissions reduction, increased focus on operating cost reduction, aircraft fleet upgrades and retrofits, market competition and airline differentiation.

The winglets market size is expected to see strong growth in the next few years. It will grow to $3.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to emergence of next-generation aircraft, global growth in air travel demand, sustainability and emission reduction goals, advancements in winglet design and materials, ongoing aircraft retrofit programs. Major trends in the forecast period include enhanced range and payload capacity, oem collaboration with winglet manufacturers, advancements in winglet materials, application in business and regional aircraft, regulatory support and certification.

The increasing aircraft production is expected to propel the growth of the winglets market going forward. Aircraft production refers to designing, manufacturing, and assembling aircraft, including commercial and military aircraft. Winglets are used in aircraft production to improve aerodynamic performance and fuel efficiency. For instance, according to the General Aviation Manufacturers Association, a US-based trade association that represents the interests of manufacturers of general aviation aircraft, in 2022, Airbus SE registered 1,078 gross new orders and completed 661 commercial aircraft when compared with 611 in 2021. Therefore, the increasing aircraft production is driving the growth of the winglets market.

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The winglets market covered in this report is segmented –

1) By Winglet Type: Sharklets, Split Scimitar Winglets, Wingtip Fences, Blended Winglets, Other Winglet Types

2) By Fit: Line Fit, Retrofit

3) By End Use: Civil Aircraft, Military Aircraft, Commercial And Cargo Aircraft

Strategic partnerships are a key trend gaining popularity in the winglet market. Major companies operating in the winglet market are collaborating with other companies to sustain their position in the market. For instance, in March 2021, Korean Air’s aerospace division (KAL-ASD), a South Korea-based aerospace manufacturing division of the Korean Air group, made a deal extension for manufacturing winglets for the Boeing 737 Max. The firm says a new contract worth roughly $292 million will be in place from 2022 to 2028 for the production of the winglets for the narrow body. Furthermore, in January 2023, Ryanair Holdings plc, an Ireland-based low-cost airline, partnered with Aviation Partners Boeing, a US-based aviation company, to modify its Boeing 737-800 fleet with Split Scimitar winglets. This initiative will reduce Ryanair’s yearly fuel usage by 65 million liters and carbon emissions by 165.000 tons, increasing aircraft fuel efficiency by up to 1.5%, reducing aerodynamic drag, and enhancing airplane performance.

The winglets market report table of contents includes: