Global Winglets Market Report and Forecast 2024-2032

Global Winglets Market Outlook

The global winglets market size reached a value of approximately USD 1090.28 million in 2023. The market is further expected to grow at a CAGR of 7.20% between 2024 and 2032, reaching a value of USD 2031.45 million by 2032.

Key Trends in the Market

A winglet is a vertical wingtip extension that increases the cruising range and fuel efficiency of an airplane. This tiny air foil is employed to reduce the aerodynamic drag which is often associated with the vortices formed at the wingtips during flights. Winglets can be fitted on a wide range of aircrafts including military jets, commercial aircrafts, and business jets.

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• The key winglets market trends include growing concerns about the environment, as application of winglet systems aid in reducing the overall fuel usage which, in turn, decreases carbon dioxide emissions in the atmosphere.

• Another crucial trend fuelling the growth of the market includes rise in delivery and production of commercial aircrafts. Increasing production of aircrafts as part of fleet modernisation initiatives is expected to boost the growth of the market for winglets.

• Growing demands for fuel efficient aircrafts is another key trend aiding the growth of the market across the globe. Rising fuel prices have surged the demand for fuel conserving alternatives and winglets aid in reducing fuel consumption, increasing their demand.

Global Winglets Market Analysis

On the basis of winglet type, the market is divided into sharklets, wingtip fences, blended winglets, and split scimitar winglets, among others. Based on aircraft type, the market is bifurcated into wide body aircraft, and narrow body aircraft. On the basis of fit, the market is segregated into line fit, and retrofit. By end use, the market is classified into civil aircraft, military aircraft, and commercial and cargo aircraft. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global winglets market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

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• Airbus SE

• BLR Aerospace, L.L.C.

• Aviation Partners, Inc.

• The Boeing Company

• GKN plc

• Textron Aviation Inc.

• Winglet Technology, LLC

• RUAG group

• Tamarack Aerospace

• Others

Global Winglets Market Share by End Use

On the basis of end use, commercial aircrafts are anticipated to account for a major portion of the winglets market over the forecast period. Increasing domestic as well as international travel are expected to propel the growth of the market, driven by the growing tourism industry and easy accessibility and affordability of flights. Rising research and development activities by key players of the market to develop long lasting, advanced, and fuel-efficient aircrafts is anticipated to aid this growth.

Global Winglets Market Share by Region

At a regional level, North America occupies a significant share of the market for winglets owing to increased production of new aircrafts in the region and the large volume of air traffic in the region. Growing demands for domestic aviation services coupled with rising efforts to limit carbon emission and lower fuel usage have increased the requirement for efficient and safe aircrafts in North America, boosting the winglets market growth.

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Competitive Landscape

Airbus SE is an aviation and aerospace component manufacturing company that was founded in 2014 and is headquartered in Leiden in the Netherlands. They are global leaders in space, aeronautic, and related services and offer a comprehensive range of products.

BLR Aerospace, L.L.C. is an aviation company that was founded in 1992 and is based in Washington, United States. The company, with numerous supplement type certificate approvals, is known to deliver products with high technical calibre and performance.

Aviation Partners, Inc. was founded in 1991 and is based in Washington, United States. They are one of the global leaders in the production, marketing, and design of advanced technology winglet systems with specialities such as advanced aviation technology and blended winglets.

Other market players include The Boeing Company, GKN plc, Textron Aviation Inc., Winglet Technology, LLC, RUAG group, and Tamarack Aerospace, among others.

Key Highlights of the Report