Wings is a new feature since version 1.2. It allows pilots and NPCs to fly together in groups with maximum of four ships. Wings allows for multiple benefits for multiple roles. Traders can be escorted by their wing pilots for extra security, the escorts will get a 5% income of the trader's profit from the Station as a gratitude of allowing trade to continue in their system.
Wing members can Lock on to each other to follow each others hyperspace routes. If you follow the wake of a wing member, you get pulled out of supercruise automatically.
A wing member can put out a Wings Beacon that allows other pilots in their wing to find them within a system and join them.