Commercial Aircraft Landing Gear Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Global Commercial Aircraft Landing Gear Market Size, Share And Growth Analysis For 2024-2033
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The commercial aircraft landing gear market has experienced robust growth in recent years. It is projected to increase from $9.31 billion in 2023 to $10.14 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.9%. This growth during the historical period can be attributed to factors such as aging fleets, the expansion of air travel, regulatory standards, regional growth, and consumer safety concerns.
What Is The Estimated Market Size Of The Global Commercial Aircraft Landing Gear Market And Its Annual Growth Rate?
The commercial aircraft landing gear market is anticipated to experience strong growth in the coming years, reaching $14.43 billion by 2028, with a compound annual growth rate (CAGR) of 9.2%. This projected growth during the forecast period can be attributed to factors such as the expansion of aircraft fleets, concerns regarding fuel efficiency and environmental impact, a market shift toward wide-body aircraft, increased demand for retrofit and maintenance services, the growth of defense and cargo aircraft, and rising levels of automation.
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Growth Driver Of The Commercial Aircraft Landing Gear Market
The increasing public interest in the airline industry is expected to drive the growth of the commercial aircraft landing gear market in the future. Airlines, which develop and operate air transportation services for passengers and cargo, are seeing more people opting for air travel. As a result, airline companies are likely to select larger and more efficient aircraft to accommodate more passengers. These larger aircraft typically require more robust landing gear systems to support their weight and dimensions.
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Which Market Players Are Steering the Commercial Aircraft Landing Gear Market Growth?
Key players in the market include AAR Corp., Circor Aerospace Inc., Heroux-Devtek Inc., Honeywell Aerospace, Liebherr-International AG, Safran Landing Systems, UTC Aerospace Systems, Triumph Group Inc., GKN Ltd., Magellan Aerospace Corporation, Aerospace Industrial Development Corporation, Sumitomo Precision Products Co. Ltd., Heroux-Devtek UK Ltd., Sumitomo Precision Products Co. Ltd., Parker-Hannifin Corporation, Meggitt plc, Circor International Inc., Whippany Actuation Systems, Young Poong Corporation, South Korea Aerospace Industries Ltd., Qingdao Beihai Shipbuilding Heavy Industry Co. Ltd., RENK AG, Lufthansa Technik Landing Gear Services UK, Safran Landing Systems, RTX Corporation, AVIC SAC Commercial Aircraft Landing Gear Co. Ltd., ShinMaywa Industries Ltd., Elbit Systems Ltd., Moog Inc., Senior Aerospace Weston.
What Are the Dominant Trends in Commercial Aircraft Landing Gear Market
Leading companies in the commercial aircraft landing gear market are focusing on implementing electric nose landing gear actuators in both narrowbody and widebody commercial jets. This technology aims to reduce drag and facilitate faster extension and retraction of the landing gear during takeoff and landing, thereby minimizing landing and inclination times for commercial aircraft. Landing gear actuators, also referred to as gearbox transmissions, are crucial components of an airplane, responsible for the operation of extending and retracting the landing gear system.
How Is The Global Commercial Aircraft Landing Gear Market Segmented?
1) By Gear Position: Main Landing, Nose Landing
2) By Aircraft Type: Fixed Wing, Rotary Wing
3) By End-User: Commercial, Armed Forces
Geographical Insights: North America Leading The Commercial Aircraft Landing Gear Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Commercial Aircraft Landing Gear Market Definition
Commercial aircraft landing gear provides undercarriage support, serving as a suspension system during taxiing, takeoff, and landing. Its primary purpose is to absorb and dissipate the angular momentum energy generated during landing impacts, thereby reducing the force transferred to the aircraft.
Commercial Aircraft Landing Gear Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global commercial aircraft landing gear market report covering trends, opportunities, strategies, and more
The Commercial Aircraft Landing Gear Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on commercial aircraft landing gear market size, commercial aircraft landing gear market drivers and trends, commercial aircraft landing gear market major players and commercial aircraft landing gear market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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