Aircraft Landing Gear Market Size and Share | 2031
The Aircraft Landing Gear Market size is projected to reach US$ 13.88 billion by 2031 from US$ 8.85 billion in 2023. The market is expected to register a CAGR of 5.8% in 2023–2031.
One of the major trends in the aircraft landing gear market is the demand-driven from the aftermarket due to the constantly rising fleet of commercial and civil aircraft models worldwide. In general, the service life of the landing gear for commercial airplanes for overhaul is between 200 to 400 landing cycles depending upon the weight of the aircraft models. Further, the rise in several older aircraft that require C/D checks during maintenance is another major factor likely to drive the market for aircraft landing gear market from 2023 to 2031.
Aircraft Landing Gear Market Analysis
The aircraft landing gear market is growing at a normal growth rate after the significant negative impact during FY2020 due to the held civil aviation operations caused by the COVID-19 pandemic. However, the civil aviation sector resumed its operations after an indefinite period which also hampers the demand for landing gear MRO market as well. Further, the aircraft production has also started recovering from the suspended production facilities and has been witnessing positive revenue growth which is another major factor driving the growth for aircraft landing gear installations. Further, the rising air passenger traffic worldwide is one of the major secondary factors driving the aircraft landing gear market size from the retrofitting users.
Aircraft Landing Gear Market Overview
The aircraft landing gear market is likely to witness strong growth in the coming years. The growth of the aircraft landing gear market is due to some of the below key factors:
- The rising global aircraft production and deliveries
- Increasing aircraft MRO industry propelling the growth of aircraft components
- Growth in aircraft fleet across different regions
- Major backlogs of the major aircraft OEMs
These factors are likely to show a significant impact in terms of positive growth of the aircraft landing gear industry. Some of the other major factors likely to drive the aircraft landing gear market include factors such as the rising procurement of civil helicopters; the introduction of low-cost airlines/low-cost carriers (LCA/LCC) propelling the aircraft operations to cater to the rising global air passenger traffic & cargo operations; and an increasing number of contracts for military aircraft & helicopter procurement propelled by the rising global military expenditure.
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Aircraft Landing Gear Market: Strategic Insights
Market Size Value in US$ 12.31 Billion in 2019 Market Size Value by US$ 17.37 Billion by 2027 Growth rate CAGR of 4.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Aircraft Landing Gear Market: Strategic Insights
| Market Size Value in | US$ 12.31 Billion in 2019 |
| Market Size Value by | US$ 17.37 Billion by 2027 |
| Growth rate | CAGR of 4.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Aircraft Landing Gear Market Drivers and Opportunities
The Rising Global Aircraft Deliveries
The increasing number of aircraft deliveries is one of the major factors driving the growth of the landing gear market. For instance, one of the major aircraft giants ‘Airbus 2023, delivered around 735 commercial aircraft in 2023 and has witnessed a growth of 11% since 2022. Further, during the same period, Airbus also has secured more than 2315 commercial aircraft gross orders including the 1,835 units of the A320 series and 300 units of the A350 series of aircraft models. Similarly, another aircraft giant i.e. ‘Boeing’ in 2023, delivered 528 commercial aircraft globally compared to 480 units of aircraft in 2022. Such aircraft deliveries have majorly driven the aircraft landing gear market growth during FY 2023.
Expected Aircraft Deliveries During the Next Two Decades Likely to Provide Future Opportunities
The expected number of commercial aircraft deliveries in the next two decades is likely to witness strong growth. According to Airbus’ Global Market Forecast, more than 40,800 units of commercial aircraft during 2023 to 2042. Similarly, according to Boeing’s Commercial Market Forecast, more than 42,590 new commercial aircraft will be delivered from 2023 to 2042. Such growth in the production and deliveries of new commercial aircraft in the next two decades is likely to generate new opportunities for market vendors in the forecasted period of 2024 -2031 as well.
Aircraft Landing Gear Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Aircraft Landing Gear Market analysis are aircraft type, gear arrangement, type, end-user, and geography.
- Based on aircraft type, the Aircraft Landing Gear Market has been divided into airplanes and helicopters. The airplane segment held a larger market share in 2023.
- By gear arrangement, the market has been segmented into tricycle, tandem, and tail wheel. The tricycle segment held the largest share of the market in 2023.
- In terms of type, the market has been segregated into main landing gear and nose landing gear. The main landing gear segment dominated the market in 2023.
- In terms of end-users, the market has been segmented commercial and military. The commercial segment dominated the market in 2023.
Aircraft Landing Gear Market Share Analysis by Geography
The geographic scope of the Aircraft Landing Gear Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the Aircraft Landing Gear Market in 2023, whereas, the Asia Pacific region is likely to witness significant growth during the forecast period. The North American region includes the US, Canada, and Mexico. The US dominated the North American aircraft landing gear market in 2023. This is mainly due to the rising air passenger traffic and aircraft fleet size across the country. For instance, according to the Bureau of Transportation Statistics (BTS) analysis, in 2022, US airlines carried 194 million more passengers than in 2021, which was 30% year-to-year growth.
Aircraft Landing Gear Market News and Recent Developments
The Aircraft Landing Gear Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aircraft landing gear market and strategies:
- On October 2023, Safran Landing Systems signed a five-year contract with airline company Wizz Air to carry out the Maintenance, Repair, and Overhaul (MRO) operations on 57 aircraft of its A320 family fleet. (Source: Safran Group, Press Release/Company Website/Newsletter)
- In May 2022, Magellan Aerospace Corporation announced that it had reached a five-year agreement with Safran Landing Systems (“Safran”) to manufacture complex machined landing gear components. (Source: Magellan Aerospace Corporation, Press Release/Company Website/Newsletter)
Aircraft Landing Gear Market Report Scope
Aircraft Landing Gear Market Report Coverage and Deliverables
The “Aircraft Landing Gear Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Aircraft Type ; Gear Arrangement ; Type ; End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
- Safran
- Liebherr Group
- Héroux-Devtek Inc
- Collins Aerospace
- Triumph Group Inc
- Circor International Inc
- Sumitomo Precision Products Co Ltd
- GKN Aerospace Services Limited
- AAR Corp
- Magellan Aerospace Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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- Validates and strengthens in-house secondary research findings
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- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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