The global aircraft landing gear market is expected to reach USD 20.15 billion by 2027, exhibiting a CAGR of 11.78% during the forecast period. The trend for inline in the design and development of aircraft will have an excellent impact on the market during the forecast period, states Fortune Business Insights, in a report, titled “Aircraft Landing Gear Market Size, Share Industry Analysis, By Type (Nose Landing Gear and Main Landing Gear), By Platform (Fixed-Wing, Rotary Wing), By Arrangement (Tail Wheel, Tandem, and Tri-Cycle), By Component (Retraction System, Breaks Wheels, Steering, and Others), By End-User (OEM and Aftermarket), and Regional Forecast, 2020-2027.” The market size stood at USD 11.55 billion in 2019.
Increasing Procurement of New Generation Aircraft to Improve Business Prospects
The increasing procurement of aircraft with advanced features and apt fuel-efficiency will spur lucrative business opportunities for the market. The surging fleet expansion has further led to new aircraft orders, in turn, aiding the growth of the market. Moreover, the heavy spending on military aircraft in the defense sector will subsequently bolster the healthy growth of the market. The growing popularity of UAVs in military operations will enable speedy expansion of the market. Furthermore, the growing requirement for maintenance and refurbishment of landing gear can have an excellent effect on the market. The surging defense budget to modernize the existing fleet will consequently spur opportunities for the market.
To know more about the short-term and long-term effects of COVID-19 on this market,
Decreasing Air Traffic to Hamper Growth During the Coronavirus
The aviation industry has witnessed a severe impact due to the COVID-19 outbreak. The reduced air traffic has caused enormous loss for the industry. Government restrictions on travel and transportation have resulted in financial jeopardy. The canceled orders of aircraft have led to an immense drop in revenue. The unavailability of the workforce due to lockdown in countries will subsequently dampen the growth of the market. The reduced aircraft production rate owing to the disrupted supply chain can consequently hamper the growth of the market. Nevertheless, the improving conditions in several regions can simultaneously aid the recovery of the market in the forthcoming years.
Presence of Major Companies to Augment Growth in North America
The market in North America is expected to dominate the global market during the forecast period owing to the existing prominent players such as Collins Aerospace, the Boeing Company, Bombardier Inc, and others in the region. Asia Pacific is expected to experience a rapid growth rate owing to the rising defense expenditure. The rising air traffic in emerging economies such as China and India will contribute positively to the growth of the market in the region. The Middle East Africa is expected to hold the largest share in the global market during the forecast period owing to rising orders for new aircraft by airlines in the UAE and Saudi Arabia. Besides, the growing tourism industry is expected to foster the healthy growth of the market in the region.
September 2019: Liebherr-International AG announced that it has signed a long-term contract with J-Air to provide overhaul services for landing gear systems of J-Air’s 15 Embraer E170 family aircraft.
The Report Lists the Main Companies in the Aircraft Landing Gear Market:
- AAR Corporation (The U.S.)
- Alaris Aerospace (The U.S.)
- CIRCOR International Inc. (The U.S.)
- Collins Aerospace (The U.S.)
- GKN Aerospace (The U.K.)
- Hawker Pacific Aerospace (The U.S.)
- Heroux-Devtek Inc. (Canada)
- Liebherr-International AG (Germany)
- Magellan Aerospace Corporation (Canada)
- Safran SA (France)
- SPP Canada Aircraft Inc. (Canada)
- Triumph Group Inc. (The U.S.)