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aerospace landing gear market Report Overview
global aerospace landing gear market size was USD 10520 million in 2022 and is expected to reach USD 13540 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.
Aerospace landing gear is a critical component of aircraft that enables safe takeoffs and landings. It consists of wheels, struts, brakes, and various mechanisms designed to support the aircraft's weight and absorb the impact of landing. These systems are engineered to handle the immense forces and stresses experienced during touchdown, ensuring passenger safety and structural integrity. Landing gear designs vary depending on the type of aircraft, from retractable gear in commercial jets to skids on helicopters. Advances in materials and technology continue to improve the efficiency, durability, and performance of aerospace landing gear, contributing to the overall safety and reliability of air travel.
The market size is experiencing robust growth due to several key factors. Firstly, the global aviation industry has been expanding steadily, with an increasing number of people opting for air travel, thereby driving the demand for new aircraft. Furthermore, the rise of emerging markets and the expansion of existing airline fleets have generated a need for more advanced and efficient landing gear technologies. Additionally, the trend towards lightweight materials, such as carbon composites, to improve fuel efficiency and reduce emissions has spurred research and development efforts in landing gear innovation. Altogether, these factors contribute to the growing market size of aerospace landing gear.
COVID-19 Impact: Pandemic Caused Widespread Travel Restrictions Causing The Aviation Sector To Suffer A Serious Setback
The COVID-19 pandemic had a significant and adverse impact on the market. As the pandemic led to widespread travel restrictions, lockdowns, and a steep decline in air travel demand, the aviation industry suffered a severe setback. Airlines around the world grounded a substantial portion of their fleets, leading to a decrease in the need for new aircraft and, consequently, landing gear systems. The reduced demand for air travel also affected maintenance and replacement schedules for existing landing gear components, resulting in delayed or canceled orders for landing gear manufacturers. This downturn in business operations forced some companies in the industry to scale back production, implement cost-cutting measures, and even lay off employees. However, as the aviation industry gradually recovers with the easing of travel restrictions and increased passenger confidence, the market is poised to rebound, driven by a resurgence in aircraft orders and maintenance needs.
Latest Trends
"Increasing Use of Cutting-Edge Materials and Technologies to be a Noticeable Trend in the Industry"
One notable trend in the aerospace landing gear market is the increasing adoption of advanced materials and technologies to enhance performance and reduce weight. New products and technologies, such as carbon composites and 3D printing for landing gear components, are gaining prominence. Carbon composites offer improved strength-to-weight ratios, leading to more fuel-efficient and environmentally friendly aircraft. 3D printing enables the production of complex and customized landing gear parts, reducing manufacturing costs and lead times. Leading players in the market, like Safran Landing Systems and UTC Aerospace Systems, are investing heavily in research and development to pioneer these innovations. They are also focusing on the development of smart landing gear systems equipped with sensors and predictive maintenance capabilities, which enhance safety and reduce maintenance downtime. This trend reflects the industry's commitment to continuous improvement and adaptation to meet the evolving needs of modern aviation.
aerospace landing gear market SEGMENTATION
- By type
Depending on market given are types: Main Landing Gear, Nose/Tail Landing Gear.
The Main Landing Gear type will capture the maximum market share through 2028.
- By Application
The market is divided into Commercial, Region Jet, Business Jet, Helicopter, Military Aircraft & Others based on application.
The global market players in cover segment like Commercial will dominate the market share during 2022-2028.
Driving Factors
"Rising Need For Eco-Friendly Aircraft to Propel Market Growth"
One key driving factor behind the aerospace landing gear market growth is the increasing demand for more fuel-efficient and environmentally friendly aircraft. With rising concerns about climate change and a focus on reducing greenhouse gas emissions, airlines and aircraft manufacturers are actively seeking ways to improve the efficiency of their fleets. Aerospace landing gear plays a crucial role in achieving this goal by enabling lighter aircraft designs, reducing overall weight, and enhancing aerodynamics. As a result, there is a growing emphasis on the development of landing gear systems that incorporate advanced materials and technologies to contribute to fuel savings and lower emissions, driving the market's expansion in response to these sustainability-driven demands.
"Rising Need for Air Travel Worldwide to drive the Market Growth"
Another significant driving factor for the aerospace landing gear market is the increasing global air travel demand. The expansion of the middle class in emerging economies, coupled with urbanization and increased connectivity, has led to a surge in passenger air travel. Airlines are continuously expanding their fleets to accommodate this rising demand for both domestic and international travel. Consequently, there is a heightened need for new aircraft, and with it, the landing gear systems that support these planes. This growing demand for aircraft across various segments, including commercial, military, and general aviation, directly propels the market's growth as landing gear manufacturer’s work to supply the aviation industry with reliable and advanced landing gear solutions.
Restraining Factor
"Cyclical Nature Of The Aviation Industry to Hamper the Market Growth"
One notable restraining factor for the market is the cyclical nature of the aviation industry. Economic downturns, geopolitical conflicts, or unforeseen global events can lead to reduced air travel demand and decreased orders for new aircraft. During such downturns, airlines may postpone or cancel aircraft purchases and maintenance, affecting the landing gear market. This cyclicality can create periods of uncertainty for landing gear manufacturers, making it challenging to maintain steady growth. To mitigate this restraint, companies in the industry often diversify their product offerings and customer base, including defense contracts, to buffer against the impact of economic fluctuations in the commercial aviation sector.
aerospace landing gear market Regional Insights
"North America Continues To Dominate owing to a Large Number of Production and Maintenance Operations for Aircraft"
North America emerges as the leading region in the aerospace landing gear market share, driven by a robust aerospace industry and a high volume of aircraft production and maintenance activities. The region is home to major players like Boeing, Lockheed Martin, and United Technologies, contributing significantly to landing gear demand. Additionally, North America benefits from strong military aviation requirements, further boosting market growth. Furthermore, advancements in landing gear technologies and a focus on sustainability align with the region's aviation sector's priorities. While Asia-Pacific is also experiencing rapid growth due to expanding air travel, North America remains a dominant force in the market, both in terms of market share and technological innovation.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- UTC Aerospace Systems (U.S.)
- AAR Corp (U.S.)
- Safran Landing System(France)
- CIRCOR Aerospace (U.S.)
- Magellan Aerospace (Canada)
- Heroux-Devtek (Canada)
- Liebherr Group (Switzerland)
- GKN Aerospacervices (U.K.)
- Triumph Group (U.S.)
- SPP Canada Aircraft (Canada)
- Whippany Actuation System (U.S.)
- Aerospace Turbine Rotables (U.S.)
- Eaton Corporation (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 10520 Million in 2022 |
Market Size Value By |
US$ 13540 Million by 2028 |
Growth Rate |
CAGR of 4.3% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the aerospace landing gear market expected to touch by 2028?
The global aerospace landing gear market size is expected to reach USD 13540 million by 2028.
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What CAGR is the aerospace landing gear market expected to exhibit by 2028?
The aerospace landing gear market is expected to exhibit a CAGR of 4.3% by 2028.
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Which are the driving factors of the aerospace landing gear market?
The driving factors of the aerospace landing gear market are the rising need for aircraft that are more environmentally friendly and fuel-efficient and the rising need for air travel worldwide.
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Which are the key players or most dominating companies functioning in the aerospace landing gear market?
The dominating companies in the aerospace landing gear market are UTC Aerospace Systems, AAR Corp, Safran Landing System, CIRCOR Aerospace.