Aircraft Landing Gear Repair and Overhaul Market Size, Share, Growth, and Industry Analysis, By Type (Fixed-Wing, Rotary-Wing and Others), By Application (Commercial, Military and Others) Regional Forecast to 2028

Updated On: 08 April 2024

REPORT OVERVIEW

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The global aircraft landing gear repair and overhaul market size was USD 1722.3 million in 2022. As per our research, the market is projected to touch USD 2009 million by 2028, exhibiting a CAGR of 2.6% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The landing gear is the undercarriage of a spacecraft or aircraft that is used for takeoff and landing. It is extensively employed in aircraft for both landing and aircraft. Commercial airlines and increased air traffic are driving the aircraft landing gear repair and overhaul market growth. Because of the increased demand for air travel, the number of commercial airlines has increased. This drives the market's expansion. In addition, aviation traffic is increasing, which is fuelling market expansion. The aviation sector is expanding and is directly related to economic growth because it provides several chances for trade and commerce.  When the aeroplane is not flying, the landing gear assists it. It also aids in the safe landing, takeoff, and taxiing of aircraft.

COVID-19 Impact: Pandemic Caused Travel Restrictions and Industrial Shutdown Resulted in Decreased Market Share

The COVID-19 outbreak had a significant impact on the Aircraft Landing Gear Repair and Overhaul sector. The spread of coronavirus had a severe influence on the aviation industry, as the number of global passengers declined dramatically in 2020. Before the pandemic, more than 4.5 billion passengers travelled internationally, but that figure dropped to about 1.8 billion after the virus began to spread.

LATEST TRENDS

"Surging Aircraft Deliveries to Soar Up Market Potentially"

In the foreseeable future, the market would benefit from an increase in aircraft deliveries. According to one of the studies, the order backlog for commercial aircraft is at an all-time high, with more than 14,000 orders. Approximately 38,000 aeroplanes are expected to be produced globally during the next two decades. In addition, there is growth in the aviation industry. Air traffic is also expanding as a result of increased demand for air travel. People's discretionary income has increased in emerging economies, allowing them to afford air travel. All of these factors are expected to drive the aeroplane landing gear repair and overhaul market over the forecast period.

SEGMENTATION

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• By Type

Based on type the aircraft landing gear repair and overhaul market is classified as fixed-wing, rotary-wing and others.

The fixed-wing is the leading part of the type segment.

• By Application

Based on application the aircraft landing gear repair and overhaul market is classified as commercial, military and others.

The part commecial is the leading type of the application segment.

DRIVING FACTORS

"Rise in the Commercial Flights to Boost the Market Growth"

After a dramatic reduction due to the epidemic, commercial flights are on the rise. According to one of the analyses, commercial aviation in the EU climbed by 25% in August 2022 compared to August 2021. The figure is still lower than pre-pandemic levels, but the gap is closing. Furthermore, certain EU airports reported an increase in total commercial flights compared to 2019. All of these reasons contribute to the growth of the aircraft landing gear repair and overhaul market.

"Surge in the Defense Budget to Raise the Market Share"

The increased defence budget is also propelling the industry; for example, amid continuous border concerns with China, India's Defence Acquisition Council (DAC) approved transactions worth approximately USD 5.3 billion. This agreement covers the purchase of 21 MiG-29 fighter fighters for the Indian Air Force, as well as the upgrade of 59 of them and the acquisition of 12 Su-30 MKI aircraft. Furthermore, the US has encouraged NATO allies to increase their military spending to 2% of their respective GDPs. France announced that defence spending would increase by 40% over the next six years in order to reach NATO's target of 2% of GDP in the defence sector. All of these reasons, in turn, are driving the defence aircraft landing gear repair and overhaul market.

RESTRAINING FACTORS

"Lack of Skilled Personnel to Obstruct the Market Growth"

The shortage of skilled workers is a significant market constraint. This industry is suffering from a technician shortage, and because the current unemployment rate is so low, the micro-industry demand is the worst. The landing gear overhaul requires specialised knowledge. For example, Czech Airlines Technics has approximately 18 years of experience in landing gear maintenance, but there is still a shortage of trained technical personnel, particularly in recent years. This functions as a market constraint. However the shortage of workforce may have an effect on the overall utilization and hindering the aircraft landing gear repair and overhaul market growth.

REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate with High Demand from the End-Use Industries"

In terms of revenue share, Asia Pacific dominated the global aircraft landing gear repair and overhaul market share. The region is predicted to maintain its supremacy during the forecast period. This can be ascribed to rising demand for new aircraft, mainly from China and India, as well as increased military spending by countries such as China and India. Furthermore, a growth in air passenger traffic has resulted in an increase in demand for replacement components around the world. The region is expected to increase significantly throughout the projection period as a result of large expenditures made by producers of commercial Aircraft Landing Gear Systems.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is highly competitive, with both international and domestic players. Major players are involved in the launch of new and improved products, collaborations, mergers and acquisitions, joint ventures, and other tactics.The research is an in-depth examination of a list of market participants who promote market growth. The data is a compilation of the most recent manufacturing industry trends, mergers and acquisitions, market research, and technology breakthroughs. To comprehend market share, product growth, revenue growth, and other variables over the forecast period, additional criteria such as regional and segmental analysis are considered.

List of Market Players Profiled

• AAR Corporation (U.S.)
• Air France Industries KLM Engineering & Maintenance (France)
• Delta TechOps (U.S.)
• FL Technics (Lithuania)
• Hong Kong Aircraft Engineering Company Limited (Hong Kong)
• Lufthansa Technik AG (Germany)
• RUAG Group (Switzerland)
• Safran (France)
• ST Aerospace (Singapore)
• Turkish Technic Inc. (Turkey).

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points.The state of the market's components and its potential growth areas over the following years.