The global aircraft landing gear market size was USD 9.88 billion in 2020 and is estimated to grow from USD 10.79 billion in 2021 to USD 22.90 billion in 2028 at a CAGR of 17.9% during 2024-2028.
The global aircraft landing gear market is set to witness substantial growth in the coming years, fueled by the increasing demand for commercial aviation, technological advancements, and a surge in air travel. The market is poised to offer lucrative opportunities for key players and stakeholders as it adapts to evolving industry needs.
Browse Report:
https://www.fortunebusinessinsights.com/industry-reports/aircraft-landing-gear-market-101815
Key Market Insights: Aircraft Landing Gear Market
Market Segmentation: The aircraft landing gear market is segmented based on type, application, aircraft type, and region. Key segments include:
Type: Main Landing Gear, Nose Landing Gear, Tail Landing Gear
Application: Commercial Aviation, Military Aviation, Business and General Aviation
Aircraft Type: Narrow-body Aircraft, Wide-body Aircraft, Regional Jets, Military Aircraft
Key Players: Aircraft Landing Gear Market
Leading companies in the aircraft landing gear market driving innovation and shaping the competitive landscape include:
- Safran Landing Systems
- Collins Aerospace
- Honeywell International Inc.
- Triumph Group, Inc.
- Liebherr Group
- Heroux-Devtek Inc.
- GKN Aerospace
- UTC Aerospace Systems (Raytheon Technologies)
- AAR Corp.
- Magellan Aerospace Corporation
Latest Trends: Aircraft Landing Gear Market
Advancements in Materials and Design: Manufacturers are focusing on the development of lightweight materials and innovative designs to enhance the performance and fuel efficiency of landing gear systems.
Integrated Health Monitoring Systems: The incorporation of health monitoring systems in landing gear enables real-time diagnostics, predictive maintenance, and improved safety, contributing to the overall efficiency of the aircraft.
Rising Demand for Electric Aircraft: The increasing interest in electric and hybrid-electric aircraft is influencing the design and development of landing gear systems to meet the specific requirements of these emerging aircraft types.
Driving Factors:
- Rapid Growth in Air Travel: The surge in air passenger traffic, particularly in emerging markets, is driving the demand for new and more efficient aircraft, thus boosting the aircraft landing gear market.
- Renewal of Aging Aircraft Fleet: The need to replace aging aircraft with modern, fuel-efficient models is creating a substantial demand for advanced landing gear systems, supporting the market's growth.
- Military Modernization Programs: Ongoing military modernization initiatives worldwide are fueling demand for high-performance landing gear systems, particularly in military aviation applications.
- In conclusion, the global aircraft landing gear market is entering a phase of significant expansion driven by technological innovations and the increasing demand for air travel. Key players in the industry are well-positioned to capitalize on these opportunities and contribute to the evolution of aviation systems.
