NEWARK, Del, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global aircraft landing gears market is estimated to be around US$ 8 billion in 2024. It is projected to exhibit a CAGR of 6.5% over the forecast period and reach an estimated market size of US$ 15 billion by 2034.
Globalization, the growing middle-class population, and increased connectivity have taken the aviation sector to its all-time peak. This has generated a huge demand for aircraft and their parts in the international marketplace. The aircraft landing gear industry is witnessing a surge in demand from commercial airlines for their fleets of passenger and cargo aircraft. The use of aircraft landing gear is also widespread among armed forces globally, which employ it for military aircraft, including fighters, transport planes, and helicopters.
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Companies that design and retrofit old aircraft are increasingly adopting modern aircraft landing gear and integrating it into their new aircraft during the manufacturing process. The demand for these landing gear is also among the companies that lease aircraft to airlines and are increasingly involved in purchasing landing gear as part of their aircraft maintenance and asset management activities.
Government organizations responsible for national aviation and defense are also witnessing a rise in the adoption of aircraft landing gear to procure landing gear for military and governmental aircraft. Entities engaged in aerospace research and development are acquiring landing gear for testing and prototyping purposes, indicating a growing demand for aircraft landing gear in this sector.
“Companies in the aircraft landing gear explore opportunities in emerging aviation markets and establish a global presence through partnerships, distribution networks, or establishing subsidiaries in key aviation regions,”
- Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The main landing gear segment dominates the aircraft landing gear market with a CAGR of 6.30%.
- Based on the sub-system, the actuation system segment leads the aircraft landing gear market with a CAGR of 6.10%.
- The demand for aircraft landing gear in the United States is anticipated to grow at a rate of 6.80% through 2034.
- The aircraft landing gear market in the United Kingdom is estimated to rise at a whopping 7.70% CAGR through 2034.
- The aircraft landing gear market in Japan has the potential to increase at 7.90% CAGR through 2034.
- The market for aircraft landing gear in South Korea is predicted to rise by 8.50% CAGR through 2034.
- The sales of aircraft landing gear in China are very likely to grow at a rate of 6.90% through 2034.
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Competitive Landscape
The aircraft landing gear market is highly fragmented and includes both international and domestic companies. Prominent players in the market include Safran Landing Systems, Collins Aerospace, Liebherr-Aerospace, Heroux-Devtek, and others. These companies are investing heavily in research and development to improve performance, fuel efficiency, and safety through lightweight materials, advanced sensors, and smart technologies.
Key Companies in the Market
- Safran Landing Systems
- Collins Aerospace (Raytheon Technologies)
- Liebherr-Aerospace
- Heroux-Devtek
- Triumph Group
- UTC Aerospace Systems (now part of Raytheon Technologies)
- Meggitt PLC
- Eaton Corporation
- CIRCOR Aerospace
- Parker Hannifin Corporation
For instance, Revima expanded its landing gear repair capabilities to its Yainville, Normandy facility in France. The focus is on minor repairs and recertification for mid-life solutions, initially for Airbus A320 and A330 family aircraft, with plans for further platform extensions in the coming months.
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Key Segments in the Aircraft Landing Gear Market
By Type:
- Main Landing Gear
- Nose Landing Gear
By Sub-system:
- Actuation System
- Steering System
- Brake System
- Others
By Aircraft Type:
- Fixed Wing
- Rotary Wing
By End User:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa (MEA)
- Europe
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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