In the last couple of years, the global aerospace landing gear market has witnessed considerable expansion due to the significant uptick in air passengers globally and the consequent increase in the need for lightweight aircraft. Due to the criticality of these subsystems, that support aircraft weight during landing and ground operations, commercial airlines are focusing on using high-grade landing gears.
Additionally, the swift escalation in the number of commercial fleet production across the world will emerge as one of the main reasons behind the rapid growth in the industry. Reports estimate that the global market could amass USD 19 billion yearly by 2026. Enlisted below are some of the main factors likely to influence the industry size in the near future.
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Based-on the arrangement, the tri-cycle segment is expected to record USD 15 billion in revenue by 2026. Tri-cycle landing gears are extensively used in all cutting-edge aircraft, accelerating industry growth. Jet-powered Aircraft manufactures are equipping aircraft with tri-cycle gears to avoid high-speed gases and blasts from causing damage to the surface. Besides, tri-cycle gears are convenient to handle and have decreased weight and drag compared to their counterparts.
Based on the competitive landscape, it is important to mention that industry participants are investing in joint ventures, new technologies, and acquisitions to improve their worldwide footprint or acquire cutting-edge technologies to serve the surging demand from the aerospace landing gear market.
Market players are also focusing on making contracts with government officials or aircraft manufacturers. Citing an instance to highlight the same, in March 2017, AAR Corporation received a contract worth USD 909 million from the American Air Force for landing gears, which is expected to last for the upcoming 15 years. The firm will also offer the Air Force support in the purchasing, distribution, remanufacturing, and inventory control.
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On the regional front, Latin America is anticipated to offer lucrative growth opportunities to the aerospace landing gear market. Studies suggest that the regional market is expected to grow at a 4.5% CAGR over the ensuing years. The region recorded high passenger growth post-government stabilization and enhanced economic performance. In fact, as per the CAPA, in the previous ten years, the number of seats available in airlines in the region surged by 3.2 times. Such growth will accelerate market size across the region over the forecast period.
Some of the prominent names in the aerospace landing gear market include Hawker Pacific Aerospace, Eaton Corporation, Aar Corp., FL Technics, UTC Aerospace Systems, and Magellan Aerospace, to name a few.
Major Key Points from Table of Content:
Chapter 4 Aerospace Landing Gear Market, By Position
4.1 Global market insights, by position
4.2 Main landing gear
4.2.1 Global market estimates and forecasts, 2016 - 2026
4.2.2 Market estimates and forecast, by region, 2016 - 2026
4.3 Nose/Tail landing gear
4.3.1 Global market estimates and forecasts, 2016 - 2026
4.3.2 Market estimates and forecast, by region, 2016 – 2026
Chapter 5 Aerospace Landing Gear Market, By Arrangement
5.1 Global market insights, by arrangement
5.2 Tail Wheel
5.2.1 Global market estimates and forecasts, 2016 - 2026
5.2.2 Market estimates and forecast, by region, 2016 - 2026
5.3.1 Global market estimates and forecasts, 2016 – 2026
5.3.2 Market estimates and forecast, by region, 2016 – 2026
5.4.1 Global market estimates and forecasts, 2016 – 2026
5.4.2 Market estimates and forecast, by region, 2016 - 2026
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