Market Research Report
Aircraft Landing Gear Systems Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||850100|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Aircraft Landing Gear Systems Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 112 Pages||
The aircraft landing gear systems market is estimated to register a CAGR of over 3.5%, during the forecast period 2020-2025.
Combat Jet Aircraft Segment is Expected to Achieve the Highest CAGR During the Forecast Period
Currently, Combat Jet Aircraft has the highest share in the market. Globally, there is an increasing demand for combat jet aircraft. F-35 is one of the most acquired fighter jets by military forces, globally. For instance, in November 2018, Lockheed Martin Corporation received a contract from the US Department of Defense (DOD), worth USD 22.7 billion, to deliver 255 of its F-35 fifth-generation combat aircraft. Under this contract, the company is expected to deliver 64 F-35As to the US Air Force, 26 F-35Bs to the US Marine Corps, 16 F-35Cs to the US Navy, 71 F-35As and 18 F-35Bs to non-Department of Defense (DoD) participants, and 60 F-35As for Foreign Military Sales customers. With the rising sales of the F-35 fighter aircraft worldwide, many countries have expressed various issues regarding the landing gear of this aircraft, particularly the F-35C model. These issues may lead to the manufacturers implementing innovative changes to the design of the landing gear systems for combat jet aircraft. Therefore, the ongoing procurements and developments may increase the focus on this segment, and these are likely to be the reasons for its high CAGR during the forecast period.
Asia-Pacific is Expected to Witness the Highest Growth
Currently, Asia-Pacific is generating the highest revenue in the aircraft landing gear systems market. Asia-Pacific is one of the most traveled air routes in the world. According to the IATA, China is expected to become the world's largest aviation market by 2022, due to an increasing middle-class population and the government's support for the sector, therefore, this is generating demand for new flights and the development and construction of airports. Similarly, India is one of the fastest growing aviation markets in the Asia-Pacific region. IndiGo, Jet Airways, and SpiceJet are some of the major airlines operating in the country. The international and domestic passenger traffic in India was 79 million in 2010, and it doubled to 158 million by 2017. This increasing rate of passenger traffic has forced various airlines to procure new aircraft. In addition, various factors, such as significant increase in the number of airports in the region to cater to the growing aviation industry, coupled with an increasing number of aircraft procurements happening in the region for fleet expansion, may lead to the growth of the aircraft landing gear systems market in the region. Thus, various ongoing developments are expected to lead to a growth in the aircraft landing gear systems market in the Asia-Pacific region in the near future.
Companies, such as Safran SA, Liebherr-International Deutschland GmbH, Collins Aerospace (United Technologies Corporation), Honeywell International Inc., and Heroux Devtek Inc., are among the major players that are expected to have significant shares in the aircraft landing gear systems market, during the forecast period. Currently, Safran SA, Liebherr-International Deutschland GmbH, and Heroux-Devtek Inc. hold significant shares in the market. Various initiatives and product innovations made by the companies have helped strengthen their presence in the market. In 2019, Collins Aerospace was selected by The Boeing Company and Saab AB to provide two key systems for the TX-trainer. The company is expected to provide landing gear and ACES5 pilot escape systems. The landing gear system comprises of the structure, actuators, dressings, hydraulics, and wheel/brake assemblies.