Global Commercial Aircraft Landing Gear Market Size, Share, Growth Analysis, By Type(Main Landing Gear, and Nose Landing Gear), By Application(Narrow-body Aircraft and Wide-body Aircraft) - Industry Forecast 2023-2030

Global Commercial Aircraft Landing Gear Market size was valued at USD 2.75 Billion in 2022 and is expected to grow from USD 3.13 Billion in 2023 to reach USD 8.87 Billion by 2031, at a CAGR of 13.90% during the forecast period (2024-2031).

The global commercial aircraft landing gear market is experiencing significant growth driven by the expansion of major airlines' fleets and overall growth in the commercial aviation sector. The demand for new airliners is on the rise, leading to an increased need for landing gears. The civil aviation industry is witnessing remarkable growth, propelled by the production of next-generation aircraft. Improved global economic conditions have contributed to increased air passenger traffic worldwide, resulting in a substantial rise in the number of commercial airplanes. This surge in demand for air travel is expected to drive the demand for commercial aircraft landing gear systems. Aircraft manufacturers are adopting lightweight materials, electronic technologies, and innovative solutions to optimize aircraft performance during touchdown and reduce maintenance requirements. Advanced landing gear systems, characterized by lower maintenance needs compared to traditional counterparts, are gaining prominence. The industry is also witnessing a growing necessity to replace older, less fuel-efficient aircraft with eco-friendly options, further boosting market growth. The global market is experiencing rapid expansion, with the adoption of technologically advanced control systems replacing manual hydraulic and mechanical systems. Intense competition among industry players throughout the value chain is a notable trend. While the global industry evolves in line with changing economic conditions, it faces challenges such as increasing energy costs, expensive raw materials, and U.S. dollar inflation, which could potentially hinder growth in the near future. To overcome these challenges, stakeholders across the value chain, including original equipment manufacturers (OEMs) and component and raw material suppliers, are developing new business processes to leverage the industry's rapid globalization.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Commercial Aircraft Landing Gear Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Commercial Aircraft Landing Gear Market Segmental Analysis

Global Commercial Aircraft Landing Gear Market is segmented by type, application, and region. Based on type, the market can be segmented into main landing gear, and nose landing gear. Based on application, the market is segmented into narrow-body aircraft, and wide-body aircraft. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Commercial Aircraft Landing Gear Market

A significant driver fostering the growth of the commercial aircraft landing gear market is the escalating demand for new airliners propelled by the expansion initiatives of major airlines and the substantial growth observed in the commercial aviation sector. The surge in global air passenger traffic, coupled with enhancements in overall global economic conditions, has led to a pronounced increase in the number of commercial airplanes. Consequently, there is an escalating requirement for advanced commercial aircraft landing gear systems to meet the rising demand for air travel and replace older, less fuel-efficient aircraft.

Restraints in the Global Commercial Aircraft Landing Gear Market

A notable challenge confronting the commercial aircraft landing gear market is the potential repercussions of escalating energy costs, pricey raw materials, and inflation of the U.S. dollar. These factors have the potential to impede the industry's growth by elevating production expenses and diminishing profit margins. Moreover, the volatility in energy prices and currency exchange rates can influence the affordability of new aircraft, thereby adversely impacting the demand for commercial aircraft landing gear systems. Industry participants must vigilantly monitor and address these cost-related challenges to uphold a competitive standing in the market.

Market Trends of the Global Commercial Aircraft Landing Gear Market

A prominent trend in the commercial aircraft landing gear industry is the growing emphasis on lightweight materials and advanced technologies. Manufacturers are working towards creating landing gear systems that are lighter in weight while retaining durability and strength. This trend is fueled by the industry's imperative for fuel efficiency and enhanced performance. Moreover, there is an increasing focus on incorporating electronic technologies like sensor-based systems and advanced control mechanisms to improve safety, minimize maintenance needs, and optimize overall aircraft performance during takeoff and landing.