PUBLISHER: The Insight Partners | PRODUCT CODE: 1874030
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874030
The Aircraft Landing Gear Market is anticipated to grow to US$ 13.88 billion by 2031, up from US$ 9.22 billion in 2024, reflecting a CAGR of 6.34% from 2031 to 2031.
A significant trend in the aircraft landing gear market is the increasing demand from the aftermarket, driven by the growing fleet of commercial and civil aircraft globally. Typically, the service life of landing gear for commercial aircraft ranges from 200 to 400 landing cycles, depending on the aircraft's weight. Additionally, the rise in older aircraft requiring C/D checks during maintenance is expected to further boost the aircraft landing gear market from 2024 to 2031.
Aircraft Landing Gear Market Analysis
Following a substantial downturn in FY2020 due to the suspension of civil aviation operations caused by the COVID-19 pandemic, the aircraft landing gear market is now experiencing a steady recovery. The civil aviation sector has resumed operations, which has also affected the demand for landing gear MRO services. Furthermore, aircraft production is recovering from previous halts, leading to positive revenue growth, which is a key driver for aircraft landing gear installations. The increasing air passenger traffic worldwide also serves as a significant secondary factor contributing to the growth of the aircraft landing gear market, particularly from retrofitting users.
Aircraft Landing Gear Market Overview
The aircraft landing gear market is poised for robust growth in the upcoming years, driven by several key factors:
These elements are expected to have a considerable positive impact on the growth of the aircraft landing gear industry. Additional factors likely to propel the market include increased procurement of civil helicopters, the emergence of low-cost airlines/low-cost carriers (LCA/LCC) to meet the growing global air passenger and cargo traffic, and a rise in contracts for military aircraft and helicopter procurement driven by escalating global military spending.
Strategic Insights
Drivers and Opportunities in the Aircraft Landing Gear Market
Increasing Global Aircraft Deliveries
The surge in aircraft deliveries is a primary factor fueling the growth of the landing gear market. For example, Airbus delivered approximately 735 commercial aircraft in 2023, marking an 11% increase from 2022. During the same timeframe, Airbus secured over 2,315 gross orders for commercial aircraft, including 1,835 units of the A320 series and 300 units of the A350 series. Similarly, Boeing delivered 528 commercial aircraft globally in 2023, up from 480 units in 2022. Such deliveries have significantly contributed to the growth of the aircraft landing gear market in FY 2023.
Future Opportunities from Expected Aircraft Deliveries Over the Next Two Decades
The anticipated number of commercial aircraft deliveries over the next twenty years is expected to see substantial growth. According to Airbus' Global Market Forecast, over 40,800 commercial aircraft are projected to be delivered from 2023 to 2042. Likewise, Boeing's Commercial Market Forecast estimates more than 42,590 new commercial aircraft deliveries during the same period. This increase in production and deliveries of new commercial aircraft is likely to create new opportunities for market players in the forecast period from 2024 to 2031.
Segmentation Analysis of the Aircraft Landing Gear Market
Key segments contributing to the Aircraft Landing Gear Market analysis include aircraft type, gear arrangement, type, end-user, and geography.
Geographical Analysis of the Aircraft Landing Gear Market Share
The geographical scope of the Aircraft Landing Gear Market report is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America led the Aircraft Landing Gear Market in 2023, while the Asia Pacific region is expected to experience significant growth during the forecast period. The North American market includes the US, Canada, and Mexico, with the US being the dominant player in the North American aircraft landing gear market in 2023. This dominance is attributed to the increasing air passenger traffic and the expanding aircraft fleet in the country. For instance, the Bureau of Transportation Statistics (BTS) reported that US airlines carried 194 million more passengers in 2022 compared to 2021, reflecting a 30% year-over-year growth.
Recent Developments in the Aircraft Landing Gear Market
The Aircraft Landing Gear Market is assessed through qualitative and quantitative data collected from primary and secondary research, including significant corporate publications, association data, and databases. Below are some recent developments and strategies in the aircraft landing gear market:
Scope of the Aircraft Landing Gear Market Report
Coverage and Deliverables of the Aircraft Landing Gear Market Report
The "Aircraft Landing Gear Market Size and Forecast (2021-2031)" report provides a comprehensive analysis of the market, covering the following areas: