CHICAGO, March 22, 2024 /PRNewswire/ — The aircraft landing gears market is estimated to be USD 7.1 billion in 2023, and projected to reach USD 9.1 billion by 2028, at a CAGR of 5.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The aviation industry is experiencing a rise in global air traffic leading to increase in demand for new aircraft. Aircraft manufacturers are focusing on developing lighter and more fuel-efficient landing gear systems. Growth in the military sector is leading to a higher demand for specialized landing gear. These are among some of the factors that are providing growth for the aircraft landing gears market.
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Aircraft Engine Test Cells Market Report Scope:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$ 7.1 billion |
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Estimated Value by 2028 |
$ 9.1 billion |
|
Growth Rate |
Poised to grow at a CAGR of 5.0% |
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Market Size Available for |
2019–2028 |
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Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Type, End User, Platform, Subsystem and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Global political and social instability |
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Key Market Opportunities |
Booming advanced air mobility industry |
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Key Market Drivers |
Increase in aircraft production will drive the aircraft landing gear market |
By End User, the aftermarket segment is projected to grow at the second highest CAGR during the forecast period.
The aftermarket segment in the aircraft landing gears market is gaining momentum to hold the second highest market share. The aircraft landing gear undergoes timely scheduled inspections and maintenance to ensure its airworthiness. Replacing worn-out components like bearings and seals. Performing checks for cracks and other potential damage. This contributes to the market share of nose landing gear in the aircraft landing gears market.
By Subsystem, the aircraft landing gears market for structural systems segment is projected to grow at the highest CAGR during the forecast period.
By Subsystem segment the structural systems hold the highest CAGR during the forecast period. The combined factors of weight reduction efforts, the growing use of composites, the need for advanced functionalities, and the focus on durability are propelling the highest CAGR in the structural segment of the aircraft landing gear market.
By Aircraft Type, Advanced Air Mobility segment for the aircraft landing gears market is projected to grow at the highest CAGR during the forecast period.
The advanced air mobility segment in landing gears is a relatively new and rapidly developing sector. This translates to a significant potential for future growth. AAM vehicles utilize distinct landing gear configurations compared to traditional airplanes. This necessitates the development of specialized landing gear systems to cater to their unique operational needs. The AAM industry heavily relies on continuous innovation to improve the efficiency, safety, and range of these flying vehicles. This includes advancements in landing gear design, materials, and actuation systems to meet the specific requirements of operations. These factors will drive the demand for the AAM segment in the aircraft landing gear market during the forecast period.
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Europe holds the second highest market share in the region for the aircraft landing gears market.
Europe is home to several major players in the aircraft landing gear industry, such as Safran Landing Systems (France) and Liebherr (Germany). These companies possess extensive experience and technological expertise, contributing significantly to the European market share. Europe enforces strict aviation safety regulations, requiring airlines to maintain their fleets to the highest standards. This translates to a consistent demand for maintenance, repair, and replacement of landing gear components, propelling the aftermarket segment within Europe. The European Union actively promotes environmental sustainability in the aviation sector. This encourages the development of fuel-efficient aircraft which often require lighter and more advanced landing gear systems, further boosting the market.
Major players in the aircraft landing gears companies are Collins Aerospace (US), Safran (France), Héroux-Devtek (Canada), Liebherr (Switzerland), Triumph Group (US), and others. These companies have well-equipped, strong distribution networks across North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa.
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