CHICAGO, Dec. 9, 2022 /PRNewswire/ -- The aircraft landing gears market size is projected to grow from USD 7.1 Billion in 2022 to USD 9.4 Billion by 2027, at a CAGR of 5.7 % from 2022 to 2027 according to a new report by MarketsandMarkets. The anticipated growth in demand for commercial aircraft is driving market expansion.
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Browse in-depth TOC on "Aircraft Landing Gears Market"
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Actuation System is expected to account for the largest share in 2022
Based on Sub-System, Actuation segment is projected to lead the aircraft landing gear market during the forecast period. The adoption of electrical systems to replace conventional hydro-mechanical systems in order to reduce the overall weight of the aircraft and help in reducing leakages and fire hazards is driving the landing gear market. These systems are ideal for high-force applications like landing gears and flight control. Additionally, manufacturers are concentrating on reducing overall aircraft weight while increasing efficiency through the use of sophisticated landing gear components, which will boost market growth.
The Main Landing Gear segment is projected to dominate market share in the system segment during the forecast period
Based on Type, the main landing gear segment is projected to dominate the market share during the forecast period. The main landing gears of all aircraft serves the purpose of dispersing the weight of the aircraft among a large number of wheels, which is also advantageous from a safety standpoint. Increased rules that increase aircraft safety features and standardize the services delivered by certain types of aircraft are likely to encourage fleet modernization, which will boost market development.
The OEM segment is projected to dominate market share in the system segment during the forecast period
Based on End User, the OEM segment is projected to dominate the market share during the forecast period. The constantly growing passenger traffic and the increasing quantity of deliveries delivered to meet demand both have an impact on rising production rates of the landing gears. The upcoming laws that aim to improve the safety features offered by aircraft and standardize the functions delivered by particular types of aircraft are expected to be the driving reason behind fleet modernization initiatives, which will further fuel the growth of the landing gears market.
The Fixed Wing segment projected to lead aircraft landing gear market during the forecast period
Based on Platform, the fixed wing segment is projected to lead the aircraft landing gear market during the forecast period. The market is further segmented into fixed wing, rotary wing, unmanned aerial vehicles and advanced air mobility solutions. The rising aircraft fleet, the markets preference for fuel-efficient aircraft, and an increase in airline passengers all contribute to the demand for commercial fixed-wing aircraft.
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North America is expected to account for the largest share in 2022
The aircraft landing gear market industry has been studied in North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. North America accounted for the largest market share in 2022, and it is also projected to witness the highest CAGR during the forecast period. The market for aircraft landing gears in the aviation sector is expected to benefit from rising air travel demand, while the escalation of global geopolitical rifts is driving the race for superiority in terms of military capabilities, as evidenced by increased defense expenditure and divestments in the modernization of various defense aircraft by countries such as the United States. Furthermore, increased investment in R&D by major players and OEMs to manufacture superior landing gears to meet future aviation industry demand.
Major players operating in the aircraft landing gear market include Collins Aerospace (U.S.), Parker-Hannifin Corporation (U.S.), Safran S.A. (France), Eaton Corporation Plc (Ireland), Liebherr-International Deutschland GmbH (Switzerland), Crane Co (U.S.), Triumph Group, Inc. (U.S.), Moog Inc. (U.S.), GKN Aerospace (U.K), and Beaver Aerospace & Defense, Inc. (U.S.). are some of the market players.
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