Aerospace Landing Gear Market 2024 Global Key Players are UTC Aerospace System, AAR, Safran Landing System, Circor, Magellan, Heroux-Devtek, Leibherr, GKN, Triumph, SPP Canada Aircraft, Whippany Actuation Systems, Aerospace Turbine Rotables, Eaton Corpora

Aerospace Landing Gear Market to surpass USD 19 billion by 2024; according to a new research report by Global Market Insights, Inc.

Rise in aircraft fleet with increase in air passenger traffic will propel aerospace landing gear market share during projected timeline. Growing preference for air travel owing to less travel time and better safety has led to expansion in aviation industry. Aircraft manufacturers including Bombardier, Boeing and Airbus are enhancing their manufacturing facilities to meet growing demands and previous production backlog. Further, proliferating globalization of business operations, international & domestic tourism, and freight transport are prominent factors contributing towards industry growth.

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Tricycle aerospace landing gear market accounts for over 72% share with their installation in majority of in-service aircrafts. The airliners prefer tricycle arrangement as it offers better control during take-off and ground maneuvering. Further, lower proximity between internal components and gears enhances aircraft safety. Tandem arrangement will witness sturdy growth with reduced weight due to absence of third wheel assembly thereby enhancing vertical takeoff that advocated its use in defense aircrafts including B-52 and B-47.

Aircraft operators are continuously decreasing their airfare to attract more customers. Increasing affordability in middle class income groups for air travel with low air fares coupled with growth in tourism sector will positively influence the product penetration. Regulatory agencies including Civil Aviation Safety Authority (CASA) and Federal Aviation Authority (FAA) have laid stringent norms to ensure passenger safety. Aircraft manufacturers are installing advanced systems to meet regulatory standards. These initiatives will boost aerospace landing gear market size over the forecast timeframe.

Main gear holds major share in aerospace landing gear market with its utilization for carrying overall aircraft weight. Key aircraft OEMs are moving towards light weighted materials to enhance fuel efficiency. Adoption of advanced materials including composites and safety technologies such as RFID technology and wireless sensor network for landing system monitoring will propel product demand. Nose/tail segment will foresee strong growth owing to its requirement for taxiing and aircraft steering.

Commercial aircraft will hold major share with significant growth in aviation industry. Rising disposable income and annual spending in emerging nations has augmented air traffic and increased aircraft deliveries. As per Confederation of Asian and Pacific Accountants (CAPA), the commercial aircraft deliveries are consecutively growing since the last 7 years. In 2017 aircraft deliveries increased by 1.5% accounting to 1,740 deliveries. At the end of 2017, the total commercial fleet accounted for 31,600 aircrafts in service, an increase of 4.1% over the last year. Constant increase in aircraft fleet will enhance aerospace landing gear market growth during forecast period.

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Regional jet aerospace landing gear market will foresee growth at around 6.4% with its utilization for connection between airports and network carrier hubs. Regional jets will induce positive impact on the industry growth owing to wide availability of domestic network. The players are developing innovative designs and efficient engines providing a positive outlook for the industry.

OEM will account for major share owing to its installation during aircraft fabrication. Industry players are improving supply chain efficiency to serve large consumer base and pursue low cost sourcing. Rise in commercial and regional airliners to accommodate air passengers will support aerospace landing gear market share over the forecast period. Aftermarket segment will foresee robust growth with requirement of aircraft maintenance and system replacement after a period to ensure passenger safety and proper operation.

North America dominates the aerospace landing gear market with high demand from the commercial airline companies, military aircraft and MROs. The manufacturers are focusing on capacity growth to meet the high demand from aircraft operators. Asia pacific will register healthy growth in passenger traffic due to low air fares attracting more consumers. Further, rising demand for military aircraft particularly from South Korea, China, and India with purchase of advanced equipment will positively drive the aerospace landing gear market size from 2018 to 2024.

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Key industry players of aerospace landing gear market are UTC Aerospace System, Eaton Corporation, AAR Corporation, Aerospace Turbine Rotables, Safran Group, Whippany Actuation Systems, Circor, SPP Canada Aircraft, Magellan, Triumph Group, Heroux-Devtek, GKN Group, and Leibherr Group. Companies are entering in long term contract with airliners to provide services enhance their consumer base. For instance, in April 2018, UTC Aerospace Systems signed MRO agreement with Singapore Airlines to provide services for A380 aircraft fleet.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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