Aerospace Landing Gear Market 2019-24 Global Key Industry Players Eaton, AAR, GKN Aerospace, UTC Aerospace Systems, Safran, Liebherr Group, Magellan Aerospace
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Aerospace Landing Gear Market size is estimated to surpass USD 21 billion by 2024. The North America aerospace landing gear market is slated to amass hefty proceeds from the regional aircraft segment as many Asian and African nations will look to expand their domestic fleet size and service capabilities. To elaborate, a 2017 report forecast that over the next 15 years, approx. 5,728 regional aircrafts valued at USD 212.9 billion could be manufactured, including jets and turboprops. Consequently, the aerospace landing gear industry will directly gain substantial momentum as these estimates show a significant increase over current numbers.
Rotary wing segment will grow significantly at around 6.8% CAGR from 2018 to 2024. This can be credited to the benefits offered including vertical take-off and landing operations, travel in any direction, and travel to areas with space constraints. Increasing adoption of helicopters for military applications including combat and non-combat operations further supports the segment growth. The adoption of fixed wheels and retractable landing gears depending on the weight of the helicopters will provide a positive outlook for the aerospace landing gear market growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. AAR Corp.
2. Eaton Corporation
3. GKN Aerospace
5. Liebherr Group
6. Magellan Aerospace
7. Safran Landing Systems
8. UTC Aerospace Systems
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Main landing gear will account for the maximum volume share of over 65% till 2024. This dominance is attributed to the usage of such gear for handling most of the aircraft weight. It include several components including anti-skid braking systems for enhancing the braking performance of the aircrafts during landing operations. The usage of light weight materials for reducing the gear weight will further boost the aerospace landing gear revenue generation till 2024.
Asia Pacific aerospace landing gear market will grow significantly at around 5.7% till 20024 owing to increasing air passenger traffic. For instance, according to the Association of Asia Pacific Airlines (AAPA), multiple airlines spread across the region carried over 1,214 million passengers and 20 million cargo in 2017. The increasing population and decreasing air ticket fares coupled with proliferating tourism sector will boost the regional growth till 2024.
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Driven by the presence of prominent industry players such as Safran Landing System, AAR Corporation, Triumph Group, Eaton Corporation, SPP Canada, UTC Aerospace, among others the aerospace landing gear market is anticipated to witness around 6% CAGR from 2018 to 2024.
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