Aircraft Landing Gear Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global market for aircraft landing gear is estimated to be USD 6.9 billion in 2021 and is projected to reach USD 9.6 billion by 2026, at a CAGR of 6.7%. Landing gear systems or undercarriage systems are an integral component of the aircraft. Technological advancements to enhance the efficiency and durability of the system is one of the major factor driving the demand for landing gears. Increasing passenger traffic is driving the growth in aircraft deliveries. This is also driving the demand for aircraft landing gears and the respective aftermarket services.

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The aircraft landing gear market includes major players Collins Aerospace (US), Safran (France), Liebherr (Switzerland), Heroux-Devtek (Canada), and Triumph Group(US).These players have spread their business across various countries including North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well.

The COVID-19 pandemic has impacted the end-use industries adversely, resulting in a sudden dip in 2020 aircraft orders and deliveries. This is expected to negatively impact the aircraft market in the short term, with a slow recovery expected in Q1 of 2021.

Increasing aircraft deliveries and technological advancements will drive the demand for main landing gear segment

The main landing gear segment is expected to grow the largest, based on the type of landing gears. The need to design the main landing gear with minimum weight, minimum volume, reduced life cycle costs, and short development cycle time is driving advancements in the design of main landing gear. These needs are met by employing advanced technologies, materials, and processes.

The actuation system segment is projected to witness a higher CAGR during the forecast period.

Based on sub-system, the actuation system segment is projected to be the highest CAGR rate for the aircraft landing gear market during the forecast period. Actuation systems are undergoing major transformations on the basis of design and technology. Aircraft modernization programs such as More Electric Aircraft and Hybrid Electric Aircraft are also driving major technological advancements in actuation systems.

The Aftermarket segment is projected to witness the highest CAGR during the forecast period

Based on the end user, the aftermarket segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. Aircraft landing gear or undercarriage systems are a critical component of the aircraft. The primary function of the aircraft undercarriage system is to absorb the impact during landing and prevent the fuselage from hitting the ground. This requires the undercarriage system to be maintained at optimum conditions. The need for timely maintenance, repair, and overhaul (MRO) services especially replacements of parts and systems, and also the fact that new MRO facilities are opening are some of the reasons the aftermarket segment is seeing the growth.

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The North American market is projected to contribute the largest share from 2021 to 2026

The aircraft landing gear market in North America is projected to hold the highest market share during the forecast period. North America is home to some of the largest aircraft OEMs across all regions. The steady rise in aircraft orders is encouraging manufacturers of aircraft undercarriage systems to increase their sales. Aircraft OEMs like Boeing (US), Lockheed Martin (US), Bombardier (Canada) among others have their headquarters in North America. While the presence of Landing gear manufacturers like Collins Aerospace (US), Triumph group (US), Parker Hannifin (US) and Crane Co. (US) is expected to drive the aircraft landing gear market in North America.

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This release was published on openPR.