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Soaring High: In-Depth Analysis of the Aircraft Gearbox Market - Growth Drivers, Emerging Trends, and Future Forecast 2033
Aircraft Gearbox Market
As per the report, the aircraft gearbox market size has grown strongly in recent years. It will grow from $3.21 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The aircraft gearbox market size is expected to see strong growth in the next few years. It will grow to $4.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
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Surge In Air Traffic Propels Growth In The Aircraft Gearbox Market
An increase in air traffic is expected to propel the growth of aircraft gearboxes. An increase in air traffic refers to an increase in the number of people traveling by air, an increase in international tourism, and an increase in the demand for commercial aircraft for delivery. The rise in aviation traffic due to population and economic expansion has led to an increase in the demand for aircraft engines and parts, which drives the demand for the aircraft gearbox market. For instance, in May 2022, according to the IATA (International Air Transport Association), a Canada-based trade group for airlines, the total global air traffic in March 2022 increased by 76.0%. March traffic increased 425.44% compared to March 2021. Additionally, in March 2022, traffic for Asia-Pacific airlines increased by 197.1% compared to March 2021, outpacing the 146.5% increase seen in February 2022 over February 2021. Therefore, the increase in air traffic is driving the growth of the aircraft gearbox.
Technological Advancements Drive Innovation In The Aircraft Gearbox Market
Technological advancement is a key trend gaining popularity in the aircraft gearbox market. Major companies in the aircraft gearbox market are focusing on research and developments to introduce technologically advanced aircraft gearboxes to gain a competitive advantage in the market. For instance, in March 2021, Rolls-Royce, a UK-based aerospace company officially commenced the designing of the largest aero-engine in the world 'UltraFan', that will enable sustainable air travel for decades in the future. UltraFan is a technologically advanced aircraft engine that will include an advanced 50MW Power Gearbox which is under design process in Dahlewitz, Germany. The 50MW Power Gearbox is a powerful efficient aircraft gearbox that can run 500 family cars.
The aircraft gearbox market covered in this report is segmented -
1) By Component: Gear, Housing, Bearings, Other Components
2) By Aircraft Type: Civil Aviation, Military Aviation
3) By Fit: Retrofit, Linefit
4) By Gearbox Type: Accessory, Actuation, Reduction, Tail Rotor, Auxiliary Power Unit, Other Gearbox Types
5) By Application: Engine, Airframe
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Major companies operating in the aircraft gearbox market report are Safran, Triumph Group, Liebherr, The Boeing Group, General Electric, Rexnord Corporation, Rolls-Royce plc, Aero Gear, SKF, Northstar Aerospace, Airnetz Aviation Pvt Ltd, Aroon Aviation Services Pvt Ltd, BAE Systems India Services Pvt Ltd, Bharat Dynamics Ltd, Bharat Electronics Ltd, BrahMos Aerospace Pvt Ltd, GE India, Nabtesco Corporation, Airbus SE, Harbin Aircraft Industry Group, Shenyang Aircraft Corporation, Xi'an Aircraft Industrial Corporation, Shanghai Aircraft Industry Corporation, Hongdu Aviation Industry Group, Changhe Aircraft Industries Corporation, Chengdu Aircraft Industry Group, Guizhou Aircraft Industry Corporation, Meggitt PLC, Eaton Corporation PLC, Airbus S.A. S, ZF Luftfahrttechnik, ThyssenKrupp AG, CEF Industries, The Timken Company, PBS Velka Bites, Avion Corporation, GE Aerospace, AAR Corp, Circor International Inc, Collins Aerospace, Héroux-Devtek Inc, Magellan Aerospace Corporation, Bombardier Inc, Bell Textron Inc, Pratt & Whitney Canada, KF Aerospace, Elbit Systems Ltd, Israel Aerospace Industries, Saudi Aircraft Accessories and Components Company, Mubadala Aerospace, Alp Aviation, Turkish Technic Inc, Turkish Aircraft Industries Corporation, Parker-Hannifin Corporation, Moog Inc
Contents of the report:
1. Executive Summary
2. Aircraft Gearbox Market Report Structure
3. Aircraft Gearbox Market Trends And Strategies
4. Aircraft Gearbox Market - Macro Economic Scenario
5. Aircraft Gearbox Market Size And Growth
…..
27. Aircraft Gearbox Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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