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Commercial Aircraft Landing Gear Market Report 2024: Advancements and Key Insights
Commercial Aircraft Landing Gear Market Trends
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According to The Business Research Company's, The commercial aircraft landing gear market size has grown strongly in recent years. It will grow from $9.31 billion in 2023 to $10.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to aging fleets, air travel growth, regulatory standards, regional expansion, consumer safety concerns.
The commercial aircraft landing gear market size is expected to see strong growth in the next few years. It will grow to $14.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to aircraft fleet expansion, fuel efficiency and environmental concerns, market shift towards wide-body aircraft, retrofit and maintenance demand, defense and cargo aircraft, increasing automation. Major trends in the forecast period include technological advancements, new aircraft models, 3d printing and additive manufacturing, lightweight materials, retractable landing gear, electric actuation.
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Market Drivers and Trends:
The growing demand for aircraft is expected to propel the growth of the commercial aircraft landing gears market. Aviation provides a rapid global transportation network, fostering economic growth, job creation, and promoting international trade and tourism. The increased passenger and freight air transport demand have increased the purchase of new aircraft by air transportation and cargo service providers across the globe. The rapid growth in sales of aircraft is expected to boost the demand for landing gears, as they are a vital component in each aircraft. For instance, in January 2022, in a report published by Airbus, an aerospace corporation, achieved 611 deliveries in 2021, which is 8% higher than 566 deliveries in 2020. Therefore, increasing demand for aircraft is expected to boost demand for commercial aircraft landing gears during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
AAR Corp., Circor Aerospace Inc., Heroux-Devtek Inc., Honeywell Aerospace, Liebherr-International AG, Safran Landing Systems, UTC Aerospace Systems, Triumph Group Inc., GKN Ltd., Magellan Aerospace Corporation, Aerospace Industrial Development Corporation, Sumitomo Precision Products Co. Ltd., Heroux-Devtek UK Ltd., Sumitomo Precision Products Co. Ltd., Parker-Hannifin Corporation, Meggitt plc, Circor International Inc., Whippany Actuation Systems, Young Poong Corporation, South Korea Aerospace Industries Ltd., Qingdao Beihai Shipbuilding Heavy Industry Co. Ltd., RENK AG, Lufthansa Technik Landing Gear Services UK, Safran Landing Systems, RTX Corporation, AVIC SAC Commercial Aircraft Landing Gear Co. Ltd., ShinMaywa Industries Ltd., Elbit Systems Ltd., Moog Inc., Senior Aerospace Weston
Commercial Aircraft Landing Gear Market 2024 Key Insights:
• The commercial aircraft landing gear market size is expected to see strong growth in the next few years. It will grow to $14.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Rising Global Aircraft Demand Propels Commercial Aircraft Landing Gear Market
• Advanced Landing Gear Technologies Revolutionize The Commercial Aircraft Landing Gear Market
• North America was the largest region in the commercial aircraft landing gear market in 2023
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