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Main Landing Gears Market Size, Share, Growth, Trends And Forecast 2024-2033
Main Landing Gears Market Size
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According to The Business Research Company's, The main landing gears market size has grown strongly in recent years. It will grow from $4.98 billion in 2023 to $5.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing production of next-generation aircraft, increasing demand for aircraft gearboxes, increasing demand for regional and business jets, improved manufacturing materials, and rising demand for commercial and military aircraft.
The main landing gears market size is expected to see strong growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to improved ground handling capabilities, growing demand for aircraft, increasing focus on performance metrics, increasing focus on cybersecurity, and rising demand for air travel. Major trends in the forecast period include advancement in materials and composites, integration of smart sensors, development in automation and robotic technologies, the development of advanced hydraulic systems, and growing emphasis on developing environmentally friendly landing gear.
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Market Drivers and Trends:
The rising demand for air travel is expected to propel the growth of the main landing gear market going forward. Air travel refers to the mode of transportation that involves traveling in aircraft, such as airplanes or helicopters, to move from one location to another. The demand for air travel is rising due to economic growth, globalization, increased tourism, and urbanization, all of which contribute to higher disposable incomes, more international business operations, and a greater desire for global exploration. Main landing gears drive demand for air travel by enhancing aircraft safety, performance, and reliability, which in turn boosts passenger confidence and operational efficiency, leading to increased air travel. For instance, in January 2024, according to the International Air Transport Association, a Canada-based trade association, total air travel traffic in 2023, measured in revenue passenger kilometers (RPKs), increased by 36.9% compared to 2022, with December 2023 traffic specifically rising by 25.3% compared to December 2022. Therefore, rising demand for air travel is driving the growth of the main landing gear market.
Major companies operating in the main landing gear market are focusing on technologically advanced solutions, such as reinforced main landing gear, to enhance aircraft performance, safety, and durability. Reinforced main landing gear refers to a type of aircraft landing gear that has been engineered and constructed using advanced materials and design techniques to significantly enhance its strength, durability, and performance. For instance, in September 2023, UAVOS Inc., a US-based manufacturer of unmanned aircraft systems, unveiled an upgraded main landing gear designed specifically for heavy-lift fixed-wing aircraft. This innovative landing gear system, engineered to support aircraft with a maximum takeoff weight of up to 1200 kg, incorporates advanced prepreg composite materials manufactured through a high-temperature molding process, resulting in a 50% increase in strength and a significant reduction in weight compared to traditional steel alternatives. The lightweight design, weighing only 19 kg, aims to minimize aerodynamic drag and fuel consumption, ultimately enhancing the operational flexibility and endurance of UAVOS's MALE UAS platforms.
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Major Key Players of the Market:
The Boeing Company, Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., Eaton Corporation, Safran, Collins Aerospace, Parker Hannifin Corp., Liebherr Group, SKF, ST Engineering, Spirit AeroSystems Inc., GKN Aerospace, Meggitt PLC, Triumph Group, Avio Aero, DAHER AEROSPACE INC., Héroux-Devtek, JAMCO Corporation, UAVOS INC., Aerospace Industrial Development Corporation, SPP Canada Aircraft Inc., UMBRAGROUP
Main Landing Gears Market 2024 Key Insights:
• The main landing gears market size is expected to see strong growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising Air Travel Demand Fuels Growth In The Main Landing Gear Market
• Innovative Reinforced Main Landing Gear Enhances Aircraft Performance And Durability
• North America was the largest region in the main landing gears market in 2023
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