Press release
Global Aircraft Landing Gear Market to Reach $22.33 Billion by 2029, Growing at 8.9% CAGR
Aircraft Landing Gear Market Insights
The growth of the aircraft landing gear market is anticipated to be boosted by the heightened procurement of modern-generation aircraft. The rising demand for commercial and cargo planes across the globe, coupled with growing investments in defense equipment by different nations, is leading to an increased need for landing gear. This trend is projected to fuel the aircraft landing gear market. As an example, the Canada-based International Air Transport Association, a trade association of global airlines, predicted in December 2023 that the number of new aircraft deliveries will experience a significant upswing, with expectations of 1777 deliveries in 2024, followed by another surge to 2075 in 2025. Therefore, the escalating procurement of modern-generation aircraft is contributing to the expansion of the aircraft landing market.
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What Is the projected market size and growth rate for the aircraft landing gear market?
In recent times, there has been substantial growth in the aircraft landing gear market. The market is set to propel from $14.46 billion in 2024 to an impressive $15.91 billion by 2025, marking a compound Annual Growth Rate (CAGR) of 10.0%. Factors contributing to the surge during the earlier period include the industry's shift towards robust and lighter landing gears, higher costs of raw materials, a boost in air travel, sound economic developments in emerging markets, and escalated defence expenses.
Anticipated to see substantial growth in the forthcoming years, the aircraft landing gear market is projected to increase to $22.33 billion in 2029, with a compound annual growth rate (CAGR) of 8.9%. This expected growth in the specified period is primarily due to the surge in passenger air traffic, the increase in urbanization, and an expanding demand for new fighter jets in burgeoning economies. Noteworthy trends for the projection period encompass advancements like 3D printed landing gears, active landing gears, expansion of new facilities, development of cutting-edge technical solutions, emphasis on mergers and acquisitions, advanced landing gears, partnerships and collaborations being prioritized, and strategic investments to broaden product offerings.
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What new trends are reshaping the aircraft landing gear market and its opportunities?
Leading firms in the aircraft landing gear market, such as Safran Landing Systems, are shifting their focus towards the integration of advanced technologies like electric nose landing gear actuators. They aim to improve efficiency, diminish weight, and support the move towards greener aviation. The electric nose landing gear actuator is a technologically advanced device that manipulates the positioning and retraction of an aircraft's nose landing gear using electric power, as an alternative to conventional hydraulic systems. For example, in July 2022, Safran Landing Systems, a French manufacturer of aircraft landing gear, wheels, and brakes, introduced its cutting-edge electric nose landing gear actuator at the renowned Farnborough International Airshow. They created it to accentuate the electrification of aircraft by substituting the old hydraulic systems with newer, electric motor pump powered, electro-hydrostatic actuators. This trailblazing system amplifies actuation power yet diminishes weight and maintenance complexities. It also aligns with Safran's dedication to sustainability and development of aviation solutions that produce less carbon emissions.
What major market segments define the scope and growth of the aircraft landing gear market?
The aircraft landing gear market covered in this report is segmented -
1) By Gear Type: Main Landing Gear, Nose Landing Gear
2) By Aircraft Type: Fixed Wing, Rotary Wing
3) By End User: OEM, Aftermarket
Subsegments:
1) By Main Landing Gear: Tricycle Gear, Tailwheel Gear, Nose Landing Gear
2) By Nose Landing Gear: Single Wheel Nose Gear, Dual Wheel Nose Gear
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Which region dominates the aircraft landing gear market?
North America was the largest region in the aircraft landing gear market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aircraft landing gear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the aircraft landing gear industry growth?
Major companies operating in the aircraft landing gear market include Safran S.A., Raytheon Technologies Corporation, Heroux-Devtek Inc, Melrose Industries plc, Parker Hannifin Corporation, Triumph Group Inc., Liebherr-International AG, Sumitomo Precision Products Co. Ltd., AAR Corp., Eaton Corporation, Aircraft Landing Gear Co. Ltd, SPP Nagasaki Engineering Co. Ltd, Kawasaki Aerospace Company, AVIC Aircraft Landing Gear Co. Ltd, Commercial Aircraft Corporation of China Ltd, Meggitt PLC, Airbus S.A.S, ZF Luftfahrttechnik, ThyssenKrupp AG, United Aircraft Corporation, IRKUT Corporation, PZL Warszawa, Sukhoi, Collins Aerospace, Magellan Aerospace Corporation, Boeing Co.
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What Is Covered In The Aircraft Landing Gear Global Market Report?
•Market Size Forecast: Examine the aircraft landing gear market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the aircraft landing gear market for a structured understanding.
•Key Players Overview: Analyze major players in the aircraft landing gear market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the aircraft landing gear market.
•Segment Contributions: Evaluate how different segments drive overall growth in the aircraft landing gear market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the aircraft landing gear market.
•Industry Challenges: Identify potential risks and obstacles affecting the aircraft landing gear market.
•Competitive Landscape: Review strategic developments in the aircraft landing gear market, including expansions, agreements, and new product launches.
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