Press release
Aircraft Landing Gear Market Size Projected To Reach $22.33 Billion By 2034 With A Cagr Of 8.9%
Aircraft Landing Gear
What Is the Projected Growth of the Aircraft Landing Gear Market?
Over the past few years, the aircraft landing gear market has seen significant expansion. Expectations are for it to rise from $14.46 billion in 2024 to $15.91 billion in 2025, with a compound annual growth rate (CAGR) of 10.0%. This considerable growth during the historic period is due mainly to factors such as the greater use of light yet sturdy landing gears, escalated costs of raw materials, an upsurge in air travel, robust economic expansion in up-and-coming markets, and heightened military expenditure.
The market for aircraft landing gear is poised for substantial growth in the forthcoming years and is projected to reach $22.33 billion by 2029, flourishing at a compound annual growth rate (CAGR) of 8.9%. The surge during the predicted period may be due to a rise in passenger air travel, increased urbanization, and a heightened demand for fresh combat aircraft in emerging nations. The imminent forecast period is set to witness trends such as 3D printed landing gears, active landing gears, expansion of new facilities, creation of leading-edge technological solutions, prioritization on mergers and acquisitions, focus on advanced landing gear systems, emphasis on partnerships and collaborations, and intention towards strategic investment for product range expansion.
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What Are the Different Aircraft Landing Gear Market Segments?
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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What Are the Primary Drivers Shaping the Aircraft Landing Gear Market?
The growth of the aircraft landing gear market is anticipated to be spurred by the rising acquisition of modern-era planes. The global demand for commercial and cargo planes, coupled with increased investment in defence hardware across nations, is contributing to the growing need for landing gear, which is projected to fuel the aircraft landing gear market. For instance, in December 2023, the International Air Transport Association, a Canadian airline trade organization, predicted a considerable rise in new aircraft deliveries, estimating 1,777 in 2024, and a further increase to 2,075 in 2025. Consequently, the growing purchase of modern-generation aircraft is aiding the expansion of the aircraft landing market.
Which Companies Are Leading in the Aircraft Landing Gear Market?
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.
What Are the Major Trends Shaping the Aircraft Landing Gear Market?
Prominent firms in the aircraft landing gear market, such as Safran Landing Systems, are dedicating their resources towards innovation, particularly electric nose landing gear actuators, as part of an industry-wide move towards environmentally-friendly aviation solutions. An electric nose landing gear actuator is a cutting-edge tool for controlling the steering and movement of an aircraft's nose landing gear, powered by electricity rather than the conventional hydraulic systems. For instance, in July 2022, France's Safran Landing Systems, renowned for its design, production, and customer support of diverse aircraft landing gear, wheels, and brakes, unveiled its groundbreaking electric nose landing gear actuator at the Farnborough International Airshow. The new electric actuator, powered by an electric motor pump, is aimed to boost aircraft electrification by replacing the usual hydraulic system with electro-hydrostatic actuators. Apart from enhancing actuation power and reducing weight and maintenance hassle, this revolutionary system demonstrates Safran's dedication to sustainable practices and the evolution of low-carbon aviation methodologies.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Aircraft Landing Gear Market?
2. What is the CAGR expected in the Aircraft Landing Gear Market?
3. What Are the Key Innovations Transforming the Aircraft Landing Gear Industry?
4. Which Region Is Leading the Aircraft Landing Gear Market?
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