Press release
Aircraft Landing Gear Industry Growth Outlook: 8.7% CAGR and $22.08 Billion by 2029
Aircraft Landing Gear Market
What Is the Long-Term Growth Forecast for the Aircraft Landing Gear Market Size 2025?
The market for aircraft landing gear has seen impressive growth in recent years. Its growth is anticipated to rise from $14.46 billion to $15.81 billion between 2024 and 2025, with a compound annual growth rate (CAGR) of 9.3%. Several factors account for the growth during the historical period including the escalating adoption of robust, lightweight landing gear, rising raw material prices, increasing rates of air travel, considerable economic expansion in emerging markets, and escalated military expenditure.
What CAGR is Forecasted for the Aircraft Landing Gear Market Through 2029?
In the near future, it is projected that the aircraft landing gear market will exhibit strong growth, reaching a value of $22.08 billion by 2029 with a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in this timeframe is due to factors such as a surge in passenger air traffic, growing urbanisation, and an increase in demand for fresh fighter jets in developing nations. Key trends projected for the forecast period involve 3D printed landing gears, active landing gears, the expansion of new facilities, creation of innovative technological solutions, an emphasis on mergers and acquisitions, advanced landing gears, partnerships and collaborations, and a focus on strategic investment to broaden product portfolios.
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What Are the Critical Factors Driving Aircraft Landing Gear Market Development?
The aircraft landing gear market is poised for growth, propelled by the heightened procurement of contemporary-generation aircraft. A surge in global demand for commercial and cargo aircraft, as well as escalating investments in defense equipment across various nations, is raising the requirement for landing gear. This trend foretells a positive impact on the aircraft landing gear market. For example, the International Air Transport Association, a trade organization for global airlines based in Canada, reported in December 2023 that the number of new aircraft deliveries is set to spike notably with 1,777 anticipated in 2024 and a further increase to 2,075 by 2025. Therefore, the accelerated procurement of modern-generation aircraft is fueling the expansion of the aircraft landing market.
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How Does the Aircraft Landing Gear Market Break Down Across Major 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
What Are the Major Trends Transforming the Aircraft Landing Gear Industry?
The aircraft landing gear market is witnessing a trend among prominent corporations who are emphasizing on technological enhancements such as electric nose landing gear actuators. The purpose of this shift is to amplify efficiency, lessen weight, and foster the transition towards eco-friendly aviation. An electric nose landing gear actuator is designed to control the guidance and expansion/contraction of aircraft's nose landing gear by utilizing electricity instead of the conventional hydraulic systems. For illustration, Safran Landing Systems, an aircraft landing gear manufacturer based in France - known for designing, developing and manufacturing all varieties of aircraft landing gear, wheels, and brakes, along with providing customer support services - disclosed its pathbreaking electric nose landing gear actuator in July 2022 at the Farnborough International Airshow. This newly created system, powered by an electric motor pump and substituting the usual hydraulic systems with electro-hydrostatic actuators, not only boosts actuation power, decreases weight and eases maintenance complications, but also corresponds to Safran's devotion to sustainability and production of reduced carbon aviation solutions.
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Which Players Are Driving Innovation 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.
Which Regions Are Driving Global Aircraft Landing Gear Market Expansion?
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.
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