The global aircraft landing gear market size is projected to reach USD 20.15 billion by 2027, exhibiting a CAGR of 11.78% during the forecast period. Next-gen aircraft development plans by major economies will accelerate the progress of this market, observes Fortune Business Insights™ in its report, titled “Aircraft Landing Gear Market Size, Share & Industry Analysis, By Type (Nose Landing Gear and Main Landing Gear), By Platform (Fixed-Wing, Rotary Wing), By Arrangement (Tail Wheel, Tandem, and Tri-Cycle), By Component (Retraction System, Breaks & Wheels, Steering, and Others), By End-User (OEM and Aftermarket), and Regional Forecast, 2020-2027”. With a view to strengthen their air defense and offense capabilities, major world economies are putting in place plans to steadily augment, expand, and modernize their existing military aircraft fleets. For example, in October 2020, the US revealed its ‘Next Generation Air Dominance (NGAD)’ program that will require private aircraft manufacturers to develop and produce a new fighter jet within five years or less. India, which has been making massive investments in defense technologies, unveiled its plans in October 2020 to engineer and produce the fifth generation Advanced Multi-role Combat Aircraft (AMCA), which will be developed by the state-owned Hindustan Aeronautics Ltd. Aircraft landing gear systems will be a critical component in these advanced aircrafts as they will facilitate safe and secure take-off and landing as well as ensure the safety of the pilot.
As per the report, the value of the market stood at USD 11.55 billion in 2019. The report’s main features include:
36-degree overview of the industry outlook and trends;
Detailed examination of all market segments;
Microscopic study of the factors driving and restraining the market; and
Granular evaluation of the regional developments and competitive landscape of the market.
Dramatic Contraction in Air Travel Demand amid COVID-19 to Hurt the Market
The COVID-19 pandemic has proven to be catastrophic for the aviation sector, with travel restrictions, lockdowns, and fears of getting infected keeping travelers away from airports and airplanes. According to the latest data released by the International Civil Aviation Organization (ICAO), for the whole of 2020, there has been a 51% reduction in the number of seats offered by airlines. Furthermore, the number of air passengers has shrunk between 2,874 million and 2,886 million in 2020, leading to an unprecedented loss of 389 billion to 391 billion in operating revenues to airlines. In large domestic markets, air travel demand has slumped by staggering levels. For example, the International Air Travel Association (IATA) estimates passenger demand for air travel in India will fall by 49% in 2020. In addition, aerospace manufacturing activities have also taken a hit due to the pandemic as lockdowns and social distancing have reduced labor presence in production plants, while trade restrictions have severely damaged global supply chains. Together, these circumstances created by the coronavirus are likely to affect the aircraft landing gear market growth in 2020 and 2021.
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North America Market to Showcase Robust Growth; Asia Pacific to Generate Lucrative Opportunities
The North America size was estimated to be USD 4.49 billion in 2019 and the region is expected to chart a strong growth trajectory during the forecast period owing to the large presence of aerospace giants such as Boeing, Bombardier, and Lockheed Martin. In addition, the robust domestic aviation industry will ensure the stable growth of the regional market. Similar trends are anticipated to drive the market Europe.
Asia Pacific is predicted to deepen its position in the aircraft landing gear market share on account of the military aircraft modernization programs undertaken by India and China. Moreover, increasing demand for low-cost domestic carriers in the region will also support the market for aircraft landing gear.
Growing Focus on Long-Term Contracts by Key Players to Foster Intense Competition
The competition in the market for aircraft landing gear is getting intensified on account of the increasing focus of key market players on securing long-term contracts from regional airliners in developing markets. Apart from this, companies are also collaborating with each other to enhance their manufacturing capacities, expand business horizons, and establish efficient production processes.
February 2020: Thailand-based Revima inked an exclusive 6-year contract with Air Arabia, the Middle East & Africa’s top low-cost carrier, for the maintenance, repair, and overhaul of landing gears on the airline’s fleet of Airbus A320 aircraft.
January 2020: Magellan Aerospace Corporation entered into an agreement with Collins Aerospace Systems of an estimated valued of CAD 52 million to supply nose landing gear assemblies made from complex titanium materials.
List of Key Companies Profiled in the Aircraft Landing Gear Market Report:
Triumph Group Inc. (The US)
Safran SA (France)
Liebherr Group AG (Germany)
Hawker Pacific Aerospace (The US)
Collins Aerospace (The US)
Alaris Aerospace (The US)
SPP Canada Aircraft Inc. (Canada)
Magellan Aerospace Corporation (Canada)
Heroux-Devtek Inc. (Canada)
GKN Aerospace (The UK)
CIRCOR International Inc. (The US)
AAR Corporation (The US)