Aircraft Gearbox Market size is estimated to grow at a CAGR of 6.5% during the forecast period

Aircraft Gearbox Market Size

Aircraft Gearbox Market was valued at USD 3.3 billion in 2023 and is expected to grow at a CAGR of 6.5% in the forecast period.

Increased air travel demand in the global economy is among the main driving factors for the market. Passenger growth translates into an increased demand for new airplanes, and the increased demand leads to a rise in the need for efficient and strong aircraft gearboxes. International Air Transport Association (IATA) reports that worldwide air traffic is anticipated to expand, meaning there is the need to grow the fleets of airlines.

Aircraft are becoming larger and better to accommodate more people and reduce fuel costs. That requires us to have more sophisticated gearboxes to support the load. Governments are also investing more in their air forces, purchasing fighter aircraft, transport aircraft, and helicopters. These aircraft require robust and reliable gearboxes to ensure they fly safely and punctually. Nations are concerned with being prepared for battle, so they’re spending a lot of money on enhancing their air capabilities. Older planes require more maintenance, repairs, and overhauls. That translates to us needing more components, such as gearboxes, to keep them airborne. Routine check-ups keep planes in tip-top condition and flying longer, which translates to even greater demand for gearboxes and upgrades.

Aircraft Gearbox Market Trends
Plane manufacturers are resorting to lightweight materials such as titanium and composites to reduce the weight of their gearboxes, allowing airplanes to use less fuel and produce fewer emissions. New lubricants that can withstand high pressure and temperature are also being used, which keeps the gearboxes operating for longer periods and performing better. Engineers are also working on optimizing gear systems, which can save even more fuel and comply with environmental standards. The demand for gearbox repair, overhaul, and maintenance is increasing as more aircraft are in the air and the ones already in service are aging. Complete MRO services are being provided by companies to keep gearboxes running strong for years to come. Air travel is booming in countries such as China and India, where a great deal of money is being invested in airports and aircraft. This requires manufacturers to produce more gearboxes, which presents them with an entirely new market to venture into.

Aircraft Gearbox Market Analysis
Discover more about the foremost segments defining this market

Let’s break the types of gearboxes that exist in the markethere’s accessory gearbox, reduction gearbox, actuation gearbox, tail rotor gearbox, auxiliary power unit gearbox, and so on. Among all these, the accessory gearbox is the largest one, with a market size of $1 billion in 2023. It’s predicted to reach an astronomical figure of $1.9 billion by 2032. Why the demand for accessory gearboxes going through the roof? All thanks to the increasing number of commercial and military aircraft being produced. With more aircraft in the air, there’s an increased demand for dependable gearboxes to power vital components such as generators, fuel pumps, and hydraulic pumps. Today’s aircraft are full of sophisticated electronics and systems that require a constant supply of power. Accessory gearboxes ensure these systems operate efficiently, which is why they’re so highly sought after. And don’t forget maintenance and upgrades. Since airlines and military operators maintain their fleets in operation, they require high-quality replacement components. This further increases the demand for accessory gearboxes.

Aircraft Gearbox Market Share
Aircraft gearbox industry appear to be consolidated in nature because of existence of local and international players worldwide. In 2023, the industry players like Rolls-Royce plc, Safran S.A., Honeywell International Inc., General Electric Company, RTX Corporation, Aero Gearbox International, Park Ohio Holdings Corp. and Mitsubishi Heavy Industries Ltd. together maintained approximately 30%-35% market share. These leading players are actively engaged in strategic activities, including mergers & acquisitions, facility expansions & partnerships, to increase their product offerings, reach a wider customer base, and consolidate their market position.

Aircraft Gearbox Market Companies

Major players operating in the aircraft gearbox industry are

• Aero Gear Inc.
• Aero Gearbox International
• Ametek, Inc.
• Avio Aero
• General Electric Company
• Honeywell International Inc.
• Liebherr Group
• Mitsubishi Heavy Industries Ltd.
• Northstar Aerospace
• Park Ohio Holdings Corp.
• Rolls-Royce plc
• RTX Corporation
• Safran S.A.
• SKF Group
• The Timken Company

Aircraft Gearbox Industry News

• In September 2023, India based Skanda Aerospace Technology (SATPL), a partnership between Raghu Vamsi Machine Tools in India, and Rave Gears LLC in Texas, USA, opened its first advanced gear and gear boxes manufacturing facility.
• In 2023, Triumph Group secured a long-term contract with General Electric (GE) for the Inlet Gearboxes (IGB) concerning LEAP-1A, LEAP-1B, and LEAP-1C programs. The contract encompasses production at the Triumph Geared Solutions facility in Macomb, Michigan. With a partnership spanning over 35 years and over 25,000 gearboxes delivered to date, this extension underscores Triumph’s commitment to supplying thousands of IGBs annually to GE well into the next decade.