Aerospace Landing Gear Market size exceeded USD 18.6 billion in 2019 and is estimated to exhibit 4.9% CAGR from 2020 to 2026

Aerospace Landing Gear Market Size
Aerospace Landing Gear Market size crossed USD 18.6 billion in 2019 and is predicted to showcase 4.9% CAGR during the forecast period of 2020 to 2026.

Upward trends of private ownership companies with positive investments will also strengthen the industry demand. Expansion of commercial aircraft due to growing air passenger traffic is the primary characteristic driving the market.

To receive key market trends

Rising purchasing power of the consumer coupled with preference for air transport owing to enhanced safety will drive demand for new airplanes and aerospace landing gears. Airplane makers are always focused on lowering flight rates further attracting passengers who use air transport as their preferred means. Low prices of commodities, stable growth of GDP, and robust passenger demand are the drivers that affect penetration of the product. Increased affordability among the middle class for air travel with low fares along with increased growth in the tourism industry will further drive the industry growth and increase demand for the market.

Increased defense budget with demand for fifth-generation military aircraft will also contribute positively to the market growth. Replacement of in-service aircraft with fifth-generation aircraft is a major trend in the aviation sector. Rising defense budgets driven by the need for R&D and advanced military aircraft will drive the industry value. The U.S. defense budget represented more than USD 616.2 billion in 2019. Moreover, higher demand for military aircraft, especially from the UAE, Saudi Arabia, South Korea, China, and India, with the acquisition of advanced equipment will boost the market revenue.

Aerospace Landing Gear Market Report Attributes
Report Attribute Details
Base Year 2019
Aerospace Landing Gear Market Size in 2019 18,607.9 Million (USD)
Forecast Period 2020 to 2026
Forecast Period 2020 to 2026 CAGR 4.9%
2026 Value Projection 19,522.8 Million (USD)
Historical Data for 2016 to 2019
No. of Pages 300
Tables, Charts & Figures 354
Segments covered Position, Arrangement, Platform, Aircraft, Distribution Channel and Region
Growth Drivers
Strong aviation manufacturing sector
Rising air passenger traffic
MRO industry strengthening
Infrastructure growth
Growing cargo traffic and tourism expansion
Pitfalls & Challenges
Design and development complexity
High MRO costs
What are the growth opportunities in this market?

Aerospace Landing Gear Market Analysis
The commercial aviation segment aerospace landing gear market worth USD 15 billion in 2019 driven by the huge production of these aircraft globally. The aerospace industry is facing growing demand for aircraft such as B737, A350XWB, B787, and A320. Increased disposable income is leading to changing preference for air travel. The increasing air passenger traffic in emerging markets will also help increase revenue generation. Furthermore, the effects of COVID-19 on air traffic growth have been tremendous in 2020.

Explore more about the segments driving this market

In 2019, those organizations that produced landing gears for aircraft on their own dominated the market and had approximately 60% of the sales. This is because large airplane companies are producing more and more planes, which in turn is increasing the landing gear business. More individuals are flying, which is increasing the business even further. This is because of cheaper ticket prices and individuals having more disposable income. Companies that provide parts to the airplane industry are becoming more efficient at getting those parts to the airplane companies. They’re also getting ways to purchase those components at cheaper prices. Landing gear companies are making long-term contracts with airplane manufacturers to ensure they have the components they require to produce airplanes. This reduces the number of delayed airplanes that are waiting for components. Lastly, numerous nations are purchasing new combat airplanes to replace their aging fleet. This is generating even greater demand for landing gear.

Hello! With air travel taking off, we require shiny new airports and posh infrastructure, don’t we? Well, that translates to big money invested in constructing these high-tech hubs. As per the people at ICAO, we’ve got a plethora of new airports in the works. In 2019 alone, more than 420 new airports were under construction or development. Asia Pacific is at the forefront with roughly 220 projects, and Europe has approximately 58. And listen to thisChina plans to construct an incredible 200 airports by the year 2035! All of these shiny new airports will require world-class facilities to keep their planes in the air. So, that is where plane-fixing and plane-maintenance companies known as MROs come in. They’ll be busy keeping the landing gears in good condition at all these new airports.

Discover more about the major segments influencing this market

The United States leads the aerospace landing gear market in North America. This industry is forecast to grow at over 4.5% per annum until 2026. In 2019, the U.S. manufactured over 160 fighter aircraft, gaining over 40% of the world market share. Notwithstanding the effects of the COVID-19 pandemic, top American airplane manufacturers like Boeing and Lockheed Martin have continued to receive massive orders. For example, in 2020, Boeing signed a contract with the U.S. Navy to deliver three MQ-25 autonomous aerial refueling aircraft. The necessity to keep military superiority and deter threats from other nations is fueling the demand for aircraft.

Aerospace Landing Gear Market Share
Due to the growing need for fifth-generation fighter jets, most manufacturers are teaming up with fifth-generation aircraft manufacturers to make their products available in the future. The industry is extremely competitive with the presence of several small & large industry players across the globe. Industry giants are busy forming alliances with aircraft manufacturers or aircraft service providers in order to enhance their industry position relative to other firms.

Some of the key companies operational in the aerospace landing gear market are

• Heroux-Devtek, Inc
• Safran landing Systems
• SPP Canada Aircraft, Inc
• Triumph Group
• UTC Aerospace Systems
• Magellan Aerospace
• Liebherr Group
• Hawker Pacific Aerospace
• GKN Aerospace
• Eaton Corporation

Major industry participants are focusing on improving their presence in the aftermarket and MRO services markets.