The Aircraft Landing Gear Market is poised for significant growth in the coming years. Estimated at USD 7.1 billion in 2023, the market is projected to reach USD 9.1 billion by 2028, with a CAGR of 5.0% from 2023 to 2028. This growth is driven by several factors including the rise in global air traffic, increased aircraft production, the expanding military aviation sector, and the emergence of innovative air mobility solutions. As the aviation industry continues to recover and expand post-pandemic, the demand for more advanced, reliable, and sustainable landing gear systems is expected to rise.

Key Drivers of Market Growth

Increase in Aircraft Production

One of the most significant factors driving the Aircraft Landing Gear Industry is the increase in global aircraft production. Major aircraft manufacturers such as Boeing and Airbus have seen rising demand for new aircraft, pushing the need for advanced landing gear systems. In 2023, Boeing delivered 528 aircraft, and Airbus delivered 735 aircraft, both surpassing their 2022 figures. This growing production is fueled by fleet modernization efforts, as older aircraft are replaced by newer, more fuel-efficient models. Additionally, the International Air Transport Association (IATA) predicts that the number of air passengers will rise to 4.7 billion by 2024, further indicating a demand for new aircraft and, subsequently, landing gear systems.

Regulatory Challenges

Stringent Safety Regulations

Landing gear systems are critical components in aircraft safety, making them subject to strict regulations. Aviation authorities such as the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA) impose rigorous safety checks to ensure the reliability of landing gear. These regulations require manufacturers to thoroughly test new technologies and materials, which can slow down innovation and market entry. Mechanical failures in landing gear systems, such as non-deployment or improper locking, are some of the top reasons for aircraft accidents, making safety compliance a critical concern.

Request a Sample Copy of This Report (Use Corporate Email ID to Get Higher Priority): https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1054

Opportunities: Advanced Air Mobility (AAM)

Growth in Urban Air Mobility

The booming Advanced Air Mobility (AAM) sector presents new opportunities for the Aircraft Landing Gear Market. More than 200 companies are currently working on AAM projects, driving demand for landing systems that are optimized for these innovative air vehicles. With investments flowing into the AAM sector, landing gear manufacturers are expected to benefit from the increasing need for specialized systems. The AAM market is projected to gain significant traction by the 2030s, with landing gear solutions playing a key role in ensuring safe and efficient operations in urban environments.

Challenges: Political and Social Instability

Global Uncertainty Impacting Aviation

The ongoing Russia-Ukraine conflict and other geopolitical tensions are creating uncertainty in the aviation industry, which could slow down the production and delivery of aircraft. Political instability often leads to regulatory changes, affecting both Original Equipment Manufacturers (OEMs) and aftermarket providers. The unpredictability of global politics adds an extra layer of risk for companies in the Aircraft Landing Gear Market, making it difficult to forecast long-term growth with certainty.

Market Segmentation and Key Insights

OEMs Leading the Market

The OEM (Original Equipment Manufacturer) segment is expected to dominate the Aircraft Landing Gear Market in 2023. This segment benefits from the direct sale of landing gear systems for new aircraft, which are in high demand due to the growing need for fleet expansion and modernization. The rise in aircraft deliveries and the development of new aircraft models further contribute to the strong performance of the OEM segment.

Main Landing Gear Systems in Demand

Among the different types of landing gear, the main landing gear segment is projected to hold the largest market share. This is because main landing gears bear most of the aircraft's weight during landing and taxiing, requiring stronger materials and larger structures. Additionally, most aircraft require two main landing gear units, compared to only one nose landing gear, driving higher demand for this segment.

Fixed-Wing Aircraft Dominate

In terms of aircraft type, fixed-wing aircraft—which include commercial planes, military jets, and business aircraft—are expected to lead the market. Due to their widespread use in commercial aviation, fixed-wing aircraft are produced in higher quantities than other types like rotary-wing aircraft and unmanned aerial vehicles (UAVs). This translates into higher demand for landing gear systems specifically designed for fixed-wing aircraft.

Structural Systems Take the Lead

Within the landing gear subsystems, the structural segment is projected to dominate. A key factor driving this trend is the aviation industry's ongoing efforts to reduce aircraft weight and improve fuel efficiency. Manufacturers are increasingly turning to composite materials like carbon fiber to develop landing gear structures that are both lightweight and strong. These advanced materials help reduce the overall weight of the aircraft without compromising the structural integrity of the landing gear.

Speak to Our Analyst to Ask for More Crucial Industry Insights: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1054

Regional Insights: North America Leading the Market

The North American Aircraft Landing Gear Market is expected to hold the largest market share in 2023. This region's robust aviation sector, along with significant investments in research and development, drives demand for advanced landing gear systems. North America is home to major aerospace players and airlines, creating a thriving market for both OEM and aftermarket landing gear solutions. The region is also focused on modernizing aging aircraft fleets, further boosting market growth.

Key Players in the Aircraft Landing Gear Market

The Aircraft Landing Gear Market is highly competitive, with Key Players like Collins Aerospace (US), Safran (France), Héroux-Devtek (Canada), Liebherr (Switzerland), and Triumph Group (US) leading the industry. These companies are actively investing in new technologies and materials to strengthen their product portfolios and expand their global market presence.

A Market Poised for Growth

The Aircraft Landing Gear Market is set to experience steady growth over the next five years, driven by increased aircraft production, fleet modernization, and the emergence of advanced air mobility solutions. While regulatory challenges and global political instability present some hurdles, the market offers significant opportunities for innovation, particularly in the development of lightweight, durable landing gear systems. As the aviation industry continues to evolve, landing gear manufacturers will play a crucial role in ensuring the safety, efficiency, and sustainability of future aircraft.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we formally transformed into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, and facilitates analysis of interconnections through applications, helping clients look at the entire ecosystem and understand the revenue shifts in their industry.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach
FL 33445
USA: +1-888-600-6441
Email: [email protected]