Aircraft Landing Gear Market is Expected to Surpass USD 47.49 Billion by 2030 at a CAGR of 17.9% from 2022 to 2030; Escalating Demand for Air Travel, and Technological Advancements Make Aircraft Landing Gear an Attractive Option
SkyQuest has produced an excellent resource for individuals seeking insight into the rapidly growing Aircraft Landing Gear market. The report is written in clear and concise language, making it accessible to a broad audience, including industry experts and casual readers. Moreover, the report provides an in-depth understanding of the primary and secondary market drivers, offering readers a comprehensive outlook on the current market situation and future projections.
Westford, USA,, March 23, 2023 (GLOBE NEWSWIRE) — Due to several factors, the Aircraft Landing Gear market is poised to experience substantial growth in the North American and Asia Pacific regions. These factors comprise the escalating demand for air travel, technological advancements, increased focus on fuel efficiency, and surging demand for eco-friendly technology. Moreover, airlines are progressively investing in new landing gear systems that offer improved performance and reliability as the existing aircraft become obsolete and need upgrades or replacements. Consequently, there is a consistent demand for landing gear systems in the aftermarket.
SkyQuest’s latest global research findings reveal that the global Lightweight landing gear system market is steadily rising and projected to grow at a CAGR of over 6%. This optimistic outlook for the Lightweight landing gear system market indicates growth potential for associated industries, including the Aircraft Landing Gear market. There is a growing need for advanced and lightweight landing gear systems that mitigate fuel consumption and enhance operational efficiency, aligning with the aviation industry’s emphasis on sustainability and eco-friendly technologies.
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Browse in-depth TOC on “Aircraft Landing Gear Market”
- Pages – 249
- Tables – 87
- Figures – 68
In contemporary times, the significance of the aircraft landing gear market lies in its ability to facilitate secure and effective aircraft landings, ensuring the safety of passengers and minimizing aircraft damage. The market is projected to grow substantially due to rising air travel demand, leading to demand for advanced and lightweight landing gear systems that enhance operational efficiency and reduce fuel consumption. Furthermore, the market’s role in promoting sustainable practices in the aviation industry is noteworthy, with an increasing emphasis on eco-friendly landing gear technologies.
Prominent Players in Aircraft Landing Gear Market
- United Technologies Corporation
- Safran Landing Systems
- Honeywell Aerospace
- AAR Corporation
- Triumph Group Inc.
- GKN Aerospace Services Limited
- Eaton Corporation
- Circor Aerospace & Defense
- Heroux-Devtek Inc.
- Liebherr-International AG
- UTC Aerospace Systems
- Whippany Actuation Systems
- Héroux-Devtek Inc.
- Messier-Bugatti-Dowty
- CESA
- Collins Aerospace
- Magellan Aerospace Corporation
- SPP Canada Aircraft, Inc.
- Merrill Technologies Group
- GKN Aerospace Norway
Commercial Aircraft Type Segment to Drive Higher Sales as There is Increasing Demand for Air Travel
As per a recent analysis, the lithium-ion batteries segment played a significant role in the rapid development of the Aircraft Landing Gear market in 2021. This trend is expected to persist from 2022 to 2030, with the segment retaining its dominance in the market. The expansion in the commercial aircraft segment is attributable to the escalating demand for air travel driven by factors like increasing disposable income, evolving consumer preferences, and burgeoning tourism. SkyQuest, a market research firm, has projected that the Commercial Aircraft Type will grow at a CAGR of 6.14% during the forecast period.
Research analysis indicates that North America is poised to become a dominant player in the Aircraft Landing Gear market from 2022 to 2030. The presence of major aircraft manufacturers and landing gear system suppliers, rising defense budgets, and surging Demand for air travel is driving this expansion. SkyQuest has projected that the region will grow at a CAGR of 5.82% during the forecast period.
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Wheels and Brakes Component Segment to Exhibit Strong Growth due to Demand for Lightweight and Advanced Wheels and Brakes Systems
The Wheels and Brakes Component segment emerged as the dominant method in the Aircraft Landing Gear market in 2021 and is expected to retain its lead from 2022 to 2030. The mounting demand for lightweight and advanced wheels and brakes systems, which can boost the operational efficiency and safety of aircraft, is driving this trend. Furthermore, the usage of carbon fiber and other advanced materials in the production of wheels and brake systems is propelling the growth of this segment.
The Asia Pacific region has emerged as a major force in the Aircraft Landing Gear market force and is poised to retain its leading position by 2030. This expansion can be attributed to the growing demand for air travel, the burgeoning middle-class population, and the expansion of the aerospace and defense industries in the region. Additionally, SkyQuest has forecasted significant growth in the aircraft landing gear market for the Asia Pacific region, with a projected CAGR of 6.97% during the forecast period.
A comprehensive analysis of the major players in the Aircraft Landing Gear market has been recently conducted in a report. The report encompasses an array of aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Aircraft Landing Gear Market
- Parker-Hannifin, an American engineering company, has finalized its purchase of Meggitt, a UK-based aerospace and defense company, for £6.3 billion (approximately US $17.6 billion). Meggitt, with a global workforce of over 9,000 employees, provides an array of products, including landing gear, braking systems, fire and safety systems, sensors, fuel systems, and polymer seals, to the aviation industry.
- Aero 3, Inc., the parent company of AeroRepair, has acquired Aircrafters, Inc. in a deal announced by GenNx360 Capital Partners. Based in New Castle, Delaware, Aircrafters is a major supplier of wheel and brake parts for the aviation industry. The company’s range of services includes the aftermarket distribution of Collins wheel and brake parts, as well as an extensive parts inventory and exchange asset pools catering to multiple global operators.
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Key Questions Answered in Aircraft Landing Gear Market Report
- What are the specific drivers of growth that are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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