5 Key Takeaways From The Aircraft Landing Gear Market Report 2023

December 13, 2023December 8, 2023 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Aircraft Landing Gear Global Market Report 2023, the aircraft landing gear market is expected to show significant growth in the forecast period.

The global aircraft landing gear market has experienced a remarkable surge in size, escalating from $11.77 billion in 2022 to $12.97 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 10.1%. Projections indicate that this upward trajectory will persist, with the market anticipated to reach $18.48 billion by 2027, boasting a CAGR of 9.3%. Let’s delve into the factors driving this growth, the key players shaping the industry, and the technological trends that are propelling the market forward.

**1. ** Driving Forces Behind Market Growth

The surge in the procurement of modern-generation aircraft emerges as a primary catalyst for the burgeoning aircraft landing gear market. The global demand for both commercial and cargo aircraft, coupled with increased investments in defense equipment worldwide, is fueling the need for advanced landing gear. A striking example is the move by United Airlines in July 2021, placing substantial orders for Airbus and Boeing narrow-body jets, affirming the pivotal role played by modern aircraft procurement in steering the growth of the landing gear market.

**2. ** Key Players Shaping the Landscape

In this dynamic market, several major players wield significant influence. Companies such as Safran, Collins Aerospace, Liebherr, and Triumph Group stand at the forefront, contributing to the market’s vibrancy. The presence of industry stalwarts like AAR Corporation, CIRCOR International Inc., and GKN Aerospace Services Ltd. further underscores the competitive landscape. As these players continue to innovate and adapt, their strategic moves will invariably impact the trajectory of the aircraft landing gear market.

**3. ** Technological Innovations: The Driving Trend

Technological advancements are steering the course of the aircraft landing gear market, with a notable focus on manufacturing lighter landing gears characterized by reduced complexity. An illustrative instance is the initiative by Metro Hop, a US-based electric airplane company, which unveiled its Active Landing Gear concept in April 2021. Featuring electric motors in each wheel, this innovative system is designed to shorten takeoff and landing runs, minimizing power requirements and complexity. The resultant lower takeoff weight allows for increased passenger or cargo capacity, epitomizing the transformative potential of technological advancements in the industry.

**4. ** Market Segmentation: Unveiling Nuances

The global aircraft landing gear market is intricately segmented to provide a nuanced understanding of its diverse facets. These segments include:

Gear Type: Main Landing Gear, Nose Landing Gear
Aircraft Type: Fixed Wing, Rotary Wing
End User: OEM, Aftermarket

Understanding these distinctions is crucial for stakeholders aiming to navigate the market effectively, tailoring strategies to specific segments and maximizing their impact.

**5. ** Regional Dynamics: A Snapshot

In 2022, North America took the lead as the largest region in the aircraft landing gear market. However, the spotlight is now shifting towards Asia-Pacific, projected to be the fastest-growing region in the forecast period. The evolving economic landscape, coupled with a surging demand for air travel in the region, positions Asia-Pacific as a pivotal player in shaping the future trajectory of the aircraft landing gear market.

View More On The Aircraft Landing Gear Market Report 2023 – https://www.thebusinessresearchcompany.com/report/aircraft-landing-gear-global-market-report

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The Aircraft Landing Gear Global Market Report 2023 provides an in-depth analysis on the aircraft landing gear market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the aircraft landing gear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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