The global aircraft landing gear systems are anticipated to grow at a significant CAGR 2% during the forecast period (2022-2028). The rise in air traffic coupled with growing passenger demand for air travel is anticipated to fuel the demand for the global landing gear system market. According to International Civil Aviation Organization (ICAO), the total number of passengers carried on scheduled services rose to 4.5 billion in 2019, which is 3.6% higher than in 2018, while the number of departures reached 38.3 million in 2019. The low-cost carriers carried an estimate of 1.4 billion passengers in 2019, which was approximately 31.0% of the global total scheduled passengers. Further, according to the data published by the Bureau of Transportation Statistics in 2022, the US airlines carried 674 million passengers in 2021, which is 82.5% more than in 2021.
Moreover, the fleet expansion by several players’ airlines is anticipated to fuel the demand for the global landing gear systems market. For instance, in June 2021, United Airlines placed an order for 270 Boeing and Airbus planes worth $30 billion. The company’s Chief Executive stated that the purchases are anticipated to accelerate the business to meet resurgence in air travel. This deal will replace smaller and older jets with Boeing 737 Max planes between 2022 and 2026. As per the company, the bigger planes will carry more passengers and enable the airlines to sell premium seats in first-class or with legroom. Thus, such strategic deals are anticipated to drive the growth of the global aircraft landing gear system market during the forecast period.
Looking toward the demand for aircraft landing gear systems, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in October 2021, Heroux-Devtek, Inc. entered into an agreement with Lockheed Martin for the development of landing gear for its next generation of defense aircraft. Further, in April 2019, Heroux-Devtek, Inc. had been awarded a contract by the Boeing Company to supply the complete landing gear system for the MQ-25 unmanned aerial refueling system. Thus, such strategic agreements are anticipated to drive the growth of the global aircraft landing gear system market during the forecast period.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Gear Position
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Safran SA, Bell Textron Inc., and AAR Corp. among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Aircraft Landing Gear Systems Market is available at: https://orionmarketreports.com/global-aircraft-landing-gear-systems-market/102616/
Global Commercial Aircraft Landing Gear Systems Market Report by Segment
By Type
- Commercial Aviation
- Military Aviation
- General Aviation
By Gear Position
- Nose
- Undercarriage
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