Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) -- The global aircraft landing gear market size was USD 9.88 billion in 2020. The market is projected to grow from USD 10.79 billion in 2021 to USD 22.90 billion in 2028 at a CAGR of 17.9% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Aircraft Landing Gear Market, 2021-2028.”The growth of this market can be accredited to the rising commercial aviation sector and the extension of aircraft fleet by airline operators and the surging trend of low-cost and ultra-low-cost airlines in the aviation industry.
COVID-19 Impact
Annulled Aircraft Orders amid COVID-19 to Affect Aircraft Delivery Rates
The COVID-19 pandemic has influenced all industries, sectors and all features of human lives with distressing economic as well as fiscal damages and substantial indecisions. The aviation industry perceived a noteworthy deterioration owing to the complete lessening of air passengers traffic (both international and domestic) varying from 60% in 2020 in comparison with 2019.
Report Coverage
The report presents a detailed study of the market including current trends and future predictions to estimate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.
The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
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List of Key Players Covered in the Aircraft Landing Gear Market Report:
- AAR Corporation (U.S.)
- Alaris Aerospace (U.S.)
- CIRCOR International Inc. (U.S.)
- Collins Aerospace (U.S.)
- GKN Aerospace (U.K.)
- Hawker Pacific Aerospace (U.S.)
- Heroux-Devtek Inc. (Canada)
- Liebherr Group AG (Germany)
- Magellan Aerospace Corporation (Canada)
- Safran SA (France)
- SPP Canada Aircraft Inc. (Canada)
- Triumph Group Inc. (U.S.)
Segmentation
On the basis of type, the market is classified into nose type and main landing gear.
By platform, the market is categorized into fixed-wing and rotary-wing aircraft types.
In terms of arrangement type, the market is divided into the tail wheel, tandem, and tri-cycle.
On the basis of end-user, the market segments comprises OEM and aftermarket.
By components, the market is characterized into retraction systems, brakes & wheels, steering, and others. The retraction system segment is estimated to dominate the market and grow at a high CAGR during the forecast period.
Drivers and Restraints
Increasing Procurement of Modern Generation Aircraft to Propel Market Growth
The acquirement of modern generation aircraft has risen owing to their enhanced features and fuel proficiency. Furthermore, with the increasing demand for fleet expansion and the rising of low cost and ultra-low-cost carriers the market is experiencing an exponential rise in orders for commercial aircraft, which is anticipated to boost this market.
Furthermore, the rising expenditure for military aircraft by nations to reinforce defense competencies is also projected to assist with the aircraft landing gear market growth.
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Regional Insights
North America to Lead Market Share Backed by Strong Presence of Aircraft Makers
North America stood at USD 3.85 billion in 2020 and is expected to hold the majority of the aircraft landing gear market share. This region dominated the global landing gear market in 2020.
The market in Europe is anticipated to grow reasonably owing to the occurrence of noticeable vital players and OEMs such as Airbus, Leonardo Spa, and Safran SA.
The market in Asia Pacific is anticipated to display significant growth owing to amplified defense expenditure on military aviation.
Competitive Landscape
Acquisition Strategies by Key Companies to Encourage Market Growth
The leading players in the market constantly opt for competent strategies to reinforce their brand value as well as endorse the global market growth of the product with encountering least possible hindrances. One such competent strategy is attaining competitive companies and further fortifying a profit for both the companies.
Key Industry Development
August 2021: Precision Aviation Group, Inc. (PAG), which is a dominating supplier of aerospace and aviation products has declared that it has procured Trace Aviation (TA), based in Jackson, Mississippi, U.S.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Aircraft Landing Gear Market
- Impact of the COVID-19 pandemic on the global aircraft landing gear market
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
TOC Continued…!
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