Global Commercial Aircraft Landing Gear Market (2022 to 2027) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com
Widebody aircraft and large freighter aircraft are the main revenue generators for the segment, as they require large main landing gear equipment to support the weight of the aircraft.
The "Commercial Aircraft Landing Gear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The commercial aircraft landing gear market is expected to grow from USD 16.39 billion in 2020 to USD 21.33 billion in 2026, witnessing a CAGR of more than 4% during the forecast period (2021 - 2026).
Companies Mentioned
- Heroux-Devtek Inc.
- CIRCOR International Inc.
- Magellan Aerospace Corp.
- Triumph Group Inc.
- Safran SA
- Raytheon Technologies Corporation
- Sumitomo Precision Products Co. Ltd
- AAR Corp.
- Liebherr-International Deutschland GmbH
- Honeywell International Inc.
- Revima Group
- Meggitt PLC
Key Market Trends
The Main Landing Gear Segment Held the Largest Market Share in 2021
The main landing gear bears the whole weight of the aircraft during the first impact. Hence, the number of tires used in them is more compared to the nose landing gears. The main landing gear manufacturing involves more costs due to a higher number of parts compared to the nose landing gears. Thus, the revenues from this segment are more compared to the nose landing gears segment. Widebody aircraft and large freighter aircraft are the main revenue generators for the segment, as they require large main landing gear equipment to support the weight of the aircraft. The cost of purchasing a new landing gear, the cost for MRO, and aftermarket costs for the multi-bogey landing gear used in widebody aircraft are high. For instance, in A380, the world's largest commercial aircraft, the main landing gear consists of 20 wheels in total.
To cater to business opportunities in this highly challenging environment, industry players are engaged in long-term business agreements and Y-o-Y contracts. In April 2021, Magellan received a contract extension for the delivery of its landing gear components for Boeing 737, 767, and 777. The main landing gear assembly of the aircraft is the largest and most complex ever developed for a commercial aircraft. Thus, the cost per unit landing gear assembly of the main landing gear is high due to a larger number of subsystems involved, thus, resulting in high revenues for the segment.
Asia-Pacific is Expected to Register the Highest CAGR During the Forecast Period
The growth of the commercial aviation industry is projected to be the highest in Asia-Pacific. With a high passenger traffic growth, several airlines in the region have ordered new commercial aircraft in recent years. A major portion of commercial aircraft deliveries is expected to be in Asia-Pacific during the forecast period. Correspondingly, the demand for new commercial aircraft landing gear is also expected to be highest in Asia-Pacific in the coming years. China's commercial aviation sector made great strides in the past five years, and further improvements are expected in the coming years.
China crossed the United States to become the largest aviation market in 2020. The Chinese state-owned aerospace manufacturer, COMAC, launched the ARJ21 aircraft in 2015 and planned to make the first delivery of C919 in 2021. Liebherr LAMC Aviation Co. Ltd is the supplier of landing gear for the ARJ21 program and is home to the assembly line of C919 landing gear struts. The growing fleet size in China also generated significant demand for MRO services in the country. In 2019, India was the second-fastest growing aviation market in Asia-Pacific.
The international and domestic air passenger traffic in India more than doubled between 2010 and 2019. The increasing air passenger traffic forced some of the airlines in India to expand their fleet size. Currently, Indian airlines are operating domestic flights at around 70% of their pre-COVID levels. They are expected to reach their pre-COVID levels by 2023. Airlines in India are mostly dependent on foreign MRO players for landing gear MRO services. With the construction of new regional and international airports in the coming years and the growth in fleet size, there is a huge potential for the commercial aircraft landing gear MRO market to grow in India.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Size and Forecast, Global, 2018 - 2027
3.2 Market Share by Landing Gear Type, 2021
3.3 Market Share by Aircraft Type, 2021
3.4 Market Share by Region, 2021
3.5 Structure of the Market and Key Participants
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Challenges
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size and Forecast by Value - USD billion, 2018 - 2027)
5.1 Landing Gear Type
5.1.1 Main Landing Gear
5.1.2 Nose Landing Gear
5.2 Aircraft Type
5.2.1 Narrowbody
5.2.2 Widebody
5.2.3 Regional Jet
5.3 Landing Gear MRO
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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