Aerospace Landing Gear Market Size By Position (Main Landing Gear, Nose/Tail Landing Gear), By Arrangement (Tail Wheel, Tandem, Tri-cycle), By Platform (Fixed Wing [OEM, MRO], Rotary Wing [OEM, MRO]), By Aircraft (Military Aircraft [Fixed Wing, Rotary Wing], Commercial Aviation, General Aviation [Business Aviation, Regional Jets], By Distribution Channel (OEM, MRO), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Oct 2018 | Report ID: GMI2343 | Authors: Kiran Pulidindi, Soumalya Chakraborty
Aerospace Landing Gear Market size valued at USD 14 billion in 2017 and will exhibit over 6% CAGR till 2024. Proliferating aircraft production and deliveries across the globe owing to rising air passenger traffic along with increasing aircraft procurement for military sector are driving the market share over the forecast timeframe. Replacement of landing gear components of the ageing fleet will further boost the industry revenue share till 2024.
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Stable GDP growth, lower commodity price, and strong air passenger demand are the key factors positively influencing the product penetration. Proliferating tourism sector coupled with increasing disposable income mostly in the developing economies will further support the aerospace landing gear industry expansion during the study timeframe.
Rising defence and military budget along with the increasing demand for advanced aircrafts will boost the business growth. Replacement of in-service aircrafts with advanced lightweight portfolio and overhauling activities of existing components are the key trends in the aviation industry, supporting the revenue generation.
Industry participants are continuously investing in R&D for improving the product and complying them with the stringent government regulations. Most manufacturers are incorporating innovative materials for manufacturing landing gears including aluminium and composites to reduce the system weight and increase efficiency significantly. Moreover, the introduction of advanced tools and equipment including RFID tags, wireless sensor networks, and structural health monitoring systems will further propel the market value.
However, the complex design and development involved in manufacturing landing gears along with high MRO expenses may hamper the aerospace landing gear market growth. Adherence to government regulation, lower volume and weight requirements along with focus on reducing the overall costs will pose significant challenges to engineers and designers.
The increased MRO expenses owing to frequent wear and tear of components may limit the market expansion. However, the introduction of light weight materials and smart health monitoring techniques will address the issues significantly, providing a positive outlook for the industry growth.
|Base Year:||2017||Market Size in 2017:||14 Billion (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||6%||2024 Value Projection:||21 Billion (USD)|
|Pages:||445||Tables, Charts & Figures:||695|
|Geographies covered (24):||U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, Netherlands, Sweden, China, Japan, India, South Korea, Singapore, Australia, Brazil, Mexico, Argentina, Saudi Arabia, Qatar, UAE, South Africa|
|Segments covered:||Position, Arrangement, Platform, Aircraft and Region|
|Companies covered (20):||AAR Corp., Aeropol Aviation Services Corp., Aerospace Turbine Rotables, Inc., Aviatechnik, Circor Aerospace, Inc., Delta TechOps, Eaton Corporation, FL Technics, GKN Aerospace, Hawker Pacific Aerospace, Heroux-Devtek, Inc., Liebherr Group, Magellan Aerospace, Next MRO, Safran Landing Systems, SPP Canada Aircraft, Inc., Sunvair, Triumph Group, Inc., UTC Aerospace Systems, Whippany Actuation Systems|
|Pitfalls & Challenges:||
Market by Position
Main landing gear accounted for over 65% volume share in 2017 owing to high adoption of the gear in all types of aircrafts for carrying over 85% of the overall aircraft weight. Improved supply chain facilities along with developing long-term partnerships with clients for efficient sourcing of components are playing a major role in strengthening the segment share.
Nose/Tail landing gear showcased a significant growth rate of around 4.5% from 2018 to 2024. This growth can be attributed to requirement of the gear for steering the aircraft. The provision of enhanced steering facilities during taxiing by utilizing hydraulic and electric power, along with the incorporation of high-performance shock struts engaged with internal metering tubes will support the product proliferation over the projected timeframe.
Market by Arrangement
Tricycle segment demand was over 12,221 units in 2017 and is projected to continue its dominance till 2024. This dominance can be credited to predominant usage of such wheel arrangement in commercial aircrafts. The improved stability while landing operations along with enhanced centre of gravity will further support the segment growth.
Aerospace landing gear market from tail wheel arrangement exceeded USD 2.45 billion in 2017 driven by increasing demand for military aircrafts and sail planes. The lower weight of the system along with providing advanced vertical take-off capabilities will strengthen the segment share.
Market by Platform
Fixed wing segment accounted for over 70% revenue share in 2017 and will continue its supremacy till 2024. This is due to increasing aircrafts demand across various sectors including regional, commercial, general, and military. The proliferation of long-distance travel aircrafts owing to improved tourism sector along with improved efficiency will strengthen the segment share till 2024.
Rotary wing segment will showcase significant growth rate at around 8.5% from 2018 to 2024 impelled by increased demand of helicopters for several military applications including surveillance, emergency services, and special purpose combat operations. The proliferation of helicopters for short distance travel and sightseeing are further supporting the revenue generation over the projected timeframe.
Market by Aircraft
Commercial aviation segment dominated with over 58% volume share in 2017. This can be attributed to increasing production of commercial aircrafts for meeting the growing air passenger demands. The introduction of low-cost carriers along with the proliferation of narrow body aircrafts are further expanding the aerospace landing gear market share over the study timeframe.
General aviation will showcase considerable gains at approx. 6.3% from 2018 to 2024. This growth can be credited to increasing demand for business and regional jets across the region. The introduction of several ownership programs including fractional and timeshare ownership enables easier ownership of such aircrafts providing a positive outlook for the industry growth.
Market by Distribution Channel
OEM dominated the market with over 65% revenue share in 2017. The dominance is projected to continue over the projected timeframe owing to improving supply chain of major components and low sourcing solutions. Long term supply agreements with aircraft manufacturers for reducing airplane order backlog along with increasing air passenger traffic will further contribute to the industry expansion.
MRO will grow significantly at around 7.5% CAGR over the study timeframe owing to increasing aircraft fleet size and the requirement for regular maintenance of components due to high wear and tear. The setup of MRO facilities at locations with affordable labour along with higher profit margins associated with operations will further support the segment growth over the projected timeframe.
Market by Region
North America dominated the aerospace landing gear industry with 55% volume share in 2017 due to presence of major aircraft manufacturers. The presence of multiple airports handling air passenger and freight traffic along with introduction of light weight components for enhancing the efficiency will further strengthen the regional dominance till 2024.
Asia pacific market will grow at approximately 5.7% CAGR over the projected timeframe propelled by proliferating air traffic across the region. Emergence of low-cost carriers along with increasing affordability and improving tourism sector will further support the regional growth over the study timeframe.
Competitive Market Share
Major aerospace landing gear market players include GKN Aerospace Services, Safran Landing Systems, AAR Corporation, Liebherr Group, Triumph Group, and Eaton Corporation. Other notable players include SPP Canada Aircraft, Whippany Actuation Systems, CIRCOR Aerospace, Magellan Aerospace Corporation, Heroux-Devtek Inc, UTC Aerospace Systems, and Aerospace Turbine Rotables. Market participants are engaged in attaining long term agreements with aircraft fleet owners and manufacturers for enhancing market share.
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