Aerospace Landing Gear Market Size

Aerospace Landing Gear Market Size

Aerospace Landing Gear Market size exceeded USD 18.6 billion in 2019 and is estimated to exhibit 4.9% CAGR from 2020 to 2026. Positive trends from private ownership firms with favorable investments will further support the industry demand. Growth in commercial aircraft owing to increasing air passenger traffic is the key feature driving the market.

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Increasing purchasing power of the consumer along with a preference for air travel due to superior safety will fuel the demand for new aircraft and aerospace landing gears. Aircraft manufacturers are continuously concentrating on reducing flight rates further attracting passengers who prefer air travel. Low commodity prices, stable GDP growth, and strong passenger demand are the key factors influencing product penetration. Rising affordability among the middle-income population for air travel with low airfares coupled with growth in the tourism sector will further support the industry expansion and strengthen demand for the market.
 

Rising defense budget with demand for next-generation military aircraft will positively boost the market growth. The replacement of in-service aircraft with fifth-generation aircraft is a significant trend in the aviation industry. Increasing defense budgets impelled by the requirement for R&D and military aircraft with advanced systems will spur the industry value. The U.S. defense budget accounted for over USD 616.2 billion in 2019. In addition, superior demand for military aircraft, particularly from the UAE, Saudi Arabia, South Korea, China, and India, with the purchase of advanced equipment will augment the market revenue.