Aircraft Gearbox Market size will experience a dynamic growth between 2023 and 2032, fueled by new developments in advanced aviation parts and a surge in air passenger traffic.
An increase in the number of air passengers across North America has influenced the demand for new aircraft fleets. Aircraft manufacturers are diligently working on research activities to develop lightweight gearboxes to improve fuel efficiency. Government regulations over reducing emissions and advancements in gearbox technology are expected to contribute to the aircraft gearbox market growth.
Gearboxes are considered an integral part of aircraft engines to deliver the necessary thrust that is needed during landing and takeoff. Spur gears are utilized in various aircraft engines that operate for countless hours. The growing adoption of these components in piston engine applications as well as propeller reduction units of turboprop engines are estimated to influence market progression.
With regards to gearbox type, the aircraft gearbox market share from the accessory segment is expected to grow by 2032. An accessory gearbox is used to operate tacho generators, fuel and oil pumps, and various other devices that are necessary for effective engine operation. They also provide power for hydraulic, pneumatic, and electrical systems in aircraft. Growing deliveries of commercial aircraft will have a positive effect on segment growth.
Based on aircraft type, the commercial aircraft gearboxes market is forecasted to witness promising growth through 2032 driven by the development of new aircraft models. Increasing fleet size of commercial flights might fuel the demand for aircraft gearboxes in this sector. A rise in the number of aircraft deliveries to meet the surging cargo and passenger traffic across the globe would complement industry expansion.
Based on the regional outlook, the North America aircraft gearbox market is anticipated to witness robust expansion due to the increasing need for lightweight, turboprop engine aircraft, and fuel-efficient pistons. With the presence of several gearbox and component suppliers, OEMs, engine makers, and distributors across the region, the region is utilizing its resources to their full capacity and is expected to emerge as the optimal manufacturing capital in the aircraft sector.
Rising number of R&D investments in a gearboxes and expansion activities carried out by leading aircraft manufacturers like Lockheed Martin in North America will reinforce the industry forecast.
The existence of some well-known players, such as North Star Aerospace, CEF Industries, LLC, Safran S.A., Aero Gearbox International, The Boeing Group, and The Liebherr Group has helped to consolidate the global aircraft gearbox market expansion. These companies are implementing strategic initiatives like collaborations, mergers, acquisitions, and investments, to expand their business presence.
These companies are also developing new products and increase their production capacity in order to meet the demands of the consumer and airline operators. The collaboration facilitated the delivery of fully integrated, improved landing gear solutions for the superjumbo plane.
The Russia-Ukraine war has led to the introduction of mutual sanctions and air restrictions which have shaken up the aviation sector, causing the cancellation of flights, higher fuel costs, increased air ticket prices, and issues with sourcing of raw materials like titanium, among other issues. Companies have started to look out for suppliers and other sources of raw materials as their production capabilities are being hampered. With market players focusing on reducing their dependence on Europe, the global aircraft gearbox market is likely to witness substantial growth between 2023 to 2032.