Product ID: SQMIG20A2072
Global Commercial Aircraft Landing Gear Market Size, Share, Growth Analysis, By Type(Main Landing Gear, and Nose Landing Gear), By Application(Narrow-body Aircraft and Wide-body Aircraft) - Industry Forecast 2024-2031
Report ID:
SQMIG20A2072 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
60 |
Figures:
75
Global Commercial Aircraft Landing Gear Market Insights
The Global Commercial Aircraft Landing Gear Market size was valued at USD 2.75 Billion in 2022 and is poised to grow from USD 3.13 Billion in 2023 to USD 8.87 Billion by 2031, at a CAGR of 13.90% during the forecast period (2024-2031).
The global market for commercial aircraft landing gear is witnessing significant growth due to the expansion of major airlines' fleet sizes and the overall growth of the commercial aviation sector. As a result, the demand for new airliners is increasing, leading to a corresponding demand for landing gears. The civil aviation industry is experiencing remarkable growth, primarily due to the production of next-generation aircraft. Improved global economic conditions have also contributed to increased air passenger traffic worldwide. To cater to this rising demand for air travel, the number of commercial airplanes has seen a substantial increase. Consequently, the demand for commercial aircraft landing gear systems is expected to rise. Manufacturers of airplanes are adopting lightweight materials, electronic technologies, and innovative solutions to optimize aircraft performance during touchdown and reduce downtime.
These advanced landing gear systems require less maintenance compared to traditional counterparts. Additionally, there is a growing need to replace older, less fuel-efficient aircraft with more eco-friendly options, further driving the industry's growth in the coming years. The global market is undergoing rapid expansion, with technologically advanced control systems replacing manual hydraulic and mechanical systems. Moreover, competition among industry players across the value chain is intensifying. While the global industry is evolving in line with the changing global economy, it faces challenges such as increasing energy costs, expensive raw materials, and inflation of the U.S. dollar. These challenges may hinder industry growth in the near future. To overcome these obstacles, players across the value chain, including original equipment manufacturers (OEMs) and component and raw material suppliers, are developing new business processes to leverage the industry's rapid globalization.
US Commercial Aircraft Landing Gear Market is poised to grow at sustainable CAGR for the next forecast year.
Global Commercial Aircraft Landing Gear Market Report Snapshots
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