Aircraft Landing Gear Market worth 13.14 Billion USD by 2021
Aircraft Landing Gear Market worth 13.14 Billion USD by 2021
New York, NY, Jan-14, 2020 / (Aerospace NEWS)--
The report "Aircraft Landing Gear Market by Type (Main, Nose), Platform (Fixed Wing, Rotary Wing), Application (Commercial, Business, Military), Aircraft Type (NBA, WBA, VLA, RTA), and Region - Global Forecast to 2021", published by MarketsandMarkets, The global market is projected to grow from USD 9.71 Billion in 2016 to USD 13.14 Billion by 2021, at a CAGR of 6.23% from 2016 to 2021.
Browse 71 market data Tables and 62 Figures spread through 134 Pages and in-depth TOC on "Aircraft Landing Gear Market"
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Increasing demand for new aircraft as a result of growth in air travel and the need for global connectivity are the major drivers in the global aircraft landing gear market. There is an increasing demand for lightweight aircraft since the past few years, as a result, the demand for lightweight landing gear is also increasing. In addition, the increasing demand for Unmanned Air Vehicles (UAVs) in military applications is further expected to drive the demand for aircraft landing gear from military aviation over the forecast period.
"The commercial aviation segment is projected to lead the aircraft landing gear market during the forecast period."
Based on application, the commercial aviation segment is expected to account for the largest market share of the global aircraft landing gear market during the forecast period. The commercial aviation segment consists of narrow body, wide body, very large body and regional transport aircraft. The increasing demand for new aircraft from regional airlines in the Asia-Pacific and Middle-Eastern regions is one of the key factors driving the global market for aircraft landing gear. Increasing air passenger traffic as a result of the growing affordability is creating a demand for new aircraft, in turn influencing positive market growth.
"Among platform, the rotary wing segment of the aircraft landing gear market is projected to grow at the highest CAGR from 2016 to 2021."
Based on platform, the global Aircraft Landing Gear Market has been segmented into fixed wing, and rotary wing aircraft. The rotary wing segment is projected to grow at the fastest rate in the aircraft landing gear market during the forecast period. The growth in the rotary wing segment can be attributed to the increasing demand for helicopters from the military sector. Demand for helicopters can be attributed to the increasing application of helicopters for transport, emergency medical services, and special missions.
"The North American region is estimated to account for the largest share of the aircraft landing gear market during the forecast period."
The North American region is estimated to lead the global aircraft landing gear market during the forecast period, owing to the technological advancements taking place in the aircraft landing gear and the presence of key aircraft manufacturers, such as The Boeing Company (U.S.), and Bombardier Inc. (Canada). Increasing aircraft orders from these manufacturers by the regional airline companies in the Asia-Pacific and Middle Eastern regions is driving the North American aircraft landing gear market. Growing military modernization programs, which include increased procurement of advanced fighter jets, unmanned air vehicles, among others is also expected to drive the North American aircraft landing gear market during the forecast period.
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The key players operating in the aircraft landing gear market include Safran S.A. (France), Liebherr-International AG (Switzerland), CIRCOR International, Inc. (U.S.), HĂ©roux-Devtek Inc. (Canada), UTC Aerospace Systems (U.S.), and Triumph Group, Inc. (U.S.), among others, are the key players operating in the global aircraft landing gear market.
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