Ocean View, DE -- (SBWire) -- 04/15/2020 --Aerospace landing gear market is anticipated to be driven by a significant rise in air passenger traffic and the consequent surge in the demand for lightweight aircraft. In 2017, key manufacturers such as Boeing and Airbus had a backlog of more than 5,500 and 7,000 aircraft respectively.
Furthermore, cheap airfare in emerging countries to attract more consumers along with rapid growth in the number of commercial aircraft production across the globe are some of the substantial factors to have contributed efficiently towards notable growth of Aerospace landing gear market.
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Main landing gear segment will account for nearly 65% of market share by 2024. for Growing population and better standards of living mostly from the emerging countries will generate new business avenues for aerospace manufacturers.
Reports estimate that rotary wing segment will exhibit a noteworthy CAGR of more than 6.8% from 2018-2024. This is attributed to the proliferating demand for helicopters from the defense sector and rising applications in emergency medical services, transportation, and other commercial applications.
Industry players are also directing their efforts toward making different types of sheet metals such as steel, aluminum, and for improving their durability and efficiency. Advances in technology continue to provide steady growth in the aerospace sector and significantly enhance the safety, capability, and reliability of vertical take-off and landing aircraft.
The increasing popularity of airlines and the need for cost-effective, improved operations have stimulated investments towards expanding the fleet size. Industry players are also complying with stringent regulations for making flights airworthy. Lowering the weight of the systems and consistently improving efficiency will certainly complement aerospace landing gear market trends.
Reports estimate that OEM segment in Aerospace landing gear market held a commendable revenue share of nearly 65% in 2017. OEM manufacturers are working towards the replacement of older aircraft with modern fuel-efficient aircraft. Continuous rise in air traffic has also encouraged various business incubators to enter the aviation sector, which would gradually lead to an expansion in the number of aircraft.
Reports estimate that Asia Pacific aerospace landing gear industry will t record a 5.7% CAGR up to 2024. The growing population and expansion of tourism sector coupled with affordable offerings by prominent aircraft manufacturers have positively influenced and proliferated the aerospace landing gear market outlook over recent years.
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In 2017, Association of Asia Pacific Airline (AAPA) stated that several airlines spread across the region carried over 1,214 million passengers and 20 million cargo. Moreover, the growing adoption of advanced landing gear systems across key airlines would drive product penetration. Propelled by a swift increase in commercial aircraft deliveries paired with the burgeoning air passenger traffic, the aerospace landing gear market is slated to gain substantial momentum over the coming years.
The key players operated in the Aerospace landing gear market are AAR Corp., Eaton Corporation, GKN Aerospace, Heroux-Devtek, Liebherr Group, Magellan Aerospace, Safran Landing Systems, UTC Aerospace Systems.
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Aerospace Landing Gear Market Trends 2024 :AAR Corp., Eaton, GKN Aerospace, Heroux-Devtek, Liebherr, Magellan Aerospace, Safran Landing Systems, UTC Aerospace Systems
The growing population and expansion of tourism sector coupled with affordable offerings by prominent aircraft manufacturers have positively influenced and proliferated the aerospace landing gear market outlook over recent years