Aerospace Landing Gear Market to observe over 6% CAGR to 2024
SELLBYVILLE, Del., August 14, 2018 /PRNewswire-iReach/ -- The industry trends report says, "Aerospace Landing Gear Market is predicted to be valued USD 19 billion by 2024." Growth in air passengers in conjunction with surge in aircraft fleet will boost aerospace landing gear market during forecast period. Rising preference towards air travel with higher safety and less travel duration is continuously expanding aviation industry. Airplane manufacturers including Airbus, Boeing and Bombardier are strengthening their production facility to meet previous backlog and growing demand. For instance, in 2016, Bombardier had over 100 Q400 and CRJ series aircraft backlog. Further, surge in domestic and international tourism sector, low transport freight and globalization in business operations will contribute towards aerospace landing gear market growth.
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Airline operators are constantly reducing airfare to enhance their customers base. Rising air travel affordability among middle class population will fuel product penetration. Regulatory entities such as Federal Aviation Authority (FAA) and Civil Aviation Safety Authority (CASA) have laid strict standards for airline operators to safeguard passengers. Airplane manufacturers are adopting innovative systems to fulfill regulatory norms. Such initiatives will positively influence aerospace landing gear market share from 2018 to 2024.
Landing systems are installed in airplanes to support aircraft fuselage during take-off, ground operations and taxiing. These are attached with aircraft primary structure with their arrangement depending on its design and intended use. The system comprises of retraction mechanism, brakes, shock absorbers and warning devices ensuring passenger safety. Regulatory including FAA and CASA provide instructions regarding system installation, working and maintenance.
Main gear segment leads aerospace landing gear market owing to its use to carry majority of overall aircraft weight. Major OEMs are adopting lightweight materials to reduce fuel consumption. Utilization of innovative materials such as composites and installation of safety systems including wireless sensor and RFID to monitor landing system health will fuel product demand. Tail/Nose aerospace landing gear market will witness healthy growth with its use for aircraft taxiing and steering.
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Tricycle arrangement holds around 70% share owing to installation in present in-service and on-demand aircrafts. This arrangement offers better aircraft control during ground maneuvering and take-off. In addition, tricycle provides higher aircraft safety with low proximity between gears and internal components. Tandem gear arrangement will foresee strong growth owing to its use in military aircrafts owing to low weight that enhances vertical takeoff.
Commercial aircraft leads aerospace landing gear market share and will witness substantial growth in aerospace industry. Growing annual spending and rising disposable income in emerging countries is enhancing air passenger traffic resulting in increased demand for aircraft deliveries. According to CAPA (Confederation of Asian and Pacific Accountants), aircraft deliveries have increased constantly over the past seven years. In 2017, the commercial airplane fleet increased by over 4% as compared to 2016 and accounted for around 31,600 in-service aircrafts. Continuous rise in aircraft fleets will boost industry growth through projected timeline.
Regional jets will foresee sturdy growth with strong domestic airline network in regions including North America and Europe. These are utilized for connecting carrier hubs and airports. The industry players are manufacturing efficient engines and focusing on innovative designs in aerospace landing gear systems thereby positively influencing the product penetration.
OEM dominates industry owing to installation of systems during airplane fabrication to support weight and major operations. Industry players are strengthening their supply chain to enhance consumer base, and low-cost material sourcing. Growth in regional and commercial fleets to serve passengers will substantiate business growth. Aftermarket aerospace landing gear market segment will grow rapidly with mandatory maintenance and replacement requirement as specified by the manufacturers.
North America has major share in aerospace landing gear market owing to large aircraft fleets supported by presence of major aircraft manufacturers and MRO players. Industry players have undergone capacity expansion to meet increasing product demand from airlines. Asia Pacific led by China, India and South Korea will foresee growth with rising air passengers, low air fare and increasing demand for defense aircrafts.
Buy this industry insights spread across 390 pages with 651 market data tables & 18 figures & charts from the report, "Aerospace Landing Gear Market Size By Position (Main Landing Gear, Nose/Tail Landing Gear), By Arrangement (Tail Wheel, Tandem, Tri-cycle), By Aircrafts (Commercial Aircraft {Narrow Body, Wide Body}, Regional Jet, Business Jet, Helicopter, Military Aircraft), By Distribution Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, Netherlands, Sweden, China, India, Japan, South Korea, Singapore, Australia, Brazil, Mexico, Argentina, Saudi Arabia, Qatar, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
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Chapter 3. Aerospace Landing Gear Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Supplier
3.3.2. Manufacturer
3.3.3. Profit margin analysis
3.3.4. Distribution channel analysis
3.3.5. Vendor matrix
3.4. Technology landscape
3.5. Pricing trends
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. MEA
3.6. Cost structure analysis
3.7. Regulatory landscape
3.7.1. North America
3.7.2. Europe
3.7.3. Asia Pacific
3.7.4. Latin America
3.7.5. MEA
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.1.1. North America
3.8.1.2. Europe
3.8.1.3. Asia Pacific
3.8.1.4. Latin America
3.8.1.5. MEA
3.8.2. Industry pitfalls & challenges
3.9. Innovation & sustainability
3.10. Growth potential analysis
3.11. Porter's analysis
3.12. Company market share analysis, 2017
3.12.1. Top players analysis
3.12.2. Strategy dashboard
3.13. PESTEL analysis
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/aerospace-landing-gear-market
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