Increasing popularity of low cost carriers (LCCs) and ultra-low cost carriers (ULCCs) to provide growth opportunities for aircraft landing gear market
Latest market study on "Aircraft landing gear Market to 2027 by Aircraft Type (Airplanes and Helicopters); Gear Arrangement (Tricycle, Tandem, and Tail Wheel); Type (Main and Nose); End-User (Commercial and Armed Forces); – Global Analysis and Forecast", the aircraft landing gear market is estimated to reach US$ 20.60 Bn by 2027 from US$ 11.89 Bn in 2018 with a CAGR of 6.4% during the forecast period 2019 – 2027. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The number of airports across geographies is rising at an impressive rate due to favorable government policies to push infrastructure development and bring market liberalization in the aviation sector. The increasing demand of low cost travel and rising need to connect remote locations with air travel, especially in developing regions such as Asia Pacific and Africa is driving the demand of low cost carriers (LCCs) and ultra-low cost carriers (ULCCs). Low cost carriers (LCCs) are also a good example of market liberalization happening in the aviation industry. In the global aviation industry, low-cost carrier model is flourishing at an impressive rate. The strong growth of this model in Association of Southeast Asian Nations (ASEAN) countries depicts its future growth potential. With the entry of new entrants into aviation market, the competition has increased multifold and fares have dropped drastically on some routes.
In Europe also, some of the bigger airlines are establishing their low cost subsidiaries to compete with LCCs in this region. In terms of market share, LCCs provide 30% of seat capacity in North America’s short-haul segment. In Europe, 40% of short haul seat capacity comes from LCCs. In some Asian countries especially South Asian Countries, LCCs account for more than 60% of seat capacity. Hence, the success of this model is driving various airlines to venture into this arena with small and medium aircrafts based on the routes. During the forecast period of 2019 to 2027, the popularity of this model is anticipated to boost the demand of commercial passenger aircrafts worldwide. This rising demand of aircrafts by LCCs is projected to offer substantial growth opportunities for the market players operating in the global aircraft landing gear market.
APAC is also expected to be the fastest-growing region in the global aircraft landing gear market during the forecast period. The presence of fast growing countries such as China and India as well as developed countries such as Japan, makes Asia pacific as one of the most promising market for the growth of aircraft landing gear. The economic growth in developing countries of APAC is quite impressive and these countries are expected to offer ample growth opportunities for the aircraft landing gear market players during the forecast period of 2019–2027. In addition to this, the presence of well-established aircraft manufacturers such as Glasair Aviation, Aircraft Corporation of China, Ltd., HAL, and Honda Aircraft Company in countries such as China, India, and Japan is anticipated to complement the growth of aircraft landing gear market in this region.
The global market for aircraft landing gear market is segmented based on the parameters such as aircraft type, gear arrangement, type, end-user, and geography. Based on aircraft type, the airplanes segment dominates the aircraft landing gear market heavily and is expected to dominate the market in the forecast period from 2019 – 2027. On the basis of gear arrangemnet, tricycle segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Further, based on type, main landing gear segment led the market with the maximum market share. Furthermore, on the basis of end-user, commercial segment led the market with highest market share. Key players operating in the market are partnering with the small as well as large aircraft landing gear manufacturers and other companies which are helping them to gain customer traction. The major companies offering aircraft landing gear market include SAFRAN S.A., Liebherr Group, Héroux-Devtek Inc., Collins Aerospace, Triumph Group Inc., Circor International, Inc., Sumitomo Precision Products Co., Ltd., GKN Aerospace Services Limited, AAR Corp., and Magellan Aerospace Corporation among others. Several other companies are also offering these aircraft landing gear for various aircraft manufacturers, which is facilitating the market to propel over the years.
Aircraft Landing Gear Market - Region Breakdown, 2018
The report segments the global aircraft landing gear market as follows:
Global Aircraft Landing Gear Market - By Aircraft Type
Global Aircraft landing gear Market - By Gear Arrangement
Global Aircraft landing gear Market - By Type
Global Aircraft landing gear Market - By End-User
Global Aircraft landing gear Market - By Geography
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