It was estimated prior to this unanticipated outbreak that the Aircraft Landing Gear Market was likely to witness an impressive CAGR of 8.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Procurement of fighter aircraft and unmanned aerial systems in military programs across the world and the increasing demand for new aircraft from regional airline companies in the Asia-Pacific and Middle-Eastern regions are the major factors bolstering the demand for aircraft landing gear across the globe during the forecast period.
Aircraft Landing Gear Market Segment Insights:
By Application Type:
The commercial aviation segment includes narrow-body aircraft, wide-body aircraft, very large aircraft, and regional transport aircraft. The mounting demand for new aircraft from regional airline companies in the Asia-Pacific and Middle-Eastern regions is one of the prime factors underpinning the market. In addition, the market is driven by the increasing air passenger traffic, owing to the rising affordability, which is translating into the demand for new aircraft, thereby influencing the market growth positively.
By Platform Type:
The rotary wing segment is estimated to register a faster growth in the coming five years, owing to the growing demand for helicopters from the military sector. Demand for helicopters is due to the rising application of helicopters for emergency medical services, transport, and special missions.
By Region:
North American region is expected to dominate the global aircraft landing gear market during the forecast period, driven by the technological progressions shaping up in aircraft landing gear and the regional presence of major aircraft manufacturers, such as The Boeing Company (U.S.) and Bombardier Inc. (Canada). Escalating aircraft orders from these manufacturers by the regional airline companies in the Asia-Pacific and Middle-Eastern regions is further boosting the growth of the region’s market. Growing military upgrade programs, which comprise the augmented procurement of unmanned air vehicles and advanced fighter jets, among others is also expected to propel the North American market during the forecast period.