Market Trends of Aircraft Landing Gear Systems Industry
This section covers the major market trends shaping the Aircraft Landing Gear Systems Market according to our research experts:
Combat Aircraft Segment is Expected to Witness the Highest CAGR During the Forecast Period
Currently, the Combat Aircraft has the highest share in the market. As tensions between various global nations have increased, countries have been striving to enhance their aerial combat capabilities. Several nations have upgraded their existing combat aircraft or replaced their aging fleet with newer-generation aircraft with advanced features. With the growth in defense spending by several nations around the world, the industry has witnessed large-scale procurement and development activities for combat aircraft in the last few years. Technology advancements in stealth and precision weapons have been further supporting the development of combat aircraft. Globally, there is an increasing demand for combat aircraft, which is also increasing the demand for the related landing gear systems and components. For instance, in July 2021, Air Industries announced that it has received a follow-on long-term agreement (LTA) to support the F-35 Lightning II joint strike fighter (JSF) aircraft program. Air Industries will be responsible for manufacturing landing gear components for all three variants of the aircraft. The F-35 is one of the most advanced fighter jets globally. Over 700 F-35s have been delivered so far to the country and its partners. Therefore, the ongoing procurements and developments may increase the focus on this segment, and these are likely to be the reasons for its high CAGR during the forecast period.
Asia-Pacific is Expected to Witness the Highest Growth
Currently, Asia-Pacific is generating the highest revenue in the aircraft landing gear systems market. Asia-Pacific is one of the most traveled air routes in the world. With a high passenger traffic growth, several airlines in the region ordered new commercial aircraft in recent years. A major portion of commercial aircraft deliveries is expected to be in Asia-Pacific during the forecast period. Correspondingly, the demand for new commercial aircraft landing gear is also expected to be highest in Asia-Pacific in the coming years. Even in the military sector, there is a growing demand for new military aircraft generated from the Asia-Pacific region, as major countries look to modernize their fleet and increase their capability. China is leading the recovery of global commercial aviation due to great domestic demand, helping the airlines witness financial recovery. On the other hand, the general aviation industry is one of the emerging industries in China, and the country has taken measures to boost its development over the years. The country is also aiming at the indigenous development of commercial and military aircraft. It is expected to launch several indigenously developed aircraft, including narrow and wide-body commercial aircraft, fighter jets, and combat and non-combat helicopters, among others, during the forecast period. Similarly, India is one of the fastest growing aviation markets in the Asia-Pacific region. India became the biggest market for Airbus commercial aircraft in 2020 as the largest commercial aircraft manufacturer in the world delivered the highest numbers of aircraft (57) to the Indian carriers in that year. India is also a critical military aircraft market, as the country has been modernizing its aerial capabilities, both by procuring new aircraft and indigenously developing military aircraft. All these will generate demand for the related landing gear systems during the forecast period.
