Global Aircraft Landing Gear Market are expected to reach USD 2,368.8 Million by 2025 at a CAGR of 4.76% during the forecast period of 2019 to 2025. Market Research Future (MRFR) in its report offers an in-depth look into the market during the review period. Aircraft landing gear undergoes heavy stress and load during take-off and landing. This results in the wear and tear of the landing gear, thus, needing repair and overhaul at fixed intervals, which is driving the growth of the market.
However, the retirement of maintenance-intensive aircraft is expected to restrain the market growth during the forecast period.
The Global Aircraft Landing Gear Market have been studied for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America is expected to lead the market with a valuation of USD 565.1 million in 2018. The regional market value is projected to reach USD 759.4 million by 2025 at a 4.38% CAGR during the forecast period. The US and Canada are the country-level markets in North America. It is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for market players to provide aircraft landing gear repair and overhaul services. Additionally, increasing air passenger traffic is propelling the growth of the Aircraft Landing Gear Market in the region.
Europe is expected to be the second-largest market with an estimated value of USD 434.8 million in 2018 and a projected value of USD 587.1 million by 2025, registering a 4.45% CAGR during the forecast period. The European market includes the UK, Germany, France, Italy, and the rest of Europe. In Europe, there is a presence of major companies, such as Safran Landing Systems, Air France Industries KLM Engineering & Maintenance, RUAG Group, and Lufthansa Technik, that offer repair and overhaul services for aircraft. Moreover, with the increase in the number of aircraft, it is expected that there would be a rise in the requirement for landing gear repair and overhaul.
Asia-Pacific accounted for the third-largest market share in 2018. In this region, several companies are investing heavily in MRO, which is boosting the growth of the aircraft landing gear repair and overhaul market. The regional Aircraft Landing Gear Market are expected to reach USD 586.6 million by 2025 at a CAGR of 5.42% during the forecast period.
The market in the Middle East & Africa is expected to reach a valuation of USD 233.2 million by 2025 at a CAGR of 4.86% during the review period. The market includes Saudi Arabia, the UAE, Turkey, and the rest of the Middle East & Africa. Market growth in the Middle East & Africa is primarily driven by the increasing passenger traffic in the region and a rise in the number of aircraft maintenance programs. Furthermore, airline operators are investing in landing gear overhaul and repair to enhance passenger safety.
The market in Latin America is expected to reach a valuation of USD 202.6 million by 2025 at a CAGR of 5.15%. The market includes Brazil, Mexico, and the rest of Latin America. Economic growth in the region has led to an increase in air travel. Due to the rapid increase in the number of aircraft in the region, it is expected that there would be a significant rise in the demand for aircraft landing gear repair and overhaul.
Extensive research has been conducted on the global aircraft landing gear repair and overhaul market, which has been segmented by aircraft type, component, gear position, and application.
Based on aircraft type, the global Aircraft Landing Gear Market have been segmented into fixed-wing and rotary-wing. The fixed-wing segment is expected to dominate the market with an estimated valuation of USD 1,110.9 million in 2018. The rotary-wing segment is expected to register a higher CAGR of 4.12% during the forecast period.
By component, the global Aircraft Landing Gear Market have been classified as a landing gear steering system, actuation system, and others. The landing gear steering system is expected to be the largest and exhibit a CAGR of 4.32% during the forecast period.
Based on the gear position, the global landing gear repair and overhaul market have been classified as main landing gear and nose landing gear. The main landing gear segment is expected to hold the larger market share and be valued at USD 1,031.2 million in 2018.
Based on the application, the global landing gear repair and overhaul market have been segmented into commercial and military. The commercial segment is expected to be larger and be valued at USD 1,010.5 million in 2018.
The prominent players profiled in the global Aircraft Landing Gear Market are AAR Corporation (US), Air France Industries KLM Engineering & Maintenance (France), Delta TechOps (US), FL Technics (Lithuania), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik AG (Germany), RUAG Group (Switzerland), Safran (France), Singapore Technologies Engineering Ltd (Singapore), and Turkish Technic Inc. (Turkey). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
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In December 2018, Lufthansa Technik AG signed a contract with the South Korean low-cost carrier Eastar Jet to provide total component support (TCS) for its new fleet of Boeing 737 MAX aircraft.
In March 2017, Air France Industries KLM Engineering & Maintenance formed a joint venture with Beijing General Aviation Co. Ltd to provide MRO services in China.
In October 2016, HAECO Landing Gear Services and Cathay Pacific Airways signed a 10-year service agreement for maintenance support for the Boeing 777-300ER fleet. The agreement also includes operational and MRO support services for landing gear and components.