According to a new report by Univdatos Market Insights,The Global Aircraft Landing Gear Market was valued at USD 23,078.01 million in 2023 and is expected to grow at a strong CAGR of around 4.19% during the forecast period (2024-2032) The rising demand for Aircraft Landing Gear is due to the key factor that has contributed to the growth is the demand for commercial and military aircraft.
Growing Demand:
In recent years, global security and geopolitical tensions have stressed the need for advancing air forces across the major countries across the globe to increase their air power through the acquisition of new 4.5 and 5th-generation aircraft. In line with this, countries such as the US, China, Russia, India, Germany, France, Indonesia, etc., have announced their plans to increase their air fleet with next-generation fighter aircraft and helicopters. This included overhauling and maintaining old aircraft as well as new fighter jets with unified command and control as well as long-range detection and ranging. For instance,
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In January 2024, the French government announced the purchase of 42 additional Rafale Jets with a total cost of USD 5.5 billion. The respective aircraft will be delivered between 2027 to 2032.
In 2024, the government of the Czech Republic signed a deal with the government of the US to buy 24 new F35 jets. The total worth of the deal would be USD 6.6 billion, to be delivered between 2031 to 2035.
With the rising geopolitical tensions and improvement in air warfare technologies, there is a growing need for advanced 4.5 and 5th generation aircraft across the leading militaries such as the US, China, Russia, India, Indonesia, France, etc. This demand has also been supported by the boost in the defense budget through higher capital budget allocation. Some of the recent developments that have been observed for the large-scale military jets are as follows:
In 2023, the Defense Acquisition Council of India announced the purchase of 97 additional Tejas fighter jets and 156 Prachand attack helicopters. Both aircraft are domestically produced in India and would cost approximately USD 13 billion.
Considering the rising demand for military jets across the globe, the demand for OEM-based aircraft landing gears would increase. Additionally, military jets also face extreme climatic and operational environments, which leads to early wear and tear of components, further leading to support the aftermarket demand for landing gears in the long run.
Developments in Commercial Aviation:
The burgeoning demand for budget air travel among the middle-class population has encouraged the demand for low-cost carriers across the globe. Some of the countries, such as India, Indonesia, the US, Thailand, Indonesia, Australia, etc., with their rapidly increasing population, have instigated demand for low-cost carriers for applications such as tourism, business travel, study travel, etc. The prices of air travel by low-cost carriers are considerably lower than those of mainline flights due to the focus of the airlines on keeping operational costs in check.
Furthermore, the main reason for the LCC's lowered prices is the availability of add-on services, which can only be availed by customers with extra payment on demand. This type of service has helped the segment hold a dominant position in many of the growing economies, further supporting the aviation industry's expenditure growth and expansion for new aircraft.
Technological Innovation:
The overhauling in commercial and military is another crucial sector where the demand for fighter jets, cargo aircraft, and helicopters has extensively grown. Many of the leading countries, such as China, India, the US, etc., have recently announced their plans to induct a significant number of new air platforms to strengthen their air power.
The existing fleet of aircraft among the leading countries also fulfils a high replacement demand for aircraft landing gear. According to Sofema Aviation Services, a set of landing gears for an aircraft costs between USD 1.8 million and USD 7 million (for smaller to widebody aircraft), and a typical overhaul requires at least 10 years to complete.
Considering the existing military aircraft fleets of the leading countries worldwide, the aircraft landing gear market would also require significant growth. With the growing need for overhaul and maintenance in the aviation industry, the demand for Aircraft Landing Gear in this particular category is anticipated to find rapid growth, subsequently improving its market in the coming years.
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Conclusion:
In conclusion, the Global Aircraft Landing Gear market is poised for continued growth and innovation driven by economic expansion, aircraft developments, technological advancements, and sustainable practices. The increasing demand for air travel and expanding air prowess, among the countries and in the aviation industry, underscores the pivotal role of Aircraft Landing Gear across the globe. As stakeholders navigate challenges such as cost management, regulatory compliance, and market competitiveness, collaborations, investments in Aircraft Landing Gear infrastructure, and rising demand for military and commercial aircraft would also play a vital role in shaping the future of the Global Aircraft Landing Gear market, ensuring its resilience and contribution to the global aviation industry.
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