Aircraft Landing Gear Market Size, Share, Growth Analysis, By Type(Nose Landing Gear, Main Landing Gear), By Platform(Fixed Wing, Rotary Wing), By End-User(OEM, Aftermarket), By Region - Industry Forecast 2024-2031

Aircraft Landing Gear Market size was valued at USD 6717.12 million in 2019 and is poised to grow from USD 7100 million in 2023 to USD 11693.19 million by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

The demand for new aeroplanes and subsequently for landing gear is anticipated to be driven by the development in the fleet sizes of major airlines and the explosive growth of the commercial aviation industry. The increased production of next-generation aircraft is expected to result in significant growth for the civil aviation industry. The number of passengers flying internationally has increased as a result of improvements in the state of the world economy. To meet the rising demand for air travel, there has been a sharp rise in the number of commercial aircraft. The demand is anticipated to rise along with the number of commercial aircraft.

The performance of the entire aircraft upon touchdown and the length of downtime for the aircraft are currently optimised through the use of lightweight materials, electronic technologies, and new innovative solutions by makers. Compared to their more established competitors, these new systems require less upkeep. Over the next eight years, the sector is anticipated to be driven by the growing need for more environmentally friendly and fuel-efficient airliners to replace the outdated ones.

The market is growing quickly. Modern hydraulic and mechanical systems are rapidly being replaced by technologically superior control systems. Additionally, the competition amongst the industry incumbents existing throughout the value chain is escalating quickly. The worldwide economy is altering in tandem with how the global industry is evolving. However, difficulties like rising energy prices, high raw material costs, and the inflation of the US dollar are anticipated to hinder industrial expansion in the near future. In an effort to get around these challenges, numerous participants along the value chain, from OEMs to component and raw material suppliers, have begun creating new business procedures to take advantage of the industry's quick internationalisation.

US Aircraft Landing Gear Market is poised to grow at a sustainable CAGR for the next forecast year.