Aircraft Landing Gear Market to Reach $22.90 Bn by 2028; Honeywell and GKN Aerospace Sign a Deal Set to Bolster Growth

The global aircraft landing gear market size was USD 9.88 billion in 2020. The market is poised to grow from USD 10.79 billion in 2021 to USD 22.90 billion in 2028 at a CAGR of 17.9% in the 2021-2028 period.

This information is published by Fortune Business Insights™, in its report, titled, “Aircraft Landing Gear Market Size, Share & COVID-19 Impact Analysis, By Type (Nose Landing Gear and Main Landing Gear), By Platform (Fixed-Wing, Rotary Wing), By Arrangement (Tail Wheel, Tandem, and Tri-Cycle), By Component (Retraction System, Brakes & wheels, Steering, and Others), By End-User (OEM and Aftermarket), and Regional Forecast, 2021-2028.”

COVID-19 Leads to Abrupt Drop in Aircraft Delivery Rates due to Annulled Aircraft Orders

The COVID-19 pandemic has affected all industries, sectors and all aspects of human lives by disrupting fiscal as well as monetary damages and causing significant uncertainties. The aviation industry professed a remarkable deterioration owing to the complete deterioration of air passengers traffic (both international as well as domestic) ranging from 60% in 2020 compared to the year 2019.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/aircraft-landing-gear-market-101815

Triumph Safeguards Multiple Contract Allowances with Boeing

Boeing commercial airplanes and Triumph, who is the aerospace components supplier have engaged in manifold contract extensions for the supply of crucial system components. According to the agreement, Triumph’s Actuation Products & Services operating company is set to develop the mechanisms from three of its U.S. production sites.

Later this year, Triumph is said to instigate work at its plant based in Clemmons, North Carolina, in order to accomplish an extended long-term multi-year contract for hydraulic actuation components.

Increasing Demand for Aircraft Spare Parts to Favor Market Growth

Landing gear mechanisms such as brakes, actuation systems, wheels, undergo subsequent wear & tear and require maintenance actions on prearranged intervals. The rise in passenger air traffic and increasing flight hours of an aircraft have resulted in an amplification in landing gear maintenance or replacements, which is anticipated to bolster prospects for aftermarket or maintenance, repair, and overhaul (MRO) operators.

The aforementioned factors are anticipated to boost the aircraft landing gear market growth during the upcoming years.

Competitive Landscape

Companies Focus on Collaborations to Secure Their Brand Values in Global Market  

Important players in the market are incessantly rooting for proficient strategies to promote their products and establish their positions in the market. One such strategy is to present novel products by partnering up with other companies to expand their reach to end-users.  

Industry Development

• April 2021: Honeywell and GKN Aerospace’s have signed a license and landing gear parts supply deal for an accredited service center for Honeywell’s wheels and brakes on the F-35. This 10-year contract among Honeywell and GKN Aerospace is set to cover the total European market and bring substantial benefits to both current as well as future proprietors and operators of the F-35.

List of Key Players Covered in the Market Report

• AAR Corporation (U.S.)
• Alaris Aerospace (U.S.)
• CIRCOR International Inc. (U.S.)
• Collins Aerospace (U.S.)
• GKN Aerospace (U.K.)
• Hawker Pacific Aerospace (U.S.)
• Heroux-Devtek Inc. (Canada)
• Liebherr Group  AG (Germany)
• Magellan Aerospace Corporation (Canada)
• Safran SA (France)
• SPP Canada Aircraft Inc. (Canada)
• Triumph Group Inc. (U.S.)

Further Findings

Based on components, the market is divided into retraction systems, brakes & wheels, steering, and others. The retraction system segment is anticipated to dominate the market and grow at a high CAGR during the forecast period.

The North America market size stood at USD 3.85 billion in 2020 and is expected to hold the majority of the aircraft landing gear market share. This region dominated the global landing

Report Scope & Segmentation