Europe Aircraft Landing Gear Market to 2027 - Regional Analysis and Forecasts by Aircraft Type; Gear Arrangement; Type; End-User;
NEW YORK, Dec. 30, 2019 /PRNewswire/ -- Europe aircraft landing gear market is expected to grow from US$ 3.42 Bn in 2018 to US$ 5.88 Bn by the year 2027. This represents a CAGR of 6.4% from the year 2018 to 2027. The aircraft landing gear market is primarily driven by the growing aviation industry and an increasing number of passengers. However, challenges related to landing gear design and development may restrain the future growth of the aircraft landing gear market. The aviation industry is quite dynamic in nature as it adapts quickly with the ever-changing market forces and customer expectations. The macroeconomic trends across geographies shape the overall growth outlook of the aviation industry. The three major macro factors that are affecting the growth of the global aviation industry include rising demand for air travel, regulatory and infrastructure developments, and technological advancements in aircraft. According to Airbus's Aviation Industry outlook- 2018 to 2037, the long term growth potential of the global aviation industry is quite lucrative owing to the fact that the global air traffic has grown 2.3 times since the year 2000 and it is expected to get doubled in the coming fifteen years. Airbus's forecast estimates that the air traffic will grow at a rate of 4.4% per annum in the next 20 years. All these positive factors are expected to drive the demand for both passenger and cargo aircraft worldwide. As per the forecast, 37,400 passengers and cargo aircraft will be required in the next 20 years to meet this growing demand. This factor is expected to influence the aircraft landing gear market positively.
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The number of airports across geographies is rising at an impressive rate due to favorable government policies to push infrastructure development and bring market liberalization in the aviation sector.The increasing demand for low-cost travel and rising need to connect remote locations with air travel is driving the demand for low-cost carriers (LCCs) and ultra-low-cost carriers (ULCCs).
In Europe also, some of the bigger airlines are establishing their low-cost subsidiaries to compete with LCCs in this region.In Europe, 40% of short-haul seat capacity comes from LCCs.
This rising demand for aircraft by LCCs is projected to offer substantial growth opportunities for the market players operating in the aircraft landing gear market.
The aircraft landing gear market has been segmented on the basis of aircraft type, gear arrangement, type, end-user, and country.The Europe aircraft landing gear market by end-user is segmented into the commercial and armed forces.
Commercial aircraft segment includes business as well as private gets along with the commercial passenger and cargo aircraft.The production rate of commercial aircraft is expected to maintain steady growth in the coming years, despite the slower growth pace in previous years.
The surge in aircraft productions globally, coupled with the rising in the number of emerging models for airplanes, has propelled the market for aircraft components as well.The growth of the landing gear market is attributed to the significant growth in the production of commercial aircraft globally.
Further, significant growth in the orders for airplanes is anticipated, which would generate high demands for aircraft landing gears as well. Commercial aircraft holds a significant share of the aircraft landing gear market and is expected to grow at a significant CAGR. The aircraft landing gear market is competitive in nature and has the presence of some of the major players which dominate the market.
The overall aircraft landing gear market size has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe aircraft landing gear market.
It also provides the overview and forecast for the Europe aircraft landing gear market based on all the segmentation provided with respect to the Europe region.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in Europe aircraft landing gear industry. Some of the players present in the aircraft landing gear market are AAR Corp., Circor International, Inc., Collins Aerospace, GKN Aerospace Services Limited, Héroux-Devtek Inc., Liebherr Group, Magellan Aerospace Corporation, Safran S.A., Sumitomo, Precision Products Co., Ltd., and Triumph Group Inc.
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