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Main Landing Gears Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The main landing gears market size is expected to see strong growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%” - The Business Research Company
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How Strong is the Growth of the Main Landing Gears Market?
The main landing gears market size has experienced significant growth in recent years. It is expected to leap from $4.98 billion in 2023 to $5.26 billion in 2024, marking a compound annual growth rate CAGR of 5.6%. This growth during the historic period can be attributed to an array of factors including increasing production of next-generation aircraft, escalating demand for aircraft gearboxes, burgeoning demand for regional and business jets, improved manufacturing materials, and rising demand for commercial and military aircraft.
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What is the Projected Growth of the Main Landing Gears Market?
Looking ahead, the main landing gears market size is expected to see impressive growth, rising to $6.57 billion in 2028 at a compound annual growth rate CAGR of 5.7%. The growth envisaged during the forecast period can be attributed to improved ground handling capabilities, an increased demand for aircraft, a heightened focus on performance metrics, a burgeoning emphasis on cybersecurity, and a rising demand for air travel.
What Key Trends and Developments Are Foreseen in the Forecast Period?
Major trends that are likely to influence the market forecast include the advancement in materials and composites, the integration of smart sensors, developments in automation and robotic technologies, the innovation of advanced hydraulic systems, and an increasing emphasis on developing environmentally friendly landing gear.
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What is Driving the Growth of the Main Landing Gear Market?
The rising demand for air travel is expected to stimulate the growth of the main landing gear market in the future. As the mode of transportation that involves traveling in aircraft to traverse different locations, air travel demand is stimulated by economic growth, globalization, increasing tourism, and urbanization. These factors contribute to higher disposable incomes, more international business operations, and a greater zeal for global exploration.
Who Are The Key Industry Players in the Main Landing Gears Market?
Dominating the main landing gears market are major companies including The Boeing Company, Airbus SE, Northrop Grumman Corporation, Honeywell International Inc., Eaton Corporation, Safran, Collins Aerospace, Parker Hannifin Corp., Liebherr Group, SKF, ST Engineering, Spirit AeroSystems Inc., GKN Aerospace, Meggitt PLC, Triumph Group, Avio Aero, DAHER AEROSPACE INC., Héroux-Devtek, JAMCO Corporation, UAVOS INC., Aerospace Industrial Development Corporation, SPP Canada Aircraft Inc., and UMBRAGROUP< /b>
What are the Emerging Trends in the Main Landing Gear Market?
Major companies operating in the main landing gear market are focusing on technologically trialed and tested solutions such as reinforced main landing gear, seeking to enhance aircraft performance, safety, and durability.
How Is the Main Landing Gears Market Segmented?
The main landing gears market covered in this report is duly segmented:
1 By Type: Fixed, Retractable
2 By Application: Commercial Aircraft, Military Aircraft, Business Jets, Helicopters
3 By End-User: Original Equipment Manufacturer OEM, Aftermarket
Which Regions Are Showing Promising Growth in the Main Landing Gears Market?
North America was the largest region in the main landing gears market in 2023. However, Europe is expected to outpace all other regions as the fastest-growing region through the forecast period. The regions covered in the main landing gears market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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