Market Trends of Commercial Aircraft Landing Gear Industry
The Main Landing Gear Segment to Dominate the Market During the Forecasted Period
The main landing gear bears the weight of the aircraft during the first impact. Hence, the number of tires used in them is higher than the nose landing gears. The main landing gear manufacturing involves more costs due to a higher number of parts compared to the nose landing gears. Thus, the revenues from this segment are much higher than the nose landing gears segment. Widebody aircraft and large freighter aircraft are the main revenue generators for the segment, as they require large main landing gear equipment to support the weight of the aircraft.
Furthermore, the cost of purchasing new landing gear, the cost of MRO (maintenance, repair, and operations), and aftermarket costs for the multi-bogey landing gear used in widebody aircraft are high. For instance, in the A380, the world's largest commercial aircraft, the main landing gear consists of 20 wheels in total. In September 2022, Revima Asia Pacific announced that it had signed a 2-year agreement with Luxair for the provision of a B737 NG landing gear overhaul. With the increase in air passenger traffic, airlines started operating on all major routes and also added new routes, thus, in turn, creating a new demand for the commercial landing gear market.
Asia-Pacific is Expected to Register the Highest CAGR During the Forecast Period
Asia-Pacific is anticipated to register the highest growth rate during the forecast period. This is mainly due to the increasing investments from India and China in the aviation sector and the rising demand for commercial aircraft due to increased air traffic. According to IATA, Asia-Pacific Airlines posted a 126.1% rise in full-year international 2023 traffic compared to 2022. Capacity rose 101.8%, and the load factor climbed 9.0 percentage points to 83.1%. December 2023 traffic rose 56.9% compared to December 2022.
In September 2022, Triumph Group's Product Support business in Chonburi, Thailand (TASA), extended its contract with Airbus to continue providing repair station services for Airbus Proprietary Parts. Satair, an Airbus services company and leader in the commercial aerospace aftermarket manages the business.
In November 2022, China Aviation Supplies (CASC) officially signed a bulk purchasing agreement for 140 Airbus jets. The order worth USD 17 billion deal comprised CASC's pre-existing orders. Also, in July 2022, Airbus confirmed the signature of multiple aircraft orders with Air China, China Eastern, China Southern, and Shenzhen Airlines for a total of 292 A320 family aircraft. It demonstrated an extremely positive recovery momentum for the Chinese aviation market.
Such an immense order for aircraft is expected to drive high demand for landing gears to be installed on these aircraft, leading to an exponential rise in market growth opportunities during the forecast period.
