Commercial aircraft landing gear market is poised to grow owing to rapid growth in the global air traffic industry coupled with increasing need for new advanced aircrafts. It is one of the most important systems installed on an aircraft. Landing gear supports the entire weight of the aircraft during takeoff and landing.
Air traffic has been continuously increasing over the past few years due to improvement in global economic conditions. In addition, price cut in air fare due to low oil prices has encouraged people to travel more via air. The increase in air traffic has led to emergence of new airline services, which is expected to propel the market growth of commercial aircraft landing gears over the forecast period. Moreover, need to reduce the overall weight of the aircraft, in order to optimize fuel efficiency has led to the demand for lightweight landing gear systems.
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Weight reduction is necessary to achieve optimum ratio between payload and range for an aircraft. In order to achieve the goal of increasing commercial airlines, aerospace sector is developing advanced lightweight landing gear to meet the expectation without compromising on safety.
Evolution and development of other systems employed in an aircraft, has led to growth in demand for landing gear systems which are compatible with other systems such as steering system, actuation system and brake system. However stringent regulations and lack of relevant proper safety regulations laid down for commercial aircraft landing gear system is a hindrance to overall growth of the industry. Moreover, the high R&D cost to develop these products is expected to be the restraining factor for the industry.
Commercial aircraft landing gear can be segmented on the basis of application, i.e. the type of aircraft in which the landing gear is used, such as narrow body or single aisle aircraft, medium wide body aircraft, large wide body aircrafts, and regional jets. The rising demand for narrow body single aisle aircraft is expected to drive the demand for overall growth of the commercial aircraft industry. Narrow body aircrafts are preferred by low cost carriers that operate on short routes with high traffic. Large body aircrafts are generally used on routes with high traffic connecting international destinations. Regional jets are used for short haul travels. Regional jets recorded a high growth rate due to increase in travel on short routes in countries such as USA, and Canada.
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Landing gear market can also be segmented on the basis of product such as main landing gear and nose landing gear. The air traffic is increasing globally with Asia pacific being the highest growing region. The growth in the Asia Pacific region is led by China followed by India. Emerging middle class and growing GDP in a number of developing economies in the Asia pacific have contributed to the growth of the air traffic in this region. Moreover, the rising prosperity in Asia Pacific i.e. increase in disposable income, the air traffic is bound to increase leading to growth of airline industry as a whole. As a result of this many new airlines are entering the industry, which have led to increase in the demand for landing gear systems.
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