Asia-Pacific’s aircraft landing gear market is expected to grow from US$ 1.86 Bn in 2018 to US$ 4.11 Bn by the year 2027. This represents a CAGR of 9.3% from the year 2018 to 2027.
The APAC region has tremendous growth potential with fast-growing countries like China and India and developed nations such as Japan. The region is expected to grow at around 5% to 6% this year and accounts for two-thirds of global growth. A huge middle-class population and a strong growth in middle-class spending, coupled with a wide range of income levels, are some of the factors that influence the aviation industry in the Asia Pacific region. The presence of a large number of dynamic and developing economies in APAC, especially in South East Asia, positively influence growth in the aviation industry.
The Asia Pacific Aircraft Landing Gear Market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Currently, China is dominating the aircraft landing gear market in terms of installation, which in turn boosts the demand for aircraft landing gear market. China is one of the world’s largest aerospace manufacturing sector only behind the US, which it aims to overtake by the year 2022 through its “Made in China 2025” initiative. Further, industry experts and analysts have forecasted a demand of over 7,000 airplanes from China in the next two decades to come. In-house manufacturing would display the technological prowess of China in the global arena and steer the country away from all the political tensions. Hence, aerospace manufacturing is expected to become the fulcrum of Chinese manufacturing. Under the initiative, China has aimed at capturing close to 10% of the global commercial aircraft market, and 10-20% of the global, regional jetliners market. The growing aviation industry in China is expected to support the growth of the defense expenditure of the country amounted to US$ 63.8 Bn in 2018, out of which close to 50% of the budget share was allocated for equipment manufacturing. France is the second-largest exporter of aerospace equipment globally after the US. All these factors put together bring ample opportunities for aircraft landing gear in the region.
These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for Asia Pacific Aircraft Landing Gear Market in the market.
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ASIA-PACIFIC AIRCRAFT LANDING GEAR MARKET – SEGMENTATION
Asia-Pacific Aircraft Landing Gear Market by Type
Asia-Pacific Aircraft Landing Gear Market by Aircraft Type
Asia-Pacific Aircraft Landing Gear Market by End-User
- Armed Forces
Asia-Pacific Aircraft Landing Gear Market by Gear Arrangement
- Tail Wheel
Asia-Pacific Aircraft Landing Gear Market by Country
- Rest of APAC
- AAR Corp.
- Circor International, Inc.
- Collins Aerospace
- GKN Aerospace Services Limited
- Honeywell International, Inc.
- Liebherr Group
- Magellan Aerospace Corporation
- SAFRAN S.A.
- Sumitomo Precision Products Co., Ltd.
- Triumph Group Inc.
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