General aviation aerospace landing gear market share will register over 6% CAGR with rising demand for regional jets. The aircraft is widely used for connection between airfield and network carrier hubs. Wide availability of domestic network will induce positive impact on the regional jets.
The global aerospace landing gear market has experienced augmented growth in years, as higher consumer spending combined with the rising frequency of air travel has amplified the production of new aircrafts. While operating in different surroundings and the most challenging conditions, efficient landing gears bear the entire weight of an aircraft and allow for a comfortable and safe landing. Undoubtedly, the aerospace landing gears plays a vital part in ensuring the safety of passengers and enhance the overall value of an aircraft thought its life cycle.
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Innovations in the field of light-weight and composite materials for manufacturing the products have permitted the integration of components that reduce the weight of an aircraft, improving the fuel economy. Directives put forth by governing bodies to regularly improve the safety performance of existing airplanes will certainly bolster the aerospace landing gear market, which boasted of a revenue of around USD 14 billion in 2017.
Referring to a report by the Air Safety Network (ASN), 2017 was supposedly the safest year in the history of commercial aviation, with only 10 fatal airline accidents and 44 deaths on airlines recorded globally. Since landing a flight poses one of the most difficult tasks for pilots, strong and reliable landing gear systems have helped the airline industry to almost eliminate a category of fatal risk. Subsequently, the aerospace landing gear market has been widely propagated through the development of the tourism sector, with air travel considered as one of the safest transport options available and gradually becoming more affordable.
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Demonstrating the massive earning potential of the aerospace landing gear market from the OEM segment, at a recent airshow Boeing reportedly won orders for 673 new aircrafts in total, worth nearly USD 100 billion. In addition, Airbus revealed it had agreed upon delivery of 431 new commercial aircrafts that would be built over the next few years. Evidently, the growing popularity of airlines and the need for economically improved operations have spurred investments towards extending the fleet size.
Accentuating the fact, a U.S. airline start-up has formed an agreement with Airbus to buy 60 new A220 aircrafts, indicating the revenue prospects of the aerospace landing gear market in North America, which is also home to Boeing, the leading aircraft manufacturing company based in Chicago, U.S. The region has several airline businesses serving to a variety of customers and majority of the cities are interconnected by air transport facilities
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Speaking further, regional aircrafts have tremendously contributed to the development of the aerospace landing gear market and many U.S. airlines such as South West, United Airlines, have been ordering large number of new aircrafts. North American companies have also received interest from other countries to purchase regional jets to fortify their domestic air traffic capacities
As per estimates, North America was the dominant regional ground for aerospace landing gear market in 2017, holding close to 55% of the volume share. Powered by the presence of myriad airports handling air freight and passenger traffic and the launch of light weight components for improved efficiency, North America aerospace landing gear market is expected to continue retaining its dominance over 2018-2024.
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