Introduction:
The aviation industry in the Asia Pacific region has been one of the major markets adopting Aircraft Landing Gear due to the higher availability of aviation companies requiring commercial aircraft to boost their services offering with the rising customer base. Additionally, the region is also a leader in the aviation industry, which has led to higher research & development needs to develop new-generation aircraft, leading to the demand for aircraft landing gears in the region.
According to the UnivDatos Market Insights analysis, growing investments in landing gear for improving commercial aviation, the sector will surge in demand for the Global Aircraft Landing Gear market, which will drive the global scenario of the “Global Aircraft Landing Gear Market” report; the global market was valued at USD 23.078.01 million in 2023, growing at a CAGR of 4.19 % during the forecast period from 2024 - 2032 to reach USD million by 2032.
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Aircraft Landing Gear Market Overview in Asia Pacific:
Asia Pacific region has held the major market share in the global landing gear market. Some of the key factors that have contributed to the market growth are the high demand for commercial as well as military aircraft in the region among the vastly developing countries such as China, India, Indonesia, etc. Asia-Pacific has held the dominant market share across the globe due to the vast population and the extensively rising middle-class population using air travel. With the rise of low-cost carrier services, the aviation industry in the Asia-Pacific region has significantly grown, which has led to the higher integration of commercial aviation jet fleets in countries such as China, India, Japan, South Korea, Thailand, etc. These countries, with the rising number of fleets for commercial aircraft as well as impending demand for aircraft spare parts for maintaining air fleet operations, have promoted the market growth of aircraft landing gear. The aircraft landing gear market in the Asia Pacific region is experiencing rapid growth and transformation, driven by increasing air travel demand, expanding fleets, and advancements in aerospace technology. Countries like China, Japan, India, South Korea, and Singapore are key contributors to this dynamic market.
Many of the recent developments have been observed in the Asia Pacific region, which would be crucial for the upcoming surge in the market growth of aircraft landing gear in the Asia Pacific region. For instance, in 2024, the government of India initiated its plans to upgrade 272 Sukhoi 30 MKI jets from Russia with a total cost of USD 7.2 billion. A comprehensive upgrade of the mainstay Su 30MKI fighter jet fleet that will see the aircraft get new radars, mission control systems, electronic warfare capabilities, and integration of new weapon systems will experience heavy participation from the private sector.
Domestic manufacturing is also increasing in the region for both commercial as well as military jets. For instance, in 2024 the China Southern Airlines announced to purchase 100 locally built C919 planes produced by Commercial Aircraft Corporation of China (COMAC). The plane is considered an emerging competitor to Airbus’ A320 and the Boeing 737.
Considering the rising growth of the Asia Pacific region with both population and economic growth supporting air travel and military expansion, the demand for both aircraft and landing gears would exhibit an explosion in the demand during 2024-2032.
Growing Demand and Industry Trends:
Commercial aircraft demand has surged significantly in recent years. Some of the leading factors that have contributed to the growth are the burgeoning middle-class population in developing countries opting for air travel and the leading promotion of air travel services. In line with this, many of the leading aviation companies have announced the purchase of a large number of commercial jets to tap the rising potential in the air travel category. For instance, in 2024, Taiwan's Eva Airways Corp announced the purchase of 33 new Airbus A320 aircraft with a total cost of USD 10.1 billion. According to the company, the purchase would significantly reduce carbon emissions and would cater to its sustainability goals.
Considering the high demand for commercial jets across the globe to fulfill the rising need to accommodate the passenger travel surge, the production capacity enhancement of the respective category would also experience promulgation.
Additionally, with the surge in production assisted by the upcoming demand from aviation, a sizeable market growth of aircraft landing gear is anticipated to emerge in the forecasted years, i.e., 2024-2032.
Future Prospects and Opportunities:
One of the key factors that has supported the rise of the aircraft landing gear market is that the expansion of the commercial aviation industry requires new aircraft to expand their operations. For instance, according to Boeing Corporation, between 2023-2042, a total number of 32,420 narrowbody aircraft would be delivered. Of this, nearly 40% would be used for low-cost carrier operations across the globe. It is a significant number of commercial jets that would be crucial for the upcoming surge in the demand for landing gear for aircraft.
In another instance, in 2023, Scoot, a Singapore-based airline, announced its plans to purchase nine brand-new E190-E2 regional jets. The respective jets will be added to the fleet in March 2024.
Considering the rising demand for commercial jets and orders being placed by the leading airlines across the globe, the demand for new aircraft landing gear among the aircraft manufacturers is anticipated to rise significantly in the forthcoming years, i.e., 2024-2032.
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Conclusion:
In conclusion, Asia Pacific's augmented and virtual reality in the aviation market reflects a dynamic and evolving landscape supported by government investment, industry collaboration, and technological innovation. As the region continues strengthening its aviation industry and its effectiveness through investment increases, regulatory frameworks, and strategic partnerships, it is well-positioned to navigate challenges and capitalize on emerging opportunities in the aircraft manufacturing industry.
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