Retrofitting, which refers to the installation or addition of newer technologies on older aircraft fleets, helps increase passenger comfort and safety and facilitates the airlines in maintaining their older fleets. Continuous advancements in aircraft technologies are resulting in the upgrade of MRO capabilities. MRO service providers are constantly seeking upgrades and procurement of newer technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. In the current scenario, global commercial airlines are holding on to their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. The retrofitting trend is gaining traction among MRO service providers. Thus, the integration of advanced and modern technologies into older aircraft fleets is expected to change the aircraft MRO market landscape as well as the face of the aviation industry.
The global aircraft landing gear MRO market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The global air passenger traffic is increasing at a constant pace, which has forced the airlines to increase their flight movements and introduce new aircraft. Aircraft MRO activities are essential in keeping up component availability, consistency, and quality. Airline operators depend on MRO services to ensure the safety of the aircraft and enhance fuel efficiency. The aircraft landing gear MRO market has become a viable business in the aviation industry since original equipment manufacturers (OEMs) mainly focus on the development of aircraft. In most of the regions of the world, economic performance has been remarkable over the last few years, largely due to better consumer buying power, growing equity markets, and industry consolidation. In spite of Brexit and various other trade barriers, the global markets have remained relatively stable.
The aviation industry, however, is growing and will continue to grow, owing to the ever-expanding global middle class population that are willing to pay for air travel services through their rising disposable income. According to the report published by IATA in December 2022, passenger traffic recovered from 41.7% of 2019 volumes in 2021 and further increased by 68.5% in 2022. International passenger traffic more than doubled, with 152.7% YoY growth in 2022. With increased traffic, the demand for the maintenance and repair of aircraft components will continue to rise. The aviation industry’s growth would be more concentrated in APAC, particularly in India and China due to higher demand and growth in the respective countries’ aviation infrastructure and rising passenger traffic. In the near future, the Rest of APAC countries, such as Singapore and Malaysia, are expected to be the major global markets for aircraft MRO, and APAC will be the new center of the global aviation industry. Further, the government of China is focused on building new airports.
Expected Deliveries of Commercial Aircraft to Provide Lucrative Opportunities for Aircraft Landing Gear MRO Market Growth During Forecast Period
One of the major factors driving the aircraft landing gear MRO market includes the expected deliveries of new commercial aircraft from two of the major aircraft giants, i.e., Airbus and Boeing. According to the Airbus Global Market Forecast (GMF), more than 40,850 aircraft are expected to be delivered during 2023–2042, showcasing ~58% growth in the current fleet of commercial aircraft models. Under this procurement of aircraft, Asia Pacific is likely to receive more than 18,500 aircraft during 2023–2042. Similarly, according to the Boeing Commercial Forecast, the current fleet of commercial jets, i.e., 24,500, is likely to reach approximately 48,600 by the end of 2042. This is mainly due to the rising air passenger traffic (RPK), which is expected to reach 20 trillion by 2042, compared to 6 trillion in 2022. Such factors are likely to generate new opportunities for the aircraft landing gear MRO market growth during the forecast period.
Aircraft Landing Gear MRO Market: Segmental Overview
Based on aircraft type, the aircraft landing gear MRO market is bifurcated into fixed wing and rotary wing. The fixed wing segment held a larger aircraft landing gear MRO market share in 2022, accounting for 69.9%, and is expected to reach 68.4% by 2030. One of the major factors responsible for the higher aircraft landing gear MRO market share of the fixed wing aircraft segment is the presence of the largest fleet compared to rotary wing aircraft worldwide. Moreover, the growing fleet of fixed wing commercial and military aircraft is a major factor likely to generate new opportunities for market vendors in the coming years. Further, the expected fixed wing commercial aircraft deliveries in the next 20 years are also likely to provide new opportunities for market vendors in the coming years. Such factors are catalyzing the fixed wing segment in the aircraft landing gear MRO market.
Aircraft Landing Gear MRO Market Analysis: Competitive Landscape and Key Developments
Safran, AAR Corp, Magellan Aerospace Corporation, Circor International Inc, Triumph Group Inc, Lufthansa Technik, ST Engineering, Meggitt Plc, Liebherr-International Deutschland GmbH, and Honeywell International Inc are a few of the key companies operating as some of the major aircraft landing gear MRO market players across different regions. The market leaders focus on new contracts, product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities. As per company press releases, below are a few recent key developments:
Aircraft Landing Gear MRO Market