The aircraft gearbox market is projected to grow from an estimated USD 3.38 Billion in 2017 to USD 4.53 Billion by 2022, at a CAGR of 6.01% from 2017 to 2022.
Increase in demand for new aircraft and present supremacy of Pure-Power Geared Turbofan (GTF) engines are key factors expected to drive the aircraft gearbox market during the forecast period.
The market has been segmented based on application, gearbox type, fit, aircraft type and region.
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Based on application, the engine segment is projected to grow at a higher CAGR during the forecast period
Based on application, the engine segment of the aircraft gearbox market is estimated to grow at a higher rate during the forecast period.
Engines are an essential component of any aircraft. These engines require a huge amount of thrust during takeoff and landing.
Engine gearboxes help these aircraft engines achieve high thrust, which drives the aircraft to move forward. Turbofan engines are increasingly used in commercial aviation and military aviation applications.
Hence, the demand for turbofan engines is likely to increase with the growing demand for commercial air travel globally and rising defense budgets of prominent economies.
Based on gearbox type, the accessory gearbox segment is projected to witness the highest growth during the forecast period
Based on gearbox type, the accessory gearbox segment of the aircraft gearbox market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for new aircraft from the airlines.
Accessory gearboxes are used in every kind of medium and large aircraft, hence, with growing demand for commercial air travel globally and rising defense budgets of prominent economies, the demand for AGB is likely to increase.
Based on fit, the linefit segment is expected to witness a higher growth rate than the retrofit segment during the forecast period
Based on fit, the linefit segment of the aircraft gearbox market is projected to grow at a higher CAGR than the retrofit segment during the forecast period. The anticipated higher growth rate of the linefit segment is due to the increase in aircraft orders as well as deliveries, economic growth across regions, and an increase in passenger traffic.
Based on aircraft type, the civil aircraft segment is estimated to witness a higher growth rate during the forecast period
Based on aircraft type, the civil aircraft segment is estimated to witness a higher growth rate during the forecast period. The civil aircraft segment has been witnessing significant growth in the past few years due to increasing air traffic and rise in the disposable income of middle-class populations across the globe.
Increased demand for new aircraft around the world is also fueling the growth of the civil aircraft segment.
The Asia Pacific market is expected to witness the highest growth during the forecast period
Among regions, the aircraft gearbox market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. The aviation industry is growing at a significant pace, due to increasing air passenger traffic and improving economic conditions in the region.
The growth in air passenger traffic has resulted in increased demand for new lightweight and fuel-efficient aircraft from the region, which is expected to fuel the demand for aircraft gearbox during the forecast period.
Major companies profiled in the aircraft gearbox market report are Liebherr (Switzerland), United Technologies (US), Aero Gearbox International (France), Northstar Aerospace (US), Safran (France), and others.
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