The global Aircraft Strut Market size is anticipated to reach USD 3.9 Billion in 2022 and exhibit growth at a CAGR of 6.5% in the forecast period from 2022 to 2032.
Increasing procurement of narrow-body aircraft and regional jets that are profitable, as well as efficient on short haul flights is projected to bode well for the market. As per the report, sales of aircraft struts are expected to surpass USD 8.5 Billion by 2032.
| Report Attribute | Details |
|---|---|
| Aircraft Strut Market Estimated Base Year Value (2021) | USD 2.4 Billion |
| Aircraft Strut Market Expected Market Value (2022) | USD 3.9 Billion |
| Aircraft Strut Market Anticipated Forecast Value (2032) | USD 8.5 Billion |
| Aircraft Strut Market Projected Growth Rate (2022 to 2032) | 6.5% CAGR |
Aircraft struts are considered to be a significant component in the assembly of an aircraft. The aircraft is surging traffic on a daily basis with more than one trip covered by a single aircraft across the globe.
Thus, the need for risk-free and seamless landing, as well as takeoff are growing at a fast pace. Aircraft struts are used to absorb shock during landing and take-off.
Majority of the shock absorbing struts are developed by using axles that act as a part of the lower cylinder to offer installation of the aircraft wheels. These are specially designed to damp out vertical oscillations, as well as cushion the landing.
On modern aircraft, the oleo-pneumatic strut is commonly used as a type of shock absorber. It is mainly utilized on the largest cargo airplanes across the globe. It provides a rough-field landing capacity and helps in cushioning the airframe from the impacts of taxiing.
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Increasing number of new aircraft fabrication orders in both developed and developing economies is projected to drive the aircraft strut market growth in future years. The rising number of various low-cost carriers owing to the high air traffic is another vital factor that is anticipated to augur well for the global market.
Several low-cost carriers are nowadays choosing single aisle aircraft as these have a comparatively less profit margin and operate on small routes. The surging focus of regulatory bodies on connecting small airports to enhance a country’s air network is compelling airliners to procure regional jets. These factors are estimated to drive the growth in this market.
Delay and congestion in air traffic is one of the major issues that can negatively affect the commercial aircraft sector. As the demand for airspace and aircraft is exceeding the available capacity, the delay in air traffic is surging at a rapid pace.
These delays can be eliminated by altering the demand for air traffic, as well as expanding the overall capacity.
However, increasing capacity is a long-term process that would require numerous adjustments, such as improvements in navigational equipment, basic process modifications, and facility development. Spurred by the aforementioned factors, sales of aircraft struts may decline in the evaluation period.
Various emerging economies, such as India and China are expected to create new growth opportunities for key players based in Asia Pacific. The demand for aircraft struts is likely to grow at a fast pace across this region backed by increasing investments by government bodies to improve the air network.
Besides, the high air traffic in developing countries owing to the rising disposable income and availability of discounts on online ticket booking platforms are projected to augment the regional market.
As per the India Brand Equity Foundation (IBEF), in FY22, the country’s passenger traffic stood at 131.62 million. It is expected to increase in future, thereby pushing sales in Asia Pacific.
The high demand for commercial aircraft in the USA and Canada stoked by destination expansion plans and aircraft fleet modernization activities is anticipated to boost the North America aircraft strut market share in the upcoming years.
Newer generation narrow-body aircraft are gaining immense popularity across this region with the success of the low-cost carrier business model.
Advanced narrow-body aircraft provide high fuel efficiency and low cost of operation in short-haul routes. The huge domestic demand across North America is projected to contribute to the growth. In addition to that, the introduction of new routes is likely to drive the market.
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Some of the renowned companies operating in the global aircraft strut market include Birken Manufacturing, Circor Aerospace, Inc., Malabar Inc., PCC Aerostructures, Bansbach Easylift of North America, Crompton Technology Group Ltd., QRP, Inc., New Brow Aerospace, Wicks Aircraft Supply, Fiber Dynamics, Inc., Robart Mfg, and Lefiell Manufacturing Co. among others.
The global market is highly fragmented with the presence of the above-mentioned key players. Majority of these players are striving to expand their portfolios by launching cutting-edge products. Meanwhile, a few other companies are tying up with reputed airliners to deliver their in-house products and gain a competitive advantage in the market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Aircraft Body Type, Operation, Position, Product Type, End User, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Birken Manufacturing; Circor Aerospace, Inc.; Malabar Inc.; PCC Aerostructures; Bansbach Easylift of North America; Crompton Technology Group Ltd., QRP, Inc.; New Brow Aerospace; Wicks Aircraft Supply; Fiber Dynamics, Inc.; Robart Mfg; Lefiell Manufacturing Co. |
| Customization | Available Upon Request |
The global aircraft strut market is anticipated to surpass USD 8.5 Billion in 2032.
Asia Pacific is set to lead the aircraft strut market in the forecast period.
Birken Manufacturing, Circor Aerospace, Inc., Malabar Inc., PCC Aerostructures, Bansbach Easylift of North America, and Crompton Technology Group Ltd. are some of the renowned companies in the aircraft strut market.
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