The global aircraft gearbox market revenue was around US$ 3 billion in 2021 and is estimated to reach US$ 5.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2022 to 2031.
An aircraft's gearbox, including the entire system, distributes power between two components like the MGB and the tail rotor. Gearboxes, which are a component of the gearbox system, are frequently used to alter rotational speed.
Factors Influencing Market Growth
Increased passenger traffic worldwide supporting a positive surge in the aviation industry and an increase in infrastructure investment drives the market growth.
Initiatives by regional governments to build indigenous manufacturing capacities are just a few examples of the extensive research and development efforts made by global players to improve the operational efficiency of an aircraft gearbox. These factors are anticipated to boost the market growth.
Adoption of complicated gearbox designs and the incorporation of additive manufacturing to reduce experimenting and manufacturing costs. Such factors fuel the market growth.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the government enacted a lockdown global supply chains have suffered significant damage. In addition, the pandemic has severely impacted the finances of aviation gearbox manufacturers by raising the cost of carrying aircraft gearbox inventory. COVID-19 affected the global economy and created numerous obstacles for business. The crisis's impact on aviation travel caused major difficulties for the gearbox. The imposition of tight travel restrictions caused the passenger criteria to fall.
Asia-Pacific is anticipated to experience the greatest CAGR. In contrast to India, which is emerging as the fastest-growing market over the same period because of its rapid growth in commercial aircraft enterprises. Countries like China and Japan are anticipated to remain the region's significant participants. Several potential purchasers from the Middle East, including Emirates, Qatar, Etihad, and numerous other rising airlines, are largely responsible for the expansion of the global aircraft gearbox market.
The leading competitors in the global aircraft gearbox market are:
AVION TECHNOLOGIES INC
The global aircraft gearbox market segmentation focuses on Application, Component, End Use, Sales Channel and Region.
Segmentation based on Application
o Piston and Turboprop Engine
o Turbojet Engine
o Turboshaft Engine
o Turbofan Engine
Segmentation based on Component
Segmentation based on End Use
? Narrow Body
? Wide Body
? Regional and Business Jet
? Freighter Aircraft
? Combat Aircraft
? Special Mission Aircraft
? Tanker and Transport
? Training Aircraft
Segmentation based on Sales Channel
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America