CHICAGO, Nov. 13, 2023 /PRNewswire/ -- The global aircraft Gearbox market size is projected to grow from USD 3.0 billion in 2023 to USD 4.2 billion by 2028, at a CAGR of 6.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. The aircraft gearbox market is primarily driven by factors such as increasing air passenger traffic, technological advancements in gearbox design, demand for fuel-efficient aircraft, and stringent safety regulations. Opportunities in the market arise from the growing demand for lightweight and durable gear systems, the need for reliable power transmission solutions, and the expanding global aviation sector, particularly in emerging economies. Additionally, the rising adoption of electric and hybrid propulsion systems in aircraft presents a significant opportunity for the development of advanced and more efficient gearbox solutions.
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Browse in-depth TOC on "Aircraft Gearbox Market" 425 – Tables
43 – Figures
284 – Pages
Aircraft Gearbox Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 3.0 billion |
Estimated Value by 2028 | $ 4.2 billion |
Growth Rate | Poised to grow at a CAGR of 6.9% |
Market Size Available for | 2023–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Component, Application, Platform, End Use and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Spalling, frosting, and manufacturing defects |
Key Market Opportunities | Increased investments in geared turbofan engines |
Key Market Drivers | Growing use of lightweight aircraft components |
Increasing demand for new aircraft will drive the demand for engine segment.
The engine segment is expected to be the largest market by value due to its critical role in ensuring safe and efficient aircraft operation. The engine segment is expected to lead the aircraft gearbox market due to the increasing demand for powerful and fuel-efficient engines, as well as the rising focus on enhancing aircraft performance and reducing maintenance costs. Engine gearboxes play a crucial role in transmitting power from the engine to other aircraft components, driving the prominence of this segment in the market.
The accessory gearbox segment is projected to witness a higher CAGR during the forecast period.
Based on gearbox type, the dominance of the accessory gearbox type is attributed to the significant role it plays in powering various aircraft accessories, including pumps, generators, and other crucial components. As the demand for advanced and more efficient accessory systems increases, the market for accessory gearboxes is expected to witness substantial growth during the forecast period.
The gear component segment is projected to witness a higher CAGR during the forecast period.
Based on the component, the electric motor driven segment is projected to be the highest CAGR rate for the aircraft gearbox market during the forecast period. These gearbox offer exceptional efficiency, precise control, and reduced maintenance requirements, making them ideal for modern aircraft systems. Their ability to align with lightweight and environmentally friendly aircraft designs further fuels demand. As the aviation industry increasingly prioritizes efficiency and sustainability, electric motor-driven gearbox are expected to experience significant growth, emerging as leaders in the market.
The civil aircraft segment is projected to witness the highest CAGR during the forecast period.
Based on the platform, the civil aircraft segment is projected to grow at the highest CAGR rate for the aircraft gearbox market during the forecast period. The civil aircraft segment is expected to witness a higher CAGR owing to the surge in air passenger traffic, which has led to an increased demand for new commercial aircraft on a global scale. Additionally, the rapid expansion of the commercial aviation sector, coupled with the ongoing efforts of airlines to modernize their fleets with more fuel-efficient and technologically advanced aircraft, is projected to drive the growth of the civil aircraft segment in the aircraft gearbox market.
The OEM segment is projected to witness the highest CAGR during the forecast period.
Based on the end use, the OEM segment is projected to grow at the highest CAGR rate for the aircraft Gearbox market during the forecast period. propelled by the increasing demand for new aircraft worldwide and the continuous efforts of OEMs to integrate advanced gearbox technologies into their new aircraft models. The emphasis on incorporating lightweight, durable, and technologically advanced gearboxes to enhance overall aircraft performance is anticipated to further bolster the growth of this segment.
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The North America market is projected to hold the highest market share from 2023 to 2028.
North America is projected to hold the higher market share for the aircraft gearbox industry during the forecast period. The anticipated higher market share in the aircraft gearbox market can be attributed to the presence of major aircraft manufacturers, technological advancements, and a strong focus on research and development activities within the region. Furthermore, the well-established aviation infrastructure, stringent safety regulations, and the presence of key market players are expected to contribute to the region's dominant position in the aircraft gearbox market during the forecast period.
The aircraft gearbox companies includes major players Safran (France), Rexnord Aerospace (US), Triumph Group (US), The Timken Company (US), and Liebherr (Switzerland). These players have spread their business across various countries including North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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