According to the research report titled ‘Global Aircraft Gearbox Market Size study, by Gearbox Type (Actuation, Accessory, Reduction, Auxiliary Power Unit, Tail Rotor, Others), Fit Analysis (Retrofit, Linefit) and Regional Forecasts 2020-2027’, available with Market Study Report, global aircraft gearbox market generated revenues worth USD 3.5 billion in the year 2019 and is expected to grow with a CAGR of 5.10% between 2020 and 2027.
 

Massive investments towards development of geared turbofan engines along with growing demand for lightweight components are key factors driving the growth of global aircraft gearbox market.
 

According to GAMA (General Aviation Manufacturer’s Association), there were over 4,40,000 aircrafts operating on both international as well as domestic routes in the year 2019, of which 2,11,000 units were produced in the United States alone.
 

Similarly, global aircraft production reached 2658 units, wherein around 1771 units were manufactured inside the boundaries of the U.S. Thus, increasing number of aircrafts as well as surging production are adding traction to global aircraft gearbox industry size.
 

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Apart from this, major multinational organizations are focusing towards the production as well as the deployment of aircraft and its components, which in turn is facilitating the business scenario. In 2018, for instance, Airbus Corp., the Netherlands-based aircraft manufacturer produced over 800 aircraft units, of which 626 units belong to the A320 class.
 

Likewise, U.S.-based multinational aircraft manufacturer Boeing Corp. delivered about 806 commercial aircrafts to various aviation companies, which in turn has impelled the demand for aircraft gearbox.
 

According to industry experts, China is likely to overtake United States as the largest air travel market in the coming years. In fact, mounting number of air travelers have enhanced the demand which will be around 6,810 aircraft units in China in the upcoming 20 years, accounting for approximately USD 1.025 trillion, resulting in major revenue spike for global aircraft gearbox market.
 

From the regional point of view, North America currently dominates worldwide aircraft gearbox market in terms of revenue share and is likely to showcase similar expansion trends in the subsequent years. Increasing production of aircraft units coupled with rising adoption of lightweight components are favoring market scenario in North America.
 

Parallelly, Asia-Pacific market is estimated to register the highest CAGR during the forecast duration, primarily due to increasing international and domestic air travelers, in consort with escalating investments towards manufacturing of geared turbofan engines.
 

United Technologies Corp., Avion Corporation, PBS Group, Aero Gear Inc., CEF Industries LLC, Northstar Aerospace Inc., Triumph Group Inc., Safran S.A., and Liebherr are the prominent companies operating in global aircraft gearbox industry.