Bizizz Market Research has recently published a research report, “Aircraft Tire Market by Tire Type (Bias, Radial), Distribution Channel (Original Equipment Manufacturers (OEMs), Maintenance, Repair, and Overhaul (MRO)), End-user Type (Commercial, Military, Helicopters, Spacecraft, Others), and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2025”.
As per the report, Global Aircraft Tire Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 1.4 Bn by 2025, witnessing a CAGR of 4.0 % during the forecast period. Growing aircraft body dynamics and high demand for reduced aircraft bodyweight are expected to contribute to the growth of the aircraft tire market. Several factors supporting the demand for tires in the aircraft industry are advancements in tire technology, and short life of aircraft tires and rising aircraft fleet size. However, stringent regulatory norms and manufacturing processes are likely to become more complicated in the near future.
The Aircraft Tire market is anticipated to register a CAGR of over 4.0% during the forecast period.
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By Tire Type, Bias Ply aircraft tire segment held a key/prominent share in Global Aircraft Tire Market in 2018.
A bias-ply aircraft tire is expected to hold the highest growth of xx% during the forecast period and its global revenue is expected to hold a share of over 60%. Bias tires are a traditional form of tires and piles are wrapped into the tire to provide extra strength. Bias-ply offers various benefits such as ground control, superior surface resistance, and enhanced stability apart from others. These benefits offered by Bias Ply aircraft tire boost its demand and ultimately contributes to the growth of the aircraft tire market during the forecast period.
By End User Type, Commercial Segment of Global Aircraft Tire Market Is Anticipated To Witness the Fastest CAGR during the Forecast Period
Among all end-users, the commercial segment of the aircraft tire market currently has the highest market share of xx% and is expected to witness a CAGR of xx% during the forecast period. The commercial segment holds a substantial share and is expected to follow the same trend during the forecast period. In various countries across the globe, Airlines are introducing and expanding new routes which have generated the demand for new aircraft. Also, the high demand for wide-body aircraft has been increasing for longer routes. High need for replacing the tires of commercial aircraft after more than 200 landings due to wear and tear of the tires also boosts the growth of the aftermarket segment of commercial aircraft tires.
Asia-Pacificis Anticipated to Dominate the Global Aircraft Tire Market during the Forecast Period
Asia-Pacific region is expected to witness the highest growth of XX% during the forecast period. Airlines in the region are procuring newer generation aircraft. Also, growing tourism in countries such as China, Indonesia, India, Australia, and Singapore has increased the passenger traffic of this region The aviation market in the Asia-Pacific region is expected to move ahead of the market in North America during the forecast period. Few of the companies are also expanding their operations in the Asia Pacific Region. High demand for advanced technology aircraft is already expected and will continue to grow during the forecast period. These factors are eventually boosting the sales of aircraft tires in the APAC region. Moreover, the growing rate of replacement of obsolete wide-bodied aircraft and rise in concern regarding fuel efficiency of the aircraft equipment plays a crucial role in improving prospects for Asia’s aircraft tire market in the near future.
Global Aircraft Tire market was moderately consolidated with key players accounting for significant share in 2018. Prominent players operating in the Global Aircraft Tire Market are: Bridgestone Corporation, Specialty Tires of America, Inc, Goodyear Tire and Rubber Company, Dunlop Aircraft Tyres Limited, Wilkerson Company Inc, Michelin.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
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e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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