Global Aerospace Tire Market 2018 Key Players are Bridgestone and Dunlop Aircraft Tires, Polaris Industries, Michelin Aircraft Tire
Aerospace Tire Market is categorized into bias and radial tire. The bias tire is set to witness exponential growth in forecast time owing to increase in tire installation of commercial aircrafts. In traditional tires, piles are wrapped into the tires to give strength. Bias tires offer more durability as compare to conventional radial tires. Manufacturing process leads to replacement of tread in worn out tires owing to more mechanical strength. These factors will strengthen the product penetration.
Shifting trend towards synthetic fibers that offers enhanced performance in upcoming aircrafts will gain prominence among the industry participants. Aircraft tires are sophisticated and are highly critical to bear heavy load while landing on ground, henceforth are manufactured cautiously. Regardless of brand, size or cost of tire, it should meet specified requirements of FAA for passenger safety & security purposes.
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Industry is expected to witness high requirement of extensive engineering analysis of regular and emergency landing with respect to weather conditions. Substantial growth in aircraft movements coupled with extensive flight rate leads to their frequent wear and tear. Replacement of these tires leads to high maintenance and product cost, driving the industry demand over the forecast timeline.
Top Key Players:-
The key players of global Aerospace Tire Market are Michelin Aircraft Tire, Bridgestone and Dunlop Aircraft Tires, and Polaris Industries.
North America is expected to exhibit maximum share during forecast period due to high flight frequencies. Moreover, rising number of air passengers will further boost demand for aircraft deliveries in the region. As per analysis, on an average every day more than 42,000 flights are operated in U.S., henceforth is expected to fuel aerospace market revenue across the region.
Asia Pacific is projected to be the fastest growing region for aerospace tire market owing to rise in density of air passenger traffic. Further, China, South Korea, and Taiwan are among the countries that are spending on purchase of new military aircraft, further fueling the region’s growth.
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By aircraft, the industry is segmented into commercial, business, military and regional aircrafts. Currently, commercial aircraft dominates the industry owing to rise in disposable income which makes flights affordable for travelers, henceforth contributing to the aerospace tire market growth. According to International Air Transport Association (IATA), more than 3 trillion passengers make use of commercial aircraft as preferred mode of transportation. Narrow body aircraft are the most preferred as compared to other counterparts. The segment is expected to witness high growth owing to the benefits such as low-cost carrier (LCC), easy maintenance and short turnaround time for high frequency route.
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