Aircraft Tire Market World's Top Players Include Goodyear, Michelin, Bridgestone, and Dunlop Aircraft Tires.

Aircraft tire is highly engineered and complex parts of the aircraft. The raw materials involved in manufacturing of aircraft tire include steel, cord fabric, natural or artificial rubber, and other chemicals. Aircraft tire have cords, which serve as reinforcing material in the tire that provides dimensional stability, supporting the aircraft weight, as well as keeping the tire in shape on different road conditions.

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One of the major factors affecting growth of the aircraft tire market size is growth in the aviation sector. Aircrafts are prominently used in commercial, industrial, and defence sectors. One the major factors affecting the aircraft market is significant increase in the air passengers.

Increasing number of air passengers is the major driving factor for growth of the aircraft tire market

The recent past has witnessed growth in the airline industry, particularly in the commercial airlines. Increasing globalization and high economic growth has led to rising number of people travelling through aeroplanes. According to World Bank Organization, in 2017, the world GDP was 3.0% up from 2.4% in 2016.

According to Bureau of Transportation, in 2016, the average fare of airlines was US$ 370 which witnessed a decline of 5% in 2017 accounting for US$ 352. Moreover, according to International Air Transport Association (IATA), 2017, it is expected that overall 7.8 billion passengers will be travelling in the year 2036, globally

Increasing government investment in the defense and commercial aircraft is expected to aid in growth of the market

Government of various countries are focusing on increasing investments in the defense sector such as in air defense equipment and others. According to National Investment Promotion and Facilitation Agency, in India, an increase of 5.3% was reported in the budget for defense in the year 2017-2018, compared to 2016-2015, accounting for around US$ 41 Bn, out of which 22.5% is the estimated investment in the Air Force.

Aircraft Tire Market: Regional Insights

Asia Pacific is expected to exhibit the highest CAGR in the forecast period. Growth in the aviation industry in Asia Pacific is one of the major driving factors for growth of the market. India, China, and Japan are the major growth engines in this region.

Aircraft Tire Market: Competitive Insight

Some of the key players operating in the aircraft tire market are Goodyear, Michelin, Bridgestone, and Dunlop Aircraft Tires.

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Aircraft Tire Market: Taxonomy
By Industry:

• Commercial Airline Industries
• Defense

By End User:

• OEM Tires
• Replacement Tire
• Retread Tire

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East
• Africa

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This release was published on openPR.