The Market of Aircraft Tire to experience an impressive growth of 5.2%CAGR during 2019-2024

The new report of Stratview Research analyses the Aircraft Tire market over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.

Salient Features of the Report

The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
• Strategic segmentation
• Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Detailed Competitive Rivalry landscaping
• Market trend and forecast analysis
• Future Growth Boulevards

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An overview: The need for aircraft tires

The aircraft tire market is likely to witness a healthy CAGR of 5.2% during the forecast period. There are several factors bolstering the demand for tires in the aircraft industry including increasing production rates of the key commercial aircraft programs in order to support rising passenger air traffic, advancements in the tire technology, and short life of aircraft tires coupled with rising aircraft fleet size.Boeing anticipated that there would be the total deliveries of 40,410 commercial aircraft worth US$ 6.24 trillion in the global marketplace during 2018-2037. Asia-Pacific and Europe would be the biggest demand generators with a combined share of 64.7% of the total commercial aircraft deliveries during 2018-2037. This factor alone secures a sustainable demand for tires in both segments, OE as well as aftermarket, in the foreseen future.

Commercial aircraft: The growth engine

Based on the aircraft type, the market is segmented as commercial aircraft, general aviation, regional aircraft, military aircraft, and helicopter. The commercial aircraft segment will continue to lead the market during the forecast period. Increasing passenger air traffic has led to an increased flight hour, which reduces the maintenance time and is also putting pressure on airlines to increase aircraft fleet. Both, Boeing and Airbus, have a huge pile of order backlogs, which are driving the companies to incessantly increase the production rates of their key aircraft programs and to come up with fuel-efficient variants.

Dominance of: The radial tire

Based on the product type, the market is segmented as radial tire and bias tire. The radial tire segment is expected to witness a higher growth during the forecast period. Innovations in the tire industry to minimize tire weight and to deliver advanced durability and maneuverability are the major factors driving the radial tire segment. These factors help companies to achieve better fuel efficiency, longer life of tires, and a comfortable ride to passengers, leading to a higher adoption of radial tires in the aircraft industry.

A highly/moderately/fragment consolidated Market

Some of the aircraft tire manufacturers are Bridgestone Corporation, Compagnie Générale Des Établissements Michelin Sca, The Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres Ltd., Qingdao Sentury Tire Co., Ltd., Wilkerson Company, Inc., Desser Tire & Rubber Co., LLC, Specialty Tires of America, Petlas Tire Corporation, and Aviation Tires & Treads, LLC.

Regional Hegemony of North America

North America currently leads the demand for aircraft tires, owing to the fact that the region is the manufacturing capital of the aircraft industry with the presence of major aircraft OEMs, tier players, tire manufacturers, raw material suppliers, and airlines. The USA is the growth engine of the market, driven by a large base of the commercial aircraft fleet. The country is also having the largest fleet of regional aircraft, military aircraft, and general aviation.

Europe, the second largest market, is also estimated to generate a healthy demand for tires in the coming five years, driven by Airbus’ key aircraft programs, such as A320 including the neo variants and A350XWB. Other aircraft segments, such as regional aircraft and helicopters, are also likely to witness healthy growth rates during the same period.

Asia-Pacific is likely to depict the highest growth rate during the same period, driven by China, and Japan. Both countries would remain the growth engines of the region’s market for aircraft tires over the next five years, supported by upcoming indigenous commercial and regional aircraft: COMAC C919 and Mitsubishi MRJ; increasing defense budget of China, and an opening of assembly plants of Boeing and Airbus in China. India is currently generating a relatively small opportunity but is likely to be a new growth engine of the region's market in the coming five years.

Comprehensive Market Coverage

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This release was published on openPR.