Press release
Aircraft Tire Market Regional Outlook, Competitive Strategies, Factors Contributing To Growth 2020-2030
Aircraft Tire Market Overview
Aircraft tire market is predicted to reach a CAGR of 3.9% in the forecast period and a market price of USD 2867.9 million by 2020-2030.
An essential component of any aircraft is its tires. There are several sizes of aircraft tires, and tires have a wide variety of applications. A high-quality tire can avoid an explosion in aircraft. The majority of aircraft tires are handmade, having special requirements. The federal aviation administration sets the requirements for aircraft tires.
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The aircraft tires market has enough funding and support from the government. Many people opt for aircraft for travelling and business. Furthermore, the defence industry's need for military aircraft is very high. One of the main market drivers is the need for aircraft from various market categories such as wide-body aircraft, very large aircraft, regional transport aircraft and narrow-body aircraft. The aircraft tires support the aircraft's full weight in take-off and landing. They have a shorter lifespan but plenty of replacements. Therefore, there is always a significant demand for new tires in this industry which drives the growth of the aircraft tires market.
The COVID-19 outbreak has disrupted the global aircraft tire market. During the pandemic, the manufacturing facilities stopped production. But it is predicted that the production will start this year. The huge revenue loss is a disadvantage to this sector this year. Additionally, the worldwide lockdown resulted in high raw material costs and lower demand levels. However, the major investors are improving the market. According to the analysis, the defence industry would be a significant factor in the rise in market growth.
Market Segments
The Aircraft tire market segments include market product type, platform, aircraft type, end-user and application.
Based on product type, the Aircraft tire market has been divided into radial ply and bias ply.
Based on the platform, the Aircraft tire market is divided into rotary and fixed wing.
Based on aircraft type, the Aircraft tire market is divided into business & general aviation aircraft and military aircraft.
Based on end-user, the Aircraft tire market has been divided into retreat tires, replacement tires and OEM tires.
Based on application, the Aircraft tire market has been divided into wide-body aircraft, very large aircraft, regional transport aircraft and narrow-body aircraft.
Regional Analysis
According to the geographical distribution and global growth analysis, the Aircraft tire market shows growth in regions such as Asia-pacific, Europe, North America and the Middle East & Africa.
Among the above geographical regions, the market is noticing significant growth in the North American region. The second-largest market for aircraft tires in Europe. The development of military and aircraft projects drives the market share in this region. The aircraft tire market in the Asia-pacific region is well-known for its strength and has the largest market opportunity during the forecast period.
Industry news
In May 2022 - ChemChina, a chemicals company in Shanghai, China, partnered with Hauhau chemical science and technology and announced a project to produce aircraft tires. The companies will establish to produce high-performance aircraft tires in Guilin city.
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