Aircraft Tire Market Synopsis:
The aviation industry is witnessing rapid developments, which has led to an increase in the demand for aircraft equipment, such as tires. A similar trend is being observed in the defense sector due to increasing procurement of aircraft and airborne technologies. Market Research Future has recently offered a report on the Global Aircraft Tire Market which reveals that its valuation is likely to exceed USD 15,00 Mn mark by 2023 up from USD 1,192.4 Mn in 2017. The market has been further analyzed to strike a CAGR of 4.29% over the projection period 2018 to 2023.
Increasing disposable income on the global front has led to a rise in demand for air travel, especially among the middle-income population. It is likely to boost revenue creation in the aviation industry, thus, supporting the growth of the aircraft tire market. Increasing demand for air travel is anticipated to drive demand for aircraft components through the review period.
In addition, the rising air traffic is also poised to resonate strong growth potential over the next couple of years. Industry leaders are investing in the expansion of fleet size for catching up with the demand of the ever-rising air traffic. It is projected to catalyze the growth rate of the aircraft tire market in the years to come.
Material innovation is another major factor that has grabbed the attention of the key players. Investments in research & development are likely to increase for assuring the highest level of safety to the passengers. This, in turn, is expected to have a favorable influence on the expansion of the aircraft tire market in the forthcoming years.
Aircraft Tire Market Segmentation:
The two different types of product analyzed in this report on aircraft tire market are bias ply and radial ply.
The segmental analysis of the aircraft tire market assesses three aircraft types – commercial aircraft, military aircraft, and business & general aviation aircraft.
Aftermarket and Original Equipment Manufacturers (OEM) are the end-users identified in the study of the aircraft tire market.
Aircraft Tire Market Regional Analysis:
The geographical assessment of the global aircraft tire market presents a detailed regional and country-level analysis. The major regional segments Aircraft Tire Market of market are North America, the Middle East & Africa (MEA), Latin America, Asia Pacific (APAC), and Europe. Asia Pacific is anticipated to expand at a comparatively higher growth rate over the next couple of years.
The region has been witnessing a rise in air travel demand, which is the key factor poised to propel market expansion. In addition, the growth of the aviation industry owing to economic development and expansion of the tourism industry is also anticipated to support the growth of the aircraft tire market in the region over the assessment period. The relaxations and amendments levied by the governments are likely to attract investments from the global leaders, thus, intensifying growth pattern of the regional market.
The Goodyear Tire & Rubber Company (US), Specialty Tires of America, Inc. (US), Bridgestone Corporation (Japan), Desser Tire & Rubber Co., LLC (US), Michelin (France), Petlas, SenturyTire (China), and Dunlop Aircraft Tyres Ltd (UK) are some of the eminent players of the global aircraft tire market assessed in the share analysis covered in this study. These players are projected to boost the growth pace of the market over the next couple of years.
In August 2019, the Bulgarian Department of Defense has transferred an amount of USD 1.2 Bn for the procurement of F-16 Block 70 aircraft under the international government procurement contracts.
In July 2019, the Government of Argentina is working on its plan to purchase FA-50 Fighting Eagle aircraft to serve as a new interim fighter aircraft. The deal is to be signed with the Korean Aerospace Industries (KAI).
Global Aircraft Tire Market Research Report: Information by Platform (Fixed-Wing and Rotary-Wing), Product Type (Bias Ply and Radial Ply), Aircraft Type (Commercial Aircraft, Military Aircraft and Business & General Aviation Aircraft), End-User (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2025 @ https://www.marketresearchfuture.com/reports/aircraft-tire-market-2192