A recent report published by Infinium Global Research on aircraft tire market provides in-depth analysis of segments and sub-segments in the global as well as regional aircraft tire market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional aircraft tire market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global aircraft tire market. According to the report, the global aircraft tire market is projected to grow at a CAGR of 4.7% over the forecast period of 2019-2025.
Aircraft and aircraft component market has observed a rise owing to increasing disposable income and drop in the price of domestic as well as international airfare tickets. The growing demand for air travel has increased the sale of aircraft along with the sale of aircraft components such as aircraft tire, aircraft windows and aircraft interiors. The aircraft tires are large of two types, namely radial and bias. The bias tires are used traditionally, while the radial tires are the latest offering from the manufacturers. The aircraft tire market is highly competitive and consolidated in nature. Only a few of the major players in the market such as Goodyear Tire and Rubber Company, Bridgestone Corporation and Dunlop Aircraft Tyres Limited control a large part of the market share. The other key players including Michelin Group, Specialty Tires of America, Inc., Desser Tire & Rubber Co., LLC and others are focusing on the development of new products and mergers and acquisition of the raw material suppliers.
The rise in global air passenger traffic is majorly driving the aircraft tire market. Increasing disposable income and improving the lifestyle of the population is encouraging them to travel through the air. Moreover, the rise in the developments in tire manufacturing is expanding the demand for aircraft tire. Technological advancements in tire manufacturing have made production more easy and affordable. This, in turn, reduces the prices of the tires and boost the growth of the market. Furthermore, the growing investment in the defense sector is supporting the growth of the aircraft tire market. However, the concentrated nature of manufacturers is the major restraining factor for the growth of the aircraft tire market. Nevertheless, the growing demand for lightweight aircraft is expected to offer lucrative opportunities for the key players in the aircraft tire market.
In terms of geography, North America held the highest market share, dominating the global aircraft tire market. The dominance of the North America region attributed to the growing focus of OEMs, engine manufacturers, and component suppliers to improve the overall performance of an aircraft. Moreover, the significant presence of global tire vendors is expected to boost the growth of the aircraft tire market in North America. While the Asia-Pacific aircraft tire market is anticipated to grow at the fastest rate owing to the increase in disposable income coupled with rising business activity, which leads to a growing number of domestic and international flights.
The report on global aircraft tire market covers segments such as type, application, and end-user. On the basis of type, the sub-markets include radial, and bias. On the basis of application, the sub-markets include commercial, and defense. On the basis of end-user, the sub-markets include OEM, retreaded, and replacement.
The report provides profiles of the companies in the market such as Goodyear Tire and Rubber Company, Bridgestone Corporation, Dunlop Aircraft Tyres Limited, Michelin Group, Specialty Tires of America, Inc., Desser Tire & Rubber Co., LLC, Petlas, Sentury Tire, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of aircraft tire market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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