A recent report published by Infinium Global Research on the aircraft tire market provides an 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
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 tires, aircraft windows and aircraft interiors. The aircraft tires
are mainly 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
acquisitions 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 the 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 the 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.