The report presents an in-depth assessment of the Aircraft Tires including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Aircraft Tires investments from 2019 till 2024.
The aircraft tires market is anticipated to grow at a CAGR of over 6.5% during the forecast period.
The prominent players in the market of aircraft tires are Bridgestone Corporation, Michelin, Goodyear Tire and Rubber Company, Specialty Tires of America, Inc., and Dunlop Aircraft Tyres Limited. In Commercial and Military segments, Michelin and Goodyear Tire and Rubber Company are the major players in the market owing to their high brand value and long term contracts with the aircraft OEMs. Also, the investments of the companies in the tires for flying taxis or flying cars, which is currently in its initial stages is expected to help the companies to maintain a prominent position in the market. Recently, Goodyear introduced its latest concept AERO, concept tire for Autonomous and Flying Cars at the 2019 Geneva International Motor Show with advanced features like Multimodal Design, Non-Pneumatic Structure, Magnetic Propulsion, Optical Sensing and Artificial Intelligence. Such new concepts of tires are expected to attract new customers and help the companies gain a competitive advantage over others.
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Scope of the Report
The aircraft tires market includes the tires used in military, commercial, and general aviation aircraft. The market study also includes the sales of retreaded tires and aftermarket sales of tires.
Key Market Trends
Commercial Segment to Experience the Highest Growth During the Forecast Period
The commercial segment of the market currently has the highest market share and is expected to grow with the highest CAGR during the forecast period. There is a steep rise in air travel in the past five years. Airlines, in order to increase their market dominance, are expanding and introducing new routes which have generated the demand for new aircraft. Also, the growing success of LCC in emerging economies has also increased the sales of single-aisle aircraft over the years. Also, the demand for wide-body aircraft has been increasing for longer routes. Procurement of new aircraft will simultaneously generate demand for new tires. Also, aircraft tires are subjected to a high amount of impact force on landing, as they, unlike the other land vehicle tires, are prone to high impact velocities. The tire also has to bear the whole weight of the aircraft during the contact with the land surface, making them more susceptible to wear and tear. This generates the need for replacing the tires of commercial aircraft after more than 200 landings to avoid accidents due to wear and tear of the tires which will further strengthen the growth of the aftermarket segment of commercial aircraft tires.
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Asia-Pacific Region to Experience the Highest Growth During the Forecast Period
Asia-Pacific region is anticipated to have the highest growth during the forecast period. Airlines in this region are investing to procure newer generation aircraft. The growing tourism in countries like China, India, Indonesia, Singapore, South Korea, Malaysia, Thailand, Australia, and Vietnam has increased the passenger traffic of this region. The aviation market in the Asia-Pacific region is expected to move ahead of the aviation market in North America in the next few years. Sensing the potential in the aviation market of Asia-Pacific, several companies are expanding their operations in this region. For instance, in March 2018, Lufthansa Group announced its plans to expand its operation in countries like China, Japan, Southeast Asia, and India. Also, the poor connectivity between the metros and smaller cities have led to growth in the general aviation segment of the region. With increasing military spending fuelled by growing political tension in the region, on-going procurements of military aircraft along with increasing manufacturing capabilities of the region are boosting the growth of the region during the forecast period.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Aircraft Tires Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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