LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global aircraft tire market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global aircraft tire market for 2017-2021. To calculate the market size, the report considers the revenue generated in the overall market from the procurement of new tires (for new aircraft) as well as the retreading or replacement of existing tires.
The global aircraft tire market is driven by numerous factors. One of the major drivers is the increase in the global passenger traffic that has led to increased usage of commercial aircraft across the globe. This occurrence has also increased the number of retrofit projects of existing aircraft, which will have a significant influence on switching to radial tires.
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Technavio aerospace and defense analysts highlight the following three factors that are contributing to the growth of the global aircraft tire market:
Growing use of elastomer rubber compound and Kevlar
The global aviation component manufacturing industry has been shifting toward using new-generation materials that can deliver enhanced performance while complying with safety norms. Aircraft tires and tube manufacturers are significantly investing in developing next-generation tires using synthetic fibers.
Avimanyu Basu, a lead aerospace research analyst at Technavio, says, “As the construction of aircraft tire treads necessitates technologically advanced rubber composition compared with that of conventional automotive tires, the use of cross-linkable rubber composition or synthetic elastomer rubber composition has been gaining wide acceptance.”
Rise in aircraft retrofitting
There are many aircrafts that have been in service for a long time across the globe. These aircraft require periodic component retrofitting for optimal functioning. Landing gear components, including tires and braking systems, need periodical replacements to keep an aircraft in optimum working condition, as well as to enhance the operational efficiency of aircraft landing gear systems.
“As the tires are separately designed in adherence with specific aircraft models, it is not possible for the airline operators to switch to radial tires from a technology supporting the bias tires. However, during aircraft retrofitting, existing landing gear systems can be altered to match the compliance of radial tires,” adds Avimanyu.
Increasing LCC traffic
The demand for low cost carriers (LCCs) has been increasing across the globe, particularly in APAC. The cost-effective business model of no-frills services has increased the demand for LCCs in the global market. At the global level, LCC airlines have undertaken different market penetration approaches to enhance their respective market share.
Fast turnaround time, simplified fleet structure, and a special focus on generating ancillary revenues has unlocked the opportunity for such airlines to cater to passengers in new routes and markets.
Top vendors:
- Bridgestone
- Dunlop Aircraft Tyres
- Goodyear Tire & Rubber Company
- Michelin Aircraft Tyre
Browse Related Reports:
- Global Aircraft Tire Aftermarket 2016-2020
- Global Specialty Tire Market 2016-2020
- Global Tire Reinforcement Materials Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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