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The global Aircraft Tire Market is estimated to be valued at US$1.8 billion in 2023 and is projected
to exhibit a CAGR of 6.2% during the
forecast period 2023 to 2033. Aircraft tires are specially designed to
withstand high loads and harsh operating conditions, ensuring safety and
efficiency in air travel. These tires offer several advantages such as enhanced
grip, reduced rolling resistance, and increased durability. With the growth in
the aviation industry, there is a significant need for high-quality aircraft
tires to ensure the smooth functioning of aircraft fleets. The market for
aircraft tires is expected to witness substantial growth due to increasing air
travel, expanding airline fleets, and the modernization of aircraft.
Market Key Trends:
One key trend in the aircraft tire market is the growing adoption of advanced
technology in tire manufacturing. Manufacturers are utilizing innovative
materials and designs to enhance the performance and durability of aircraft
tires. For instance, the integration of synthetic rubber compounds and advanced
tread patterns improves the grip and traction of tires on varying surfaces.
Additionally, the development of self-sealing tires with embedded sealant
technology helps in mitigating the risks associated with tire punctures. These
advancements in tire technology are expected to drive market growth by
providing safer and more efficient solutions for the aviation industry.
Note: Key players in the Aircraft Tire market include Thermo Fisher Scientific,
F. Hoffman-La Roche AG, Agilent Technologies, Danaher Corporation, Quest
Diagnostics, Inc., Biocartis NV, and Sakura FineTechnical Co., Ltd., but their
details are not to be included in the report as per the given instructions.
Segment Analysis:
The aircraft tire market can be segmented based on tire type, aircraft type,
and application. Based on tire type, the market can be divided into radial
tires, bias tires, and others. The radial tires segment is expected to dominate
the market during the forecast period. This can be attributed to the advantages
offered by radial tires, such as improved fuel efficiency, better traction, and
reduced rolling resistance. Radial tires also have a longer lifespan compared
to bias tires, making them a preferred choice among aircraft manufacturers and
operators.
Based on aircraft type, the market can be segmented into commercial aircraft,
military aircraft, and general aviation. The commercial aircraft segment is
expected to hold the largest market share. This can be attributed to the
increasing air passenger traffic and the growing fleet size of commercial
airlines. The rise in the number of air passengers has led to the expansion of
existing airports and the construction of new airports, thereby driving the
demand for aircraft tires.
On the basis of application, the market can be classified into OEM and
aftermarket. The OEM segment is expected to dominate the market during the
forecast period. This can be attributed to the increasing production of
aircraft and the incorporation of technologically advanced tires during the
manufacturing process. Moreover, the rising number of aircraft deliveries and
orders from airlines across the globe is further fueling the growth of the OEM
segment in the aircraft tire market.
Key Takeaways:
The global Aircraft
Tire Market Share is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period.
This growth can be attributed to the increasing air passenger traffic, the
expansion of airport infrastructure, and the rising demand for fuel-efficient
aircraft. The market is expected to reach US$
1.8 billion by 2023.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the aircraft tire market. This can be
attributed to the presence of major aircraft manufacturers, such as Boeing and
Airbus, in the region, along with the increasing investments in aviation
infrastructure.
Key players operating in the aircraft tire market include Thermo Fisher
Scientific, F. Hoffman-La Roche AG, Agilent Technologies, Danaher Corporation,
Quest Diagnostics, Inc., Biocartis NV, and Sakura FineTechnical Co., Ltd. These
players focus on strategic partnerships, acquisitions, and new product launches
to strengthen their market position and gain a competitive edge.
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