The Aircraft Tires Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aircraft Tires Global Market Report 2024, The aircraft tires market size has grown strongly in recent years. It will grow from $1.88 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to aircraft fleet expansion, global air travel, runway condition monitoring, military modernization, smart tires,.
The aircraft tires market size is expected to see strong growth in the next few years. It will grow to $2.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to innovative tire materials, evolving aircraft designs, urban air mobility (uam), sustainable aviation, space tourism and exploration. Major trends in the forecast period include technological advancements, advanced composite materials, high-speed landing gear, tire tread design, noise reduction tires.
The rising number of domestic and international air passengers is driving the aircraft tires market. The increase in domestic and international air passengers means the production of new aircraft needs to be done to meet the demand, which increases the usage of aircraft tires and also the frequent wear and tear of tires due to the continuous landing per tyre to meet the demands, further drives the market. For instance, according to the International Civil Aviation Organization (ICAO), the global number of airline passengers is expected to reach 10.5 billion by the year 2040. Also, according to the Boeing 2020–2039 commercial market outlook, India’s domestic air passenger market is expected to double its size by 2030 from the pre-pandemic levels. Hence, the rising number of domestic and international air passengers drives the aircraft tires market.
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The aircraft tires market covered in this report is segmented –
1) By Product: Radial, Bias
2) By Platform: Fixed Wing, Rotary Wing
3) By Application: Wide Body Aircraft, Very Large Aircraft, Regional Transport Aircraft, Narrow Body Aircraft
4) By End-user: OEM, Retread Tires, Replacement Tires
Technological advancements are a key trend gaining popularity in the aircraft tires market. Aircraft tire manufacturers are focusing on the development of tyres that have a longer life, higher resistance, and are more efficient. For instance, in May 2021, Goodyear Tire & Rubber Company, a US-based tyre manufacturing company, launched TPMS technology for aircraft tug tyre manufacturing. This technology helps reduce accidents by reducing any loss in pressure or a temperature change.
The aircraft tires market report table of contents includes:
1. Executive Summary
2. Aircraft Tires Market Characteristics
3. Aircraft Tires Market Trends And Strategies
4. Aircraft Tires Market – Macro Economic Scenario
5. Global Aircraft Tires Market Size and Growth
……………….
31. Global Aircraft Tires Market Competitive Benchmarking
32. Global Aircraft Tires Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aircraft Tires Market
34. Aircraft Tires Market Future Outlook and Potential Analysis
35. Appendix
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