Aircraft tire aftermarket: Key market research findings
- Increasing demand for intelligent tires
- Increase in air traffic
Technavio has released a new market research report on the global aircraft tire aftermarket, which is expected to grow at a CAGR of 5% between 2016 and 2020. The growth in the air traffic combined with higher capacity utilization has led to an increased demand in the aircraft tire aftermarket. Aircraft tire manufacturers are focusing towards the development of lightweight and durable aircraft tires, owing to their increased demand from the aviation industry. APAC is expected to be the fastest-growing region in the aircraft tire aftermarket, as several nations in this region such as China, India, and South Korea are witnessing growth in their manufacturing industries and air traffic
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the intelligent tires are expected to have a significant impact on the aftermarket in the forecast period. Intelligent tires contain a small integrated chip with sensors engraved in the tires. These sensors can measure factors like tire pressure, wear and tear, and damage. Also, several companies like Continental are selling tires that have integrated sensors with monitors that automatically track air pressure,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The aftermarket segment accounts for 95% market share of the global aircraft tire market. This is mainly because of the short replacement cycle of aircraft tires, which needs to be changed after 150-250 cycles. The aftermarket segment deals with tires that are purchased by aircraft owners, fleet operators, and maintenance companies. The increasing air traffic is the main driver for the tire aftermarket segment, which is directly proportional to the demand for aircraft tires in the aftermarket.
The key vendors in the global aircraft tire aftermarket are Bridgestone, Michelin, and Goodyear. The market is highly organized and is dominated by threse three leading players. The major factors that influence the market share and position of the leading vendors in the market are product quality, pricing strategies, product portfolio, and R&D. There is a possibility of new players entering global aircraft tire market, as many international tire vendors are expanding their business into various regions.
A more detailed analysis is available in the Technavio report, Global Aircraft Tire Aftermarket 2016-2020.
We can customize reports by other regions and specific segments upon request.
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