A recent report published by market intelligence company, Future Market Insights reveals that the global demand for aircraft tires will witness a moderate traction in the foreseeable future. The report estimates that by the end of 2026, nearly US$ 1.9 Bn worth of aircraft tires will be sold globally. During the forecast period, 2017-2026, the global aircraft tire market is pegged to expand at a moderate compound annual growth rate (CAGR) of 4%.
Companies manufacturing aircraft tires are expected to increase the focus on optimizing the use of rubber by reinforcing hybrid composite materials in the production. Bridgestone Corporation, Polymer Enterprises, Compagnie Générale des Établissements Michelin, and Goodyear Tires are expected to be at the forefront of global aircraft tire market expansion through 2026. These companies will be observed as the leaders in the production of aircraft tires.
Demand for Bias Ply Aircraft Tires to Gain Traction
The report reveals that the global aircraft tire market will witness a growing demand by bias ply tires. Competitive advantage of bias ply over radial ply in providing higher strength, stability and ground traction will continue to drive its demand in the future. In 2017, bias ply aircraft tires sold in the global market have brought in nearly US$ 838 Mn in global revenues. The report also reveals that majority of aircraft tires will be used for equipping the narrowbody aircrafts. By the end of 2026, narrowbody aircrafts will account for around half of the overall revenues being procured in the global aircraft tire market.
North America to Represent Leading Market for Aircraft Tires through 2026
The report further reveals that sales of aircraft tires will concentrated in North America. By the end of 2026, nearly US$ 600 Mn worth of aircraft tires will be sold in the US and Canada. Future Market Insights estimates by end of 2026, almost every other aircraft tire being manufactured in the global market will be sold through aftermarkets. Meanwhile, OEMs are expected to emerge as a fast-growing sales channel in the global aircraft tire market. Manufacturers are expected to form strategic partnerships with OEMs to reap high profit margins and avoid added value loss from third-party distributors.
For more information visit: https://www.futuremarketinsights.com/reports/sample/rep-gb-6112