Piling Pipes to Furn...
Marketing & Advertising
Aircraft tires are designed for intermittent operation and to sustain heavy loads. The global aircraft tire market is experiencing an upswing and is anticipated to register a CAGR of 4.29% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in an exhaustive study. The global aircraft tire market is expected to catapult to USD 1,525.6 Mn by the end of 2023 from USD 1,192.4 Mn in 2017.
Growth in the global aircraft tire market is stemmed from the expanding air traffic on a global scale. The global air passenger traffic has shown an increasing trend in the last couple of years due to low airfare and increased affordability which has attracted massive investment for new aircrafts. Also, the rise in a number of new airlines in multiple countries to take advantage of the growing consumer base has consequently resulted in heightened demand for aircraft tires. Aviation giants such as Airbus and Indigo Partners are procuring new aircrafts to cater to the vast passenger base which boosts the OEM aircraft tire segment. China is likely to surpass the US and become the largest aviation market which will foster the market growth over the forecast period.
Aircraft tires need replacement in 1 to 3 months due to irregular operations and have a low service life. To check the airworthiness of aircraft tires, they are inspected after every single flight, and the damaged tires are replaced with new tires which results in amplified demand for aircraft tires.
Other factors driving the growth of the global aircraft tire market include obtainment of military aircrafts by various countries and expansion of airline budgets. Furthermore, there has been a significant surge in business and general aircrafts for commutation of VIPs and business travels which adds fuel to the growth of the market.
Comments