Global Travel

Aircraft tire market to grow to $1.37 bn by 2020

DELHI

The global aircraft tires market is estimated to grow from $1.11 billion in 2015 to $1.37 billion by 2020 at a CAGR of 4.35% between 2015 and 2020 as per a report by ReportLinker.

The report said that factors that drive the global aircraft tires market include the increasing demand for aircraft and frequent replacement requirement. Growing passenger traffic has caused the growth in demand for commercial aircraft, which in turn has helped to increase the demand for aircraft tires.

Radial segment to witness the highest growth during the forecast period

The Radial segment is projected to grow at a comparatively higher CAGR between 2015 and 2020 primarily driven by the need for reduction in operational costs for airlines. Radial tires’ design involves use of fewer components making them lighter than similarly sized bias ply tires. This has a direct impact on fuel savings.

The Asia-Pacific region to offer significant opportunities for growth

The APAC region is expected to have the highest growth rate for the aircraft tires market owing to rising air transport in the Asia-Pacific region. There is a significant rise in air transport owing to liberalization of regulations related to air transport and growing GDP of the region.

Musafir Namah Bureau

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