Portland, OR, Nov. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aircraft tires market generated $1.52 billion in 2020, and is projected to reach $2.85 billion by 2030, witnessing a CAGR of 6.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in air passenger traffic across the globe and frequent wear and tear of aircraft tires drive the growth of the global aircraft tires market. However, stringent standard operating procedures and high cost of aviation tires restrain the growth to some extent. On the other hand, procurement of military aircraft amid geopolitical tensions present new opportunities in the upcoming years.
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COVID-19 scenario on Aircraft Tires Industry:
- The outbreak of the COVID-19 pandemic led to global lockdown, which in turn, resulted in flight cancellations and ban on e-commerce services. This led to massive decline in commercial aviation and logistics activities across the world.
- Moreover, the pandemic disrupted the supply chain and forced manufacturing facilities to shut down their operation temporarily.
- The COVID-19 impact on the aircraft tires market is expected to remain in force till the second quarter of 2021.
The report offers detailed segmentation of the global aircraft tires market based on type, application, distribution, and region.
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Based on type, the bias segment held the highest market share in 2020, holding nearly two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 6.9% from 2021 to 2030. The report also include radial segment.
Based on distribution, the OEM segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 6.9% from 2021 to 2030. The report also include replacement segment.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding one-third of the global aircraft tires market, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific region is projected to manifest the fastest CAGR of 8.4% during the forecast period. The report also includes North America, LAMEA, and Europe.
Leading players of the global aircraft tires market analyzed in the research include Aviation Tires & Treads, LLC, Bridgestone Corporation, Desser Holdings LLC, Dunlop Aircraft Tires Limited, the Goodyear Tire and Rubber Company, Compagnie Generale Des Etablissements Michelin, Petlas, Sentury Tire Co. Ltd., Specialty Tires of America, and Wilkerson Company, Inc.
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Related Reports We Have on Tires Industry:
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