PR Newswire
20 Sep 2022, 17:12 GMT+10
Growth potential in commercial flights will propel the demand for aircraft tires, with sustainability as a key investment area among vendors, says Frost & Sullivan
SAN ANTONIO, Sept. 20, 2022 /PRNewswire/ -- As the aviation industry recovers after a period of flight restrictions, optimism surrounds the commercial aircraft tire market. The rise in passenger traffic and the potential increase in future aircraft deliveries are expediting the sector's growth, according to Frost & Sullivan's recent analysis, Commercial Aircraft Tire Industry Growth Opportunities. The market is expected to reach $8.84 billion by 2032 from $2.31 billion in 2021, registering a compound annual growth rate (CAGR) of 13%.
For further information on this analysis, please click here.
"The increasing demand for aircraft tires and manufacturers' needs to meet sustainable compliance encourages them to invest in identifying new materials for manufacturing," said Abhilash Abraham, Aerospace & Defense Research Analyst at Frost & Sullivan. "Further, manufacturers are investing in automation and artificial intelligence (AI) technologies and leveraging them to digitize their processes and enable sustainability initiatives."
Abraham added: "Narrow-body aircraft will be the main contributor driving the aircraft tire market as key aircraft manufacturers-Boeing and Airbus-are focusing on this segment to enhance their commercial aircraft revenues. Similarly, the impressive market participation of regional jets and turboprops in total commercial aircraft fleets will further boost the demand for aircraft tires worldwide."
To reap the benefits of the growing global commercial aircraft tire industry, market participants should:
Commercial Aircraft Tire Industry Growth Opportunities is the latest addition to Frost & Sullivan's Aerospace & Defense research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
About Frost & Sullivan
For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion
Commercial Aircraft Tire Industry Growth Opportunities
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SOURCE Frost & Sullivan
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