- Growing air traffic and focus on controlling operating costs are driving market growth.
- Strict government regulations for retread tires in the aircraft industry help market growth.
- The commercial segment will show significant growth during the forecast period.
Growing air traffic and focus on controlling operating costs are driving growth of the aircraft retread tires market. In 2017, according to the ‘Airports Council International’ (ACI), world airports accommodate around 118 million tons of cargo and nearly 8.2 billion passengers.
The production process for retreading tires is flexible, eco-friendly, less time consuming, and safe. This boosts demand for the aircraft retread tires market. Growing need for commercial aircraft and adoption of retread tires in the defense sector will also boost market growth.
Strict government regulations for retread tires in the aircraft industry are also helping market growth. According to the Federal Aviation Administration (FAA) the aircraft tire retreading process should be done at certified repair stations and under the guidance of certified technicians. Therefore, we project that the global aircraft retread tires market will show significant growth throughout the forecast period.
According to a new market research report published by Credence Research , the global retread tires market was valued at $692.3 Mn in 2018 and is set to grow with 4.2% CAGR during the forecast period. Browse Full Report
Based on aircraft type, the global aircraft retread tires market was led by the commercial segment in 2018, contributing to more than 60% of the global revenue share in the same year. Growing passenger traffic and international tourism worldwide are major factors for dominance of the commercial segment. Passenger traffic will grow at a CAGR of around 3% in years to come, according to the International Air Transportation Authority (IATA). Introduction and expansion of new routes by the airlines to increase their dominance in the market will also help the segment growth. Consequently, we presume the commercial segment will show significant growth during the forecast period.
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On the other hand, we project the defense segment will grow with the fastest CAGR due to increased defense expenditures by emerging economies and growing use of retread tires in defense aircraft.
Based on geography, North America led the global aircraft retread tires market in 2018. North America contributed more than 60% of the market revenue share in the same year. The U.S. is the major contributor in the North American aircraft retread tires market due to stringent government regulations and having the highest commercial as well as defense aircraft fleet.
In the U.S., more than 65% of tires used on aircraft are retread tires. Hence, we assume that North America will continue its dominance in the aircraft retread tires market. On the flip side of the coin, we presume the Asia Pacific sector will be the fastest growing region due to rising government investments in defense & the aviation industry, and growing domestic & international air passenger traffic in the region.
Some of the major companies profiled in the report include, Bridgestone Corporation, Goodyear Tire & Rubber Company, Desser Tire & Rubber Co LLC, Marangoni S.p.A., Michelin Group, Oliver Rubber Company, Qingdao Sentury Tire Co. Ltd., Dunlop Aircraft Tyres Ltd. , Wilkerson Co, Inc. and others.