Global aircraft tire market demand driven by increased global air traffic and the emerging concept of intelligent tires
Global Aircraft Tire Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 08:55:03
The Global Aircraft Tire market is forecast to grow at a CAGR of 3.10 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increase in global air traffic. The Global Aircraft Tire market has also been witnessing the emerging concept of intelligent tires. However, the high bargaining power of OEMs could pose a challenge to the growth of this market.
Key vendors dominating this space are Bridgestone Corp., Compagnie Generale des Etablissements Michelin, and The Goodyear Tire and Rubber Co.
The following companies represent the key players in the Global Aircraft Tire Market: Bridgestone Corp., Compagnie Generale des Etablissements Michelin, and The Goodyear Tire and Rubber Co.
Intelligent tires are products that have a small integrated chip with sensors engraved in the tires. These sensors are equipped with the capabilities to measure factors such as tire pressure, wear and tear, damage, and more. Although the Tires market has not witnessed any significant improvement in the last few years, the intelligent tires are expected to have a significant impact on the Global Aircraft Tire market in the next few years. Companies such as Continental are selling tires that have integrated sensors with monitors that track air pressure automatically. Thus, the emergence of intelligent tires is expected to propel the growth of the Global Aircraft Tire market during the forecast period.
One of the major drivers in this market is increasing global air traffic. The growth in the global air traffic will help to increase the overall demand for aircraft tires mainly due to the increase in take-offs and landings. The global air traffic has witnessed an increasing growth rate in recent years and this is mainly due to various macro environmental trends.
Further, the market is highly dependent on the availability and prices of raw materials used to make aircraft tires. Moreover, fluctuating raw material prices can have a negative impact on the market performance. Tire manufacturers around the globe are following standard manufacturing processes to produce tires for their customers and thus they consume the same raw materials for the manufacturing process.
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