Aircraft tires are designed for intermittent operation and to sustain heavy loads. The global aircraft tire market is experiencing an upswing and is anticipated to register a CAGR of 4.29% over the forecast period of 2018-2023, asserts

Growth in the global aircraft tire market is stemmed from the expanding air traffic on a global scale. The global air passenger traffic has shown an increasing trend in the last couple of years due to low airfare and increased affordability which has attracted massive investment for new aircrafts. Also, the rise in a number of new airlines in multiple countries to take advantage of the growing consumer base has consequently resulted in heightened demand for aircraft tires. Aviation giants such as Airbus and Indigo Partners are procuring new aircrafts to cater to the vast passenger base which boosts the OEM aircraft tire segment. China is likely to surpass the US and become the largest aviation market which will foster the market growth over the forecast period.

Aircraft tires need replacement in 1 to 3 months due to irregular operations and have a low service life. To check the airworthiness of aircraft tires, they are inspected after every single flight, and the damaged tires are replaced with new tires which results in amplified demand for aircraft tires.

Other factors driving the growth of the global aircraft tire market include obtainment of military aircrafts by various countries and expansion of airline budgets. Furthermore, there has been a significant surge in business and general aircrafts for commutation of VIPs and business travels which adds fuel to the growth of the market.

Access Report @ https://www.marketresearchfuture.com/reports/aircraft-tire-market-2192

On the flipside, the growth of the global aircraft tire market might be dampened by the limited number of manufacturers in the market who are unable to fulfill the existing supply. Besides, manufacture of aircraft tires requires specialized technology and expertise which restricts the entry of new players in the market. Application of aircraft tires is strictly regulated by airframe manufacturers' certificate which is often a long, complex, and tedious procedure. Furthermore, to increase the life of aircraft tires, researchers are pouring in massive amounts to develop appropriate solutions. Development of better-quality, extended life tires will lead to a reduction in the demand for new aircraft tires which will constrain the growth of the market over the forecast period. Meanwhile, the Asia Pacific region provides tremendous growth opportunities for market expansion over the forecast period.