Aircraft Retread Tires Market to Grow at a CAGR of 4.2% throughout the Forecast Period

According to a new  market research report published by Brisk Insights “Aircraft Retread Tires Market ((By Process Type – Pre Cure and Mold Cure), (By Aircraft Type- Commercial and Defense), (By Tire Type – Type III, Type VII, Type VIII (Three Part Type), and Metric), (By Design – Bias Ply Tires and Radial Ply Tires), (By Tire Assembly- Tubeless Tires and Tubed Tires),  (By Geography (North America, Europe, Asia Pacific and Rest of World (RoW)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall retread tires market worldwide was valued at US$ 692.3 Mn in 2018 and is set to grow with 4.2% CAGR during the forecast period.

Market Insights

Growing air traffic and focus on low operating cost are driving the growth of the aircraft retread tires market. In 2017, according to the ‘Airports Council International (ACI)’, world airports accommodate around 118 Mn tons of cargo and nearly 8.2 Bn passengers. Flexibility, eco-friendly, less time consuming, safe and other benefits of retread tires to boost the demand for aircraft retread tires market. Growing need for commercial aircraft and adoption of retread tires in defense sector will also boost the market growth. Strict government regulations for retread tires in aircraft industry are also helping the 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 show significant growth throughout the forecast period. 

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 the major factors for the dominance of commercial segment. The 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 to new routes by the airlines to increase their dominance in the market will also help the segment growth. Consequently, we presume that the commercial segment will show significant growth during the forecast period. On the other hand, we project that the defense segment will grow with the fastest CAGR owing to increased defense expenditures by emerging economies and growing use of retread tires in defense aircraft. 

Based on the 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 America aircraft retread tires market owing 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 in the aircraft are retread tires. Hence, we assume that North America will continue its dominance in the aircraft retread tires market. On the other flip of the coin, we presume that Asia Pacific will be the fastest growing region due to rising government investments for defense & aviation industry and growing domestic & international air passenger traffic in the region. 

Browse the full report at https://www.briskinsights.com/report/aircraft-retread-tires-market

The Global Aircraft Retread Tires Market is Segmented into:

*Complete segmentation list is on report page

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.