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
PD6D
Contact:
Maria Celeste Bailo
Corporate Communications
SOURCE Frost & Sullivan
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
Phnom Penh [Cambodia], July 12 (ANI): Union Minister of State for External Affairs Pabitra Margherita reaffirmed the 'strong and enduring...
The arbitration has in fact become an anchor around the Filipino people's neck, weighing the nation down economically, said Herman...
New Delhi [India], July 12 (ANI): Prime Minister Narendra Modi on Saturday stated that every India is elated with this recognition...
New Delhi [India], July 12 (ANI): The Ministry of External Affairs (MEA) has underlined India's increasing involvement in the Indo-Pacific...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...