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%.
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"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:
- Leverage digital technologies and incorporate next-generation technologies to develop new revenue streams.
- Deploy the industrial internet of things (IoT) and focus on industrial automation to streamline manufacturing processes, lower manufacturing costs, and reduce equipment downtime.
- Source renewable materials for manufacturing and adopt environmentally friendly recycling processes to achieve sustainability goals and gain the upper hand over competitors.
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.
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Commercial Aircraft Tire Industry Growth Opportunities
Maria Celeste Bailo
SOURCE Frost & Sullivan