According to a new market report published by Lucintel, the future of the aerospace tire industry looks positive with opportunities in commercial, regional aircraft, general aviation, helicopter and military aircraft segment. The global aerospace tire industry is forecast to grow at a CAGR of 3.9% from 2016 to 2021. The major growth drivers of this market are increase in aircraft delivery and increase in the frequency of flights.
In this market, radial and bias tire are the two types of tires. Lucintel predicts that the demand for radial tire is likely to experience the highest growth in the forecast period due to more durability and light weight, which increases life span of the aircraft tire.
Within the aerospace tire industry, commercial aircraft is expected to remain the largest market during forecast period due to increase in deliveries of commercial aircraft and increase in the frequency of flights.
By market type, retrofit market is expected to remain the largest market during forecast period due to increase in the frequency of flights.
North America is expected to remain the largest market during the forecast period due to the increase in aircraft deliveries and rise in the frequency of flights because of increase in passenger traffic.
APAC is expected to grow with the highest CAGR during the forecast period due to increasing demand of new aircraft and introduction of new airlines in this region as the passenger traffic is expected to rise in the forecast period which will increase the demand for aircraft tires.