Technavio's latest market research report on the global aircraft tire marketprovides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global aircraft tire market from 2018-2022. (Graphic: Business Wire)
According to Technavio market research analysts, the global aircraft tire market will grow at a CAGR of close to 5% during the forecast period. The increasing developments in tire manufacturing are a major factor driving the market's growth.
The global aircraft tire manufacturing industry is focusing on using new-generation materials that deliver enhanced performance while complying with different safety norms. Manufacturers are also using cross-linkable rubber or synthetic elastomer rubber to enhance the rubber composition in newer tires which augurs well for the growth of the market.
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In this report, Technavio highlights the emerging innovative solutions as one of the key emerging trends in the global aircraft tire market:
Emerging innovative solutions
Intelligent tires have a small chip with sensors integrated into them. These sensors can measure parameters such as tire pressure, wear and tear, and damage. Some companies, such as Continental, offer tires that consist of integrated sensors with monitors to track the air pressure.
At the 2017 Paris Le Bourget Air Show, Michelin and Safran presented an innovation called PresSense, which is a wireless solution comprising of an electronic pressure sensor installed within the tire for improving and simplifying ground maintenance operations. The sensor embedded in the tire collects information on inflation pressure, which is transferred digitally to a reader connected to a smartphone and to a maintenance database without any physical intervention on the tire.
According to a senior analyst at Technavio for aerospace research, "The development of such smart innovations which facilitate access to detailed information without any manual intervention will lead to the growth of the aircraft tire market."
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Global aircraft tire market segmentation
This market research report segments the global aircraft tire market by tire type (bias and radial) and key regions (the Americas, APAC, and EMEA).
In terms of geographical segmentation, the Americas accounted for a majority of the market share during 2017 and will retain its position during the forecast period. Some of the factors responsible for the market's growth in this region is the increasing orders of new aircraft across all segments, strong economy in major North American countries such as the US and Canada, and the need to establish new routes connecting national and international destinations.
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