Growth potential in commercial flights will drive demand for aircraft tires, with sustainability as a key investment area among vendors, says Frost & Sullivan.
San AntonioAnd the September 20 2022 /CNW/ — With the aviation industry rebounding after a period of flight restrictions, the commercial aircraft tire market is surrounded by optimism. The increase in passenger traffic and the potential increase in aircraft deliveries in the future is accelerating the growth of the sector, according to a recent Frost & Sullivan analysis, Growth Opportunities for Commercial Aircraft Tires. It is expected to reach the market 8.84 billion dollars By 2032 from $2.31 billion In 2021registering a compound annual growth rate (CAGR) of 13%.
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“The growing demand for aircraft tires and manufacturers’ needs to meet sustainable compliance are encouraging them to invest in identifying new materials for manufacturing,” he said. Abhilash IbrahimAnd the Aerospace and Defense Research Analyst at Frost & Sullivan. “Moreover, manufacturers are investing in and leveraging automation and artificial intelligence (AI) technologies to digitize their processes and enable sustainability initiatives.”
Abraham added: “Narrow-body aircraft will be the main contributor to driving the aircraft tire market, with the major aircraft manufacturers – Boeing and Airbus – focusing on this segment to boost their revenues from commercial aircraft. Likewise, the impressive participation of regional aircraft and turboprops in the total fleets of aircraft. commercial tires will boost demand for aircraft tires worldwide.”
To reap the benefits of the growing global commercial aircraft tire industry, market participants must:
- Take advantage of digital technologies and integrating next generation technologies to develop new revenue streams.
- Deployment of the Industrial Internet of Things (IoT) and focus on industrial automation for Simplify manufacturing processesAnd the Lower manufacturing costsand 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.
Growth Opportunities for Commercial Aircraft Tires It is the latest addition to Frost & Sullivan space and defense Research and analysis is 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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Growth Opportunities for Commercial Aircraft Tires
Maria Celeste Bailo
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Source: Frost & Sullivan