AIRCRAFT TIRE MARKET ANALYSIS

Regional Analysis

Aircraft Tire Market: Regional Insights

On the basis of geography, the global aircraft tire market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific is expected to exhibit the highest CAGR in the forecast period. Growth in the aviation industry in Asia Pacific is one of the major driving factors for growth of the market. India, China, and Japan are the major growth engines in this region. According to International Air Transport Association, 2015, demand for air transport is expected to be highest in the Asia Pacific region and is predicted to outpace both Europe and North America by 2034. According to the same source, by 2022, China is expected to be the world’s largest aviation market, which will include the traffic to and from China and also passengers traveling within the country. Hence, this increasing aviation market in China is expected to aid in high demand for aircraft tire, in turn driving growth of the aircraft tire market in Asia Pacific.