According to a recent analysis by Frost and Sullivan, 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%.
“Growing demand for aircraft tires and manufacturers’ needs to meet sustainable compliance are encouraging them to invest in identifying new materials for manufacturing,” said Abhilash Abraham, Aerospace and Defense Research Analyst, Frost. and Sullivan. “In addition, manufacturers are investing in and leveraging automation and artificial intelligence technologies to digitize their processes and enable sustainability initiatives.”
According to the report, to reap the benefits from the growth of the global commercial aircraft tires industry, market players should:
- Leverage digital technologies and integrate next-generation technologies to develop new revenue streams.
- Deploy the IIoT and focus on industrial automation to streamline manufacturing processes, reduce manufacturing costs, and reduce equipment downtime.
- Source renewable materials for manufacturing and adopt environmentally friendly recycling processes to meet your sustainability goals and gain an edge over your competition.