Global ground support equipment tires market is anticipated to accelerate at a CAGR of more than XX% during the assessment period 2018-2028. The growing worldwide air traffic is anticipated to bring traction to the ground support equipment tires market.
As per the TMR research study, the air passenger traffic is set to grow significantly, owing to the growing disposable income, in tandem with the rapidly increasing middle-class population. The growth in air traffic will consequentially underpin gains in ground support equipment tires market.
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The study opines that as per International Air Transport Association estimations, worldwide passenger traffic surpassed XX% in 2017, more than average annual growth of XX% recorded during the last decade. The burgeoning passenger traffic is likely to fuel growth in the aviation sector, which will thereby trigger demand for highly efficient, robust, and safe ground support equipment for managing diverse operations and services at airport terminal gates.
The progressive global aviation industry is propelling ground support equipment operators to devise strategies to cater to growing demand for ground support equipment, which in turn is expected to drive demand for ground support equipment tires. To capitalize on the changing air-traffic scenario, stakeholders in ground support equipment tires market are taking initiatives to design, build, and manufacture cutting-edge variants for better operational comfort, high speed, and improved efficiency.
The study indicates that amid the highly competitive ground support equipment tires market scenario, manufacturers are focusing on tailored tires with extended life and minimal irregular wear. For instance, leading manufacturers in ground support equipment tires market, such as Trelleborg A and Michelin are working on technology-driven components to meet the burgeoning demand for low resistant tires for better stability and safety.
Developing Economies to Remain Highly Lucrative for Ground Support Equipment Tires Market
The study opines that the developing economies across the globe will witness an increased demand for ground support equipment tires, owing to the rising per capita income, rapid industrialization, and stabilizing economic scenarios. South Asia, being an emerging economy with a considerable number of airports is expected to create significant growth opportunities for manufacturers operating in ground support equipment tires market.
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The highly supportive Foreign Direct Investment (FDI) policies are likely to increase investments favoring growth of the aviation sector in forthcoming years, finds the TMR study. Furthermore, growing urbanization and per capita income in developing economies has the potential to strengthen ground support equipment tires market in the region. As per the study, North America dominated worldwide ground support equipment tires market with a significant market share in 2018, followed by Europe.
Some of the leading companies profiled in the ground support equipment tires market are Sterling Solid Tyres (p) Ltd., Royal Tyres Private Limited, Apexway Products Corp., Industrial Rubber Company, Maxam Tire International Ltd., Ground Support Products, Michelin, Super Grip Corporation, Sun TWS, and Continental AG