The global ground support equipment tyres market is projected to have been valued at US$395.8 million in 2018 and is projected to generate incremental opportunity worth US$233.3 million between 2018 and 2028, says Persistence Market Research in its latest research report “Ground Support Equipment Tires Market: Global Industry Analysis 2013-2017 and Forecast 2018-2028”.
Ground support equipment tyres are a type of tyre that are used in passenger services, aircraft service equipment and for cargo loading at airports. Shifting preference towards air travel and growing focus on improving the overall experience of customers are two important factors that will drive the growth of the ground support equipment tyres market.
The market is segmented based on equipment type, tyre type and sales channel. North America and Europe dominate the market in terms of revenue generated from sales. A major share of the sales is contributed by the aftermarket segment owing to the high replacement rate.
With robust growth being witnessed in end-use industries, the global market is anticipated to expand at a CAGR of 4.8% during the forecast period.
The South Asia ground support equipment tyres market is expected to be behind the European market and captured approximately a quarter of the value share in 2018. South Asia, with its significant number of airports and due to its emerging economy, is expected to create significant growth opportunities during the forecast period.
Some of the key market participants included in this market report are Continental AG, Sterling Solid Tyres (p) Ltd., Michelin, Maxam Tire International Ltd., Apexway Products., Super Grip Corporation, Ground Support Products, Royal Tyres Private Limited, Industrial Rubber Company and Sun Tyre & Wheel Systems.