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Market Overview
The aircraft tire market has witnessed significant growth owing to the growing aircraft fleet globally. Aircraft tires are specialty tires designed to withstand heavy loads and enable safe take-off, landing, and taxiing of commercial and military aircraft. These tires are manufactured using various materials such as steel cord, organic materials, and rayon cord to provide durability, resilience, and traction. Aircraft tires experience extreme heat and pressure during operations which makes them prone to damage. Hence, OEMs are focusing on developing advanced materials such as composite and hybrid materials that can withstand extreme conditions for a longer period. Moreover, the increasing demand for lightweight and fuel-efficient aircraft is prompting vendors to offer aircraft tires with reduced weight.
The Global Aircraft Tire Market is estimated to be valued at US$ 2.38 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the aircraft tire market are Michelin (France), Goodyear Tire and Rubber Company (US), Bridgestone Corporation (Japan), Dunlop Aircraft Tyres Ltd. (UK), Qingdao Sentury Tires Company Limited (China), Wilkerson Aircraft Tires (US), Petlas Tire Corporation (Turkey), Aviation Tires and Treads, LLC (US) and Specialty Tires of America (US) among others. These players are focused on developing innovative aircraft tires through sustained investments in R&D.
The increasing aircraft procurement owing to rising passenger traffic globally is expected to offer lucrative growth opportunities for aircraft tire manufacturers. further, the commercialization of new regional aircraft is anticipated to drive the demand for aircraft tires.
Key players are expanding their footprint globally to tap the potential offered by emerging economies in Asia Pacific and Middle East countries. Manufacturers are also focusing onAfter market services to strengthen their foothold.
Market Drivers
The global aircraft tire market is projected to witness significant growth due to increasing aircraft deliveries worldwide. Boeing projected a demand for over 41,000 new aircraft worth $6.3 trillion between 2018 and 2037. Such large aircraft orders will subsequently boost the demand for aircraft tires during the forecast period. Further, the growing retrofitting activities of older aircraft with advanced tires will also support the market expansion.
PEST Analysis
Political: The aircraft tire market is influenced by stringent regulatory standards set by aviation authorities regarding certification of components like aircraft tires. Any changes in regulations may impact the development or approval of new products.
Economic: Factors such as rising global air passenger traffic, growing fleet size of existing aircraft, increasing investments by airlines in new aircraft are fueling demand for aircraft tires. However, macroeconomic uncertainties can impact airline spending and demand.
Social: Increasing preference for air travel over other modes of transportation for business and leisure needs is driving more aircraft operations and the need for suitable tires.
Technological: Advancements in tire material technology allow development of advanced aircraft tires with improved durability and lower weight which enables improved fuel-efficiency. Adoption of new aircraft models may need compatible advanced tire designs.
Geographical regions where the market is concentrated:
North America and Europe collectively account for over half of the global aircraft tire market value. This is attributed to presence of major aircraft manufacturers, airlines, and fleet operations in these regions. Countries like the US, Canada, Germany, UK and France have a large installed base of commercial and military aircraft.
Fastest growing region:
The Asia Pacific region is expected to witness the highest growth in the aircraft tire market during the forecast period. This can be attributed to factors like growing Middle class in emerging economies, rapid expansion of both commercial and military fleets especially in China and India. Low cost carriers in several APAC countries are also contributing to increased air travel and subsequent demand for aircraft components.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
