by Market Overview:
Aircraft tires are made from special rubber compounds to withstand extreme heat and pressure during takeoff, landing, and taxiing. Aircraft tires play a crucial role in absorbing shocks from landing and ensuring proper braking performance. They are designed to withstand tough runway conditions and support heavy loads for prolonged durations.
Market key trends:
One of the key trends in the aircraft tire market is the development of fuel-efficient and lightweight aircraft tires. With growing environmental concerns and rising fuel costs, aircraft manufacturers are focusing on reducing the weight of aircraft components, including tires. Lightweight aircraft tires help improve fuel efficiency by reducing the overall weight of the aircraft. Market players are investing in R&D to develop advanced composite materials and new rubber compounds that can provide similar strength and durability at significantly lower weights compared to conventional tires. This is expected to drive the demand for aircraft tires during the forecast period.
One key trend in the aircraft tire market is the growing demand for retreading services. With increasing aircraft mileage and flight hours, the necessity of retreading worn aircraft tires has risen substantially over the past few years. Retreading allows to restore the worn tread of aircraft tires and return them to service for additional mileage. This has emerged as a cost-effective solution compared to purchasing new tires. As such, leading tire manufacturers are increasingly offering retreading services for both new and used aircraft tires.
The global Aircraft Tire Market Size is estimated to be valued at US$ 2.38 Bn or in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths: Bridgestone and Michelin dominate the market with their well-established brands and wide product portfolios.
Weaknesses: High costs associated with aircraft tire testing and certification.
Opportunities: Growth in air passenger traffic in emerging economies of Asia Pacific and Middle East regions.
Threats: Stringent regulatory standards regarding aircraft tire performance and safety. Volatility in raw material prices poses threats.
Key Takeaways
The global aircraft tire market size was valued at US$ 2.38 Bn in 2023. The market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing air passenger traffic globally.
The Asia Pacific region dominates the aircraft tire market currently. China, India, and other Southeast Asian countries are witnessing tremendous growth in domestic and international air traffic, which is driving the demand for new as well as replacement aircraft tires in the region.
Key players operating in the aircraft tire market are Bridgestone Corp, Goodyear Tire and Rubber Company, Specialty Tires of America Inc., Dunlop Aircraft Tyres Limited, Michelin, Aviation Tires and Treads of America, Qingdao Century Tires Company Limited, Wilkerson Aircraft Tires, Petlas Tire Corporation. Bridgestone and Michelin have a significant market share due to their diversified product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
