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The aircraft tire market involves the production and sale of various types of tires that are specifically designed for aircrafts. Aircraft tires experience extreme forces and loads during take-off and landing. They are manufactured using durable rubber compounds and strong steel or Kevlar belts to withstand high pressure and heat. Growing airline industry and increasing procurement of new aircrafts is creating significant demand for aircraft tires globally.
The Global Aircraft Tire Market is estimated to be valued at US$ 2.38 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030.
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.
The key opportunities in the market include rising MRO activities for aging aircraft fleets and development of ultra-efficient aircraft tires. The manufacturers are investing in R&D to develop fuel-efficient and lightweight aircraft tires.
Globally, the aircraft tire market is expected to witness high growth in Asia Pacific and North America led by strong growth in air passenger traffic, low-cost carriers, and aircraft procurement in countries like India and China. The manufacturers are also expanding their presence in emerging markets through partnerships.
Market drivers
The primary driver for the aircraft tire market is rising global air passenger and cargo traffic which has increased the demand for new commercial and military aircrafts. As per IATA, the global passenger traffic is expected to double by 2037 driving the procurement of new fuel-efficient aircrafts. This is positively impacting the demand for aircraft tires. Further, the growth of low-cost carriers in developing nations is also contributing to the aircraft tire market growth.
PEST Analysis
Political: The aircraft tire market is impacted by government regulations and policies related to aircraft manufacturing and operations. Strict emission standards mandate lower carbon footprint from aircrafts which impact design and performance of tires.
Economic: Global economic conditions influencing air passenger traffic, airfreight movement and defense budget determine demand for new aircrafts and replacement of existing tires. Higher GDP growth directly correlates with increasing air travel and logistics requirements.
Social: Rising income levels and expanding middle class have increased air travel as a mode of transportation for both business and leisure purposes. This growing preference for air travel augurs well for demand of aircraft tires.
Technological: Developments in material science, lightweight composites and friction reduction technologies enable fabrication of stronger, fuel efficient and longer lasting aircraft tires. Usage of advanced tire monitoring system for preventive maintenance also supports market growth.
The geographical regions where the aircraft tire market is concentrated in terms of value include North America, Europe and Asia Pacific. North America currently accounts for the largest share owing to presence of major aircraft OEMs and airliners in countries like United States. Within Europe, countries like United Kingdom, Germany and France have sizable aircraft tire market. The Asia Pacific region is witnessing fastest growth led by China due to rising domestic air traffic and expanding low cost airline industry in the region. Countries like India are also emerging as lucrative markets for aircraft tire replacment and upgrades.
The Middle East market for Aircraft Tire Markets projected to rise at fastest pace during the forecast period. This can be attributed to substantial investments made in new airports, modernization of existing aviation infrastructure and fleet expansion undertaken by Gulf airliners. Projects like Dubai Airport expansion, Doha New Airport in Qatar etc. will bolster regional demand for both aircraft and corresponding number of tire sets over the coming decade. Additionally, significant defense aviation industry in countries like Saudi Arabia and United Arab Emirates offers potential for Aftermarket sales of aircraft tires in the Middle East region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
