by The aircraft tire market is widely used in commercial aircraft, military aircraft and general aviation aircraft. Aircraft tires experience extreme loads and harsh operating conditions such as high speeds and temperatures. Aircraft tires provide traction and absorb shocks during taxiing, take-offs and landings. They are designed to withstand heavy weights and offer optimum performance even in harsh weather. They also minimize wear and tear, and improve fuel efficiency. The growing aviation industry and rising aircraft orders and deliveries are anticipated to drive the growth of the aircraft tire market globally.
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.
With the expanding global aviation sector and increasing air passenger traffic, the demand for new aircraft is surging dramatically. Modern aircraft require less fuel and emit fewer emissions. This is propelling the production of new-generation fuel-efficient aircraft. Additionally, the replacement of old aircraft tires and the need for retreading services is catalyzing market growth.
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 adopting strategies such as new product launches, partnerships, and expansion of production facilities to strengthen their market position.
The rising demand for air travel across the globe presents significant opportunities in the aircraft tire market. The market is witnessing increased demand for new radial and bias construction tires. Advancements in material science are helping manufacturers develop lightweight and fuel-efficient aircraft tires.
Major aircraft manufacturers such as Boeing and Airbus are expanding their international presence into high growth markets such as Asia Pacific, Middle East and Africa. This is augmenting the delivery of new aircraft and further driving the aircraft tire market globally.
Market Drivers
Growth in global air passenger traffic: The increasing demand for air travel, especially in emerging economies is propelling the procurement of new-generation aircraft. This is positively impacting the demand for aircraft tires.
Replacement of old aircraft: The replacement of old and worn-out aircraft tires with new radial and bias ply tires is fueling market revenue. Additionally, the increasing aircraft usage is boosting the replacement demand.
Market Restraints
Cyclical demand: The aircraft OEM business extensively relies on broad economic trends and air travel demand. Any fluctuation in sales cycles can restrain market potential.
Volatility in raw material prices: Significant dependence on petroleum-based raw materials exposes manufacturers to input cost volatility. Fluctuating crude oil prices can squeeze profits.
Segment Analysis
The Aircraft Tire market can be segmented by type, aircraft type, sales channel, and region. Based on type, the radial segment is presently dominating the market as radial tires provide better performance compared to bias ply tires. They can withstand high speeds, provide stable braking and good traction on runways. By aircraft type, the commercial aircraft segment holds a major share in the market due to the rising global passenger traffic. Asia Pacific is the fastest growing region with India and China experiencing tremendous growth.
Global Analysis
Regionally, North America holds the largest market share due to presence of major aircraft tire manufacturers in the US. However, Asia Pacific is emerging as the fastest growing market with China and India showing high growth prospects. India is estimated to overtake the UK to become the third-largest aviation market by 2024 due to initiatives like Regional Connectivity Scheme and Airport Modernization Program. The Asia Pacific region is also witnessing investments from aircraft tire makers to capitalize on the growth opportunities. For instance, Michelin plans to set up an aircraft tire manufacturing facility in India by 2024 with an investment of over US$150 million.
