Global Aircraft Tires Market Forecast:
The aircraft tires market which accounted for US$ 1.5 billion in 2021, is estimated to register an uncharted growth trajectory by recording a promising CAGR of 6.1% to reach a market value of US$ 2.6 billion in 2027.
Market Drivers
Aircraft tires are difficult to design since they must avoid bursting, to prevent damage to the aircraft. Maintaining stability, carrying huge weight at fast speeds, and giving effective braking capabilities are significant expectations from aircraft tires. As an aircraft's weight increases, the number of tires required grows as the weight must be spread more evenly.
Aircraft tires are designed to carry heavy weights for short periods. Increasing air passenger traffic over the past two eons paired with frequent take-offs landings make the tire a more important and indispensable focus area of the entire aerospace community.
Some linchpins in the market are:
- Compagnie Generale Des Etablissements Michelin S.C.A.
- Bridgestone Corporation
- The Goodyear Tire Rubber Company
- Dunlop Aircraft Tyres Ltd.
- Mitas a.s. (a Trelleborg A.B. company)
- Kumho Tire Co. Inc.
- Petlas Tire Corporation
- Qingdao Sentury Tire Co., Ltd.
- Specialty Tires of America
- Wilkerson Company, Inc.
Aircraft Tires Market Segmentation:
The report segments based on demographics, geographics, benefits, and volume, etc, have different driving factors and identify the most-attractive segments and sub-segments. Aircraft Tires Market segmentation will not only help marketers to be more efficient in terms of time, money, and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
Based on the tire type, the market is segmented into the radial tire and bias tire. A radial tire is expected to remain the dominant as well as the faster-growing tire type in the market during the forecast period. The demand for radial tires is driven by continuous innovations targeting a reduction in weight, increased durability, and mobility. These aspects enable companies to improve fuel efficiency, tire life, and passenger comfort, resulting in higher usage of radial tires in the industry.
Based on the aircraft type, the market is segmented as commercial aircraft, regional aircraft, military aircraft, helicopters, and general aviation. During the projection period, commercial aircraft will continue to lead the market.
An expected recovery in air passenger traffic is likely to imprint a positive impact across the supply chain including the demand for tires. An expected rise in flying activity paired with higher wear and tear of tires is likely to drive the demand for tires at the aftermarket level. Continuous rise in military aircraft production is further estimated to drive the demand for tires in the years to come.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain the dominant segment of the market during the forecast period. The long service life of aircraft requires a large number of tires throughout its lifetime. Aircraft tires are subjected to operation in extreme temperatures and pressure.
Tires continuously degrade during take-off and landings. Take-off is the most common cause of wear tear of tires as the aircraft is fully loaded with fuel, passengers, and luggage. Tires are already pre-heated by taxiing on the runway, making take-off more crucial leading to the wearing of tires, creating a greater demand for tires.
In terms of regions, Asia-Pacific is expected to remain the largest market for aircraft tires during the forecast period. Major countries in the region (China, India, Japan, Singapore, and South Korea) have a large fleet of aircraft in order to meet the large passenger traffic. Furthermore, these countries also generate a sustained demand for new aircraft to address the incessant rise in passenger traffic. North America and Europe are other markets and are likely to generate a sizeable demand for tires in the years to come.
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Ritesh Gandecha
Stratview Research
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