February 21, 2024
Aircraft Tire Market

Rapid Digitalization And Adoption Of Connected Aircraft Is Anticipated To Openup The New Avanue For The Aircraft Tire Market

Market Overview:

Aircraft tires are designed to withstand high speeds and support heavy loads during take-off, landing, and taxiing on runways and taxiways. Aircraft tires are made from different materials such as synthetic rubber and steel cord. Aircraft tires are suitable for both commercial as well as military aircraft operations. Key end uses of aircraft tires include passenger aircraft, cargo aircraft, and military aircraft.

Market Dynamics:

Increase in global air passenger traffic is one of the major drivers of the global aircraft tire market. According to the International Air Transport Association (IATA), approximately 8.2 billion passengers traveled by air in 2023, registering a year-on-year growth of 86.3% over 2022 passenger numbers. The global civilian fleet is projected to double in size over the next 20 years to accommodate this growing demand for air travel. This rise in aircraft fleet size is expected to boost the demand for aircraft tires during the forecast period.

Another driver for the market growth is the increasing preference for radial tires in commercial aircrafts. Radial tires are more durable and lightweight as compared to bias ply tires. They offer improved fuel efficiency, longer tread wear, maximized aircraft load capacity, and reduced maintenance costs. For example, radial tires last three to five times longer than bias ply tires. This growing adoption of radial technology in commercial aircraft fleets is expected to support the market growth over the forecast period.

Segment Analysis

The aircraft tire market can be segmented into different product types including radial tires and bias tires. Radial tires dominate the market as they offer better durability and fuel efficiency compared to bias tires. Radial tires provide longer tread life, better control, and increased safety. As a result, all major aircrafts currently use radial 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.

PEST Analysis

Political: Aviation regulations regarding aircraft component safety are becoming more stringent globally. This favors well-established tire manufacturers with certified quality systems.
Economic: Growth in commercial aviation is driving the demand for new aircraft and replacement of existing aircraft fleet. This positively impacts the aircraft tire market.
Social: Increasing air passenger traffic is increasing the need for more aircrafts. This is fueling the demand for aircraft tires.
Technological: Tire manufacturers are focusing on developing advanced materials that reduce weight and improve durability of aircraft tires. This helps improve fuel efficiency.

Key Takeaways

The global Aircraft Tire market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing air passenger traffic globally. The market size for 2023 is estimated to reach US$ 2.38 Bn.

The North American region dominates the global aircraft tire market accounting for over 30% share, led by the U.S. Large fleet size of commercial and military aircrafts drives the demand. The Asia Pacific region is expected to grow at the fastest pace during the forecast period, led by countries like China and India.

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. These companies are focusing on developing advanced radial tires made of lightweight materials with improved durability.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it