by The aircraft tire market comprises tires designed for aircrafts to enable take-off, landing and taxiing on runways and taxiways. Aircraft tires are composed of sturdy rubber compounds and lightweight materials to withstand high pressure and impacts during frequent taxi, take-off and landing cycles. Aircraft tires offer advantages like fuel efficiency, reliability, and safety. The growing air passenger traffic and freight transportation across the globe has boosted the demand for new aircrafts, which in turn is driving the aircraft tire market.
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 from 2023 to 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 growing demand for fuel-efficient and lightweight aircraft tires from commercial airlines as well as military forces is driving the aircraft tire market. Growing international trade and tourism has led to significant rise in air traffic globally, thereby propelling the demand for new aircrafts and replacement of aircraft tires. Key players are expanding their production facilities globally to leverage the opportunities posed by countries like China and India.
Market key trends
One of the key trends witnessed in the aircraft tire market is the growing preference of sustainable aviation fuel (SAF) by airline majors. Several commercial airlines have pledged to increase the usage of SAF to reduce their carbon footprint. Aircraft tire manufacturers are developing tires compatible with aircrafts running on SAF. Low-rolling resistance aircraft tires paired with SAF helps reduce fuel consumption and carbon emissions. This emerging trend is expected to favor the demand for advanced aircraft tires in the coming years.
Porter’s Analysis
Threat of new entrants: aircraft tire market sees stringent safety regulations and high capital costs, posing barriers for new companies.
Bargaining power of buyers: the aircraft industry has major OEMs with significant buyer power, requiring competitive pricing and quality standards from tire makers.
Bargaining power of suppliers: raw material suppliers have some influence due to specialized rubber compounds needed, though innovation mitigates this through product differentiation.
Threat of new substitutes: no substitute products currently replace the function of aircraft tires in commercial aviation.
Competitive rivalry: a few global players dominate with established brands, economies of scale, though regional specialty firms exist.
Geographical Regions
North America currently holds the largest share of the global aircraft tire market in terms of value due to strong presence of commercial aircraft OEMs and MRO companies.
Asia Pacific is projected to be the fastest growing regional market between 2023 to 2030 based on increasing aircraft deliveries and expanding low-cost carrier routes driving new aircraft procurement in countries like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
