June 13, 2024
Ict

Emerging Aircraft Tire Market Trends to Boost Demand by Advanced Technologies

The global aircraft tire market is an integral part of the aviation industry. Aircraft tires aid in take-off and landing operations while providing traction to maneuver the aircraft on the ground. They are manufactured using various materials including elastomeric polymers, steel cords, and fibers to withstand high pressures and loads. Advancements in aircraft design and growth of air passenger traffic have augmented the demand for new as well as replacement aircraft tires.

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 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. They provide various types of aircraft tires such as radial and bias ply tires for different aircrafts ranging from commercial planes, military aircrafts, and private or business jets.

The growing demand for air travel and corresponding need for fleet expansion especially among low-cost carriers in developing countries has boosted the replacement rate of aircraft tires. Additionally, increasing militarization of several countries is propelling the demand for military aircrafts and associated aircraft tires. Key players are expanding their manufacturing plants across different geographical regions to cater to the growing global demand.

One of the emerging trends in the aircraft tire market is the development of advanced materials with innovative technologies. Companies are focusing on reducing weight and increasing durability of aircraft tires. For instance, some key players are developing tires embedded with sensors to monitor pressure and predict failures in real-time for preventing mishaps. Such advanced technologies are expected to drive the aircraft tire market during the forecast period.

Porter’s Analysis
Threat of new entrants: Aircraft tires require heavy capital investment and technology know-how to produce. Regulatory hurdles pose barrier for new players.
Bargaining power of buyers: Large aircraft manufacturers have significant buyers power that affects profit margins of tire makers.
Bargaining power of suppliers: Raw material prices volatility affects production costs. Tire makers depend on limited suppliers for technical materials.
Threat of new substitutes: No close substitutes exist for aircraft tires due to strict regulations and safety standards in aviation.
Competitive rivalry: Presence of global giants leaves limited scope for small players. Intense competition on pricing and new product development.

Around 50% of the global Aircraft Tire Market value is concentrated in North America region led by demand from military and general aviation. Presence of major fleet owners and largest aircraft manufacturers boosts regional demand. Asia Pacific region is growing at fastest pace supported by rising passenger air travel, especially in China and India. Expanding fleet size of low cost carriers drives replacement tire sales in the region.

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