May 29, 2024

The Growing Aircraft Tire Market is Driven by Rising Adoption of Commercial Airlines


The aircraft tire market is a vital part of the aviation industry. Aircraft tires transfer landing and takeoff loads between the aircraft and runway or tarmac surface and provide traction for ground maneuvering and serves as shock absorbers. Modern aircraft tires are tubed pneumatic rubber structures designed to withstand intensive stresses involved in takeoffs and landings. They have strengthened casings containing composite reinforcement plies and belts to aid in puncture resistance and improve tread wear as aircraft operations generate tremendous heat and lateral forces.

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.

Aircraft tire manufacturers are increasingly investing in R&D to develop advanced composite materials and structures offering better weight load ratio, heat resistance and durability suited for new generation aircraft designs. They also focus on retreading and reuse of tires to boost sustainability and reduce maintenance costs for airlines.

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 air travel across the globe is driving commercial aircraft deliveries which is propelling the aircraft tire market. The rising middle-class population in developing countries is opting for air travel for business and leisure purposes.

Major aircraft OEMs and airlines are expanding their global footprint by increasing aircraft fleet sizes and interconnecting more cities through their route networks. This is boosting aircraft tire replacement rates and new installation volumes.

Market Key Trends

One of the key trends gaining prominence in the aircraft tire market is the increasing use of renewable materials and green manufacturing practices. Major tire producers are focusing on sustainability and developing tires with partial or complete bio-based formulations. They are utilizing agricultural waste biomass, natural rubber latex and plant-derived oils and resins as raw materials. This is reducing reliance on fossil fuels and carbon footprint of aircraft tire production activities.

Porter’s Analysis 

Threat of new entrants: Low capital requirements pose a minimal threat as aircraft tire production requires huge investments and technical expertise.

Bargaining power of buyers: Airlines have moderate bargaining power due to the lack of substitutes and differentiated products offered by existing suppliers.

Bargaining power of suppliers: Major suppliers like Michelin, Goodyear, and Bridgestone have significant bargaining power due to their technical expertise and economies of scale in production.

Threat of new substitutes: There are no close substitutes for aircraft tires due to safety and performance requirements.

Competitive rivalry: Intense competition exists among the key global players to gain market share through product innovation, expansion into new regions and customer loyalty programs.

The geographical region where the value of the aircraft tire market is highly concentrated is North America. The U.S. accounts for the bulk of demand owing to large aircraft fleets and frequent replacement cycles. Asia Pacific region is expected to witness the fastest growth during the forecast period driven by increasing aircraft procurement in China and India coupled with rising MRO activities.

Geographical Regions:
The geographical region where the value of the aircraft tire market is highly concentrated is North America. The U.S. accounts for the bulk of demand owing to large aircraft fleets and frequent replacement cycles. Asia Pacific region is expected to witness the fastest growth during the forecast period driven by increasing aircraft procurement in China and India coupled with rising MRO activities.

*Note:

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