May 23, 2024

Aircraft Tire Market is Anticipated to Witness High Growth Owing to Increasing Aircraft Fleet Size

Aircraft tires are highly engineered components used primarily in aircraft landing gear applications. They provide critical functions such as traction, shock absorption, and cushioning during taxi, take-off and landing operations. Aircraft tires experience extreme stresses owing to high speeds and heavy loads. Their structure consists of durable materials such as synthetic or natural rubber molded into tread patterns for maximum friction. The aviation industry has seen robust growth in recent years, necessitating more aircraft, freight and passenger movements globally. This has significantly driven the demand for various aircraft components including tires.

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.

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. These players are focusing on new product launches and expanding their manufacturing facilities to cater to the growing demand.

Major growth opportunities in the market include increasing commercial aircraft fleet size and cargo transportation globally. The increasing air passenger traffic in regions such as Asia Pacific and Middle East is also favoring the aircraft tire market growth. Key players are exploring opportunities in emerging markets through collaborations with regional aircraft manufacturers and suppliers.

Globally, the aircraft tire market is witnessing expansion in developed regions such as North America and Europe owing to strong aviation infrastructure and fleet modernization programs. Market players are investing in developing economies like China, India and countries across the Middle East and Africa to tap into new revenue sources. Investments in airport infrastructure and regional connectivity initiatives will accelerate the market penetration in developing countries.

Market Drivers
Increasing aircraft procurement: Rising passenger and freight traffic globally has encouraged airline operators as well as aircraft lessors to procure newer and larger aircraft fleet. This is creating significant demand for aircraft components including tires during the replacement and retrofitting of aircraft.

Market Restraints
Volatility in raw material prices: Aircraft tires are manufactured using rubber as the key raw material whose prices exhibit volatility depending on global economic conditions and speculative trading. Unstable rubber costs pose challenges to tire manufacturers in achieving cost efficiencies.

Segment Analysis

The Aircraft Tire market can be segmented based on aircraft type, tire type, application, and geography. Based on aircraft type, the commercial aircraft segment dominated the market in 2023 owing to high volume and rapid replacement of tires. The wide body sub-segment accounted for majority share due to larger tire size and higher wear and tear compared to narrow body aircraft. Based on tire type, radials are the most commonly used Aircraft Tires as they provide better cushioning, load carrying capability and longer lifespan. In terms of application, OEM held a larger share since all aircraft require tires during manufacturing. The replacement segment is also expected to grow at a steady pace over the forecast period.

Global Analysis

The North America region held the largest share of Aircraft Tire market in 2023 due to presence of major aircraft OEMs and MRO companies in the region. However, the Asia Pacific region is anticipated to grow the fastest during the forecast period supported by strong economic growth, increasing air passenger traffic and expanding fleet size in countries like China and India. Key manufacturers are focusing on this high potential region through partnerships, mergers and acquisitions to strengthen their foothold. The European region also accounted for a considerable share majorly driven by Germany, UK and Russia. Stringent aircraft safety regulations along with routine tire replacements further stimulates the regional market.

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