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The aircraft tire market has witnessed significant growth over the past few years owing to increasing air passenger and air cargo traffic globally. Aircraft tires are specifically designed rubber wheels used in aircraft for landing and take-off support. They are manufactured using durable materials to withstand high loads during take-off and landing cycles. Aircraft tires offer characteristics like high strength, stability, and impact resistance at high speeds. The rising need for fuel-efficient and lightweight aircraft along with demand for reliable aircraft tires has propelled the aircraft industry toward advancements in aircraft tire technology.
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 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 involved in the production of different types of radial and bias aircraft tires.
The aircraft tire market provides ample growth opportunities owing to rising aircraft deliveries and increasing demand for new and advanced aircraft models across the globe. Manufacturers are investing in R&D to develop sustainable and fuel-efficient aircraft tires using composite and hybrid materials.
Technological advancements like the integration of sensors in aircraft tires allow real-time monitoring of pressure and temperature. This improves aircraft safety and reduces downtime. Adoption of composite and hybrid materials make aircraft tires lighter with improved durability. Use of advanced 3D printing technology enables customized aircraft tire design for specific aircraft models.
Market Drivers
Growing air passenger and air cargo traffic is one of the key drivers of the aircraft tire market. IATA predicts air passenger numbers to double by 2037 which will boost demand for new aircrafts and associated aircraft components like tires. Increasing aircraft deliveries from manufacturers like Boeing and Airbus is another major factor propelling market growth. Rising military aviation budgets and upgrade of existing fleets with new aircraft models foster the need for reliable aircraft tires. Stringent aviation safety regulations regarding regular tire replacement and inspection cycles ensure continued demand for aircraft tire replacements.
Current challenges in the Aircraft Tire Market
The aircraft tire market is facing challenges due to the ongoing Covid-19 pandemic which has severely impacted the global aviation industry. Air travel restrictions imposed by various governments to curb the spread of the virus has led to a steep decline in passenger traffic. This has negatively affected the demand for new aircraft and replacement of existing aircraft tires. Further, the financial troubles faced by major airline companies due to losses incurred during the pandemic has made them reduce fleet size and defer aircraft procurement plans. This has reduced requirements for aircraft tires from the operators. High raw material costs is another challenge being faced by tire manufacturers as prices of rubber and other petrochemical inputs have increased substantially in the recent past.
SWOT Analysis
Strength: Aircraft tires require very high strength and durability to withstand extreme pressure and heat during take-off and landing. Leading manufacturers have expertise in development of specialized tire designs and compounds for different aircraft types.
Weakness: Aircraft tire replacement cycle is relatively long depending on aircraft utilisation. This leads to lumpy and uneven demand pattern. Significant capital investment is required to develop new tire models and variants.
Opportunity: Growing aircraft fleet across regions offer potential for demand growth over long-term as replacement cycles come due. Demand for fuel efficient and lightweight aircraft tires from OEMs and operators provides scope for material innovation.
Threats: Intense competition among established players may lead to pricing pressures. Volatility in raw material costs can impact profitability. Geopolitical and economic uncertainties pose risks to the industry outlook.
Geographical regions in terms of value
Currently, North America accounts for the largest share of the global aircraft tire market in terms of value followed by Europe and Asia Pacific. This is due to presence of major aircraft manufacturers, airlines and MRO service providers in countries like the U.S., Canada, Germany, France and U.K. The strong commercial aviation industry and large procurement of both military and commercial aircraft has made North America the center for aircraft tire demand.
Fastest growing region
Asia Pacific region is poised to witness the fastest growth in the Aircraft Tire Market during the forecast period. This is attributed to rising passenger and freight air traffic in countries like China, India and ASEAN supported by improving economic conditions and expanding low cost carrier operations. Growing middle class, increase in domestic/international routes and modernization of aging fleets present significant opportunities for local as well as international aircraft tire manufacturers in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
