Global Aircraft Tires Market

Aircraft Tires Market size was valued at USD 1.63 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 5.1% through 2024 to 2030, reaching nearly USD 2.31 Bn

Aircraft Tires Market Overview:

An aircraft tires are a specialized wheel created to deliver aircraft stability and to sustain heavy loads at high speeds. The tires are made of nylon, steel, natural and synthetic rubber, and radial and bias-ply tires are two of the most prevalent types of aviation tires. The number of tires necessary for aircraft increases as the aircraft's weight increases, as the weight must be distributed more uniformly. The tread patterns on aircraft tires are designed to aid stability in high crosswind conditions, channel water away to avoid hydroplaning and provide braking power.

A normal aircraft tire can support a load of 38 tonnes. It can meet the ground 500 times before having a re-tread, which it can do seven times throughout the life of the item.To know about the Research Methodology :- Request Free Sample Report

Aircraft Tires Market Dynamics:

The Aircraft tires market is showing northward direction growth, thanks to the growing need for new generation aircraft in the commercial and military sectors, which is one of the major reasons for the growth of the Aircraft Tire Market. The commercial sector has seen a growth in air travel, therefore organizations are planning to expand their locations and routes, which is driving demand for new aircraft, which in turn boost the aircraft tires market growth. In addition, the increased investments in the air defense sector as a result of escalating geopolitical tensions across the globe are expected to fuel the aircraft tires market growth during the forecast period.

The new technology in aircraft tires allows them to sustain extraordinarily severe weights for short periods of time. The improved passenger travel experience, as well as regional airlines with higher traffic and revenues, are major driving Aircraft Tires market growth across the globe.

Increasing Air Passenger traffic across the globe:

According to the International Civil Aviation Organization's (ICAO) annual global statistics, the total number of commuters carried on scheduled flights increased by 3.65 % to 4.38 billion in 2022. The Asia-Pacific region has seen the most passenger traffic in 2022. The International Air Transport Association (IATA), the number of passengers traveling by commercial aircraft reached more than 4 billion in 2022, and this current trend in air travel estimated that passenger numbers are expected to reach 8.2 billion by 2037.

However, rising raw materials (rubber, cord, nylon, steel, etc.) prices, are a major hurdle to the Aircraft Tire Market's growth. Tires are highly influenced by a wide range of weather conditions, require specific skills and extensive training to operate, and it is subject to legal constraints imposed by various countries, which are expected to hamper the growth of the aircraft tires market during the forecast period.

Aircraft Tires Market Segment Analysis:

Based on the Product Type, the Aircraft Tires Market is segmented into Radial and Bias. The Radial segment held the largest market share, accounting for xx% in 2023. The lighter weight along with high durability and mobility of radial-Type tires are increasing their uses in the manufacturing of aircraft. Radial aircraft tires are increasingly being favored over Bias tires as it offers high hardness and a more robust composition.

The need for radial tires in the aircraft industry is expected to increase as aircraft fuel prices rise. Radial tires are substantially lighter than bias tires, with the potential to lower aircraft weight by up to 75 kg, resulting in significant fuel savings. These aspects enable companies to improve fuel efficiency, tire life, and passenger comfort, resulting in higher usage of radial tires in the aircraft industry, which in turn fuels the aircraft tires market growth for this segment.

Based on the Application, the Aircraft Tires Market is segmented into Commercial, Defense, and OEM. The Commercial segment held the largest market share, accounting for xx% in 2023. Increased passenger air traffic has resulted in more flights per hour, which reduces maintenance time and puts pressure on airlines to increase their fleet. Both Boeing and Airbus have massive order backlogs, which are forcing them to continually increase the production rates of their core aircraft programs. These factors are driving the aircraft tires market for this segment.

Aircraft Tires Market Regional Insights:

Asia Pacific region held the largest market share accounted for xx% in 2023. The region’s growth is attributed to the growing tourism in countries, like China, India, Indonesia, Singapore, Thailand, and Vietnam among others, is booting the aircraft passenger traffic in the region. The demand for low-cost airlines (LCCs) from China and India has boosted demand for single-aisle aircraft like the Boeing 737 and Airbus A320, which is expected to drive the aircraft tires market in the region.

The increasing passenger traffic in the Asia-Pacific region also led to various airline companies acquiring new aircraft with advanced features to cater to such rising demands. In addition, various aviation tire manufacturers, such as Dunlop and Bridgestone, amongst others, are now engaged in manufacturing advanced aircraft tires. These products will be more durable and can withstand longer airplane take-offs and departures before needing to be replaced. Thus, such developments will lead to the market witnessing growth during the forecast period.

North America showed high growth rate in aircraft tire market with a revenue share of xx% in 2023. North America is driven by the high demand for passenger transportation. In addition, rising environmental concerns due to increased carbon emissions have led to the demand for fuel-efficient aircraft.

The use of lightweight materials in aircraft manufacturing helps to reduce the overall weight of an aircraft, boosting its fuel efficiency. This, in turn, is expected to bolster the demand for products over the forecast period. The region is characterized by the presence of major airline manufacturers, such as Boeing, Northrop Grumman, and Lockheed Martin, which is anticipated to fuel the demand for aircraft tires over the forecast period.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Aircraft Tires Market dynamic, structure by analyzing the market segments and projecting the Aircraft Tires Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Aircraft Tires Market make the report investor’s guide.

Aircraft Tires Industry Ecosystem

Aircraft Tires Market Scope: Inquiry Before Buying

Aircraft Tires Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Aircraft Tires Market Key Players

1. Michelin Group
2. Bridgestone Corporation
3. Goodyear Tire & Rubber Company
4. Dunlop Aircraft Tyres Ltd.
5. Qingdao Sentury Tire Co., Ltd
6. Desser Tire & Rubber Co., LLC
7. Guilin Lanyu Aircraft Tire Development Co., Ltd
8. Petlas Tire Corporation
9. Specialty Tires of America, Inc.
10. Sentury Tire
11. Wilkerson Company, Inc.
12. Aviation Tires & Treads, LLC
13. Compagnie Générale Des Établissements Michelin Sca
14. Tost GmbH Flugzeuggerateba
15. Trelleborg AB
16. China National Chemical Corp. Ltd.

Frequently Asked Questions:

1] What segments are covered in the Aircraft Tires Market report?
Ans. The segments covered in the Aircraft Tires Market report are based on Product Type, Aircraft Type, Platform, and Application.

2] Which region is expected to hold the highest share in the Aircraft Tires Market?
Ans. The Asia Pacific region is expected to hold the highest share of the Aircraft Tires Market in 2030.

3] What is the market size of the Aircraft Tires Market by 2030?
Ans. The market size of the Aircraft Tires Market by 2030 is US $ 2.31 Bn.

4] What is the forecast period for the Aircraft Tires Market?
Ans. The Forecast period for the Aircraft Tires Market is 2024-2030.

5] What was the Global Aircraft Tires Market size in 2023?
Ans: The Global Aircraft Tires Market size was USD 1.63 Billion in 2023.