The Aircraft Tires Market report, published by Stratview Research is Segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, Military Aircraft, Helicopter, and General Aviation), by Tire Type (Radial Tire and Bias Tire), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The aircraft tires market which accounted for US$ 1.5 billion in 2021, is estimated to register an uncharted growth trajectory by recording a promising CAGR of 6.1% to reach a market value of US$ 2.6 billion in 2027. The recovery trajectory of tires would be different for different regions and aircraft types.
COVID IMPACT
The COVID-19 outbreak has brought forth several unprecedented challenges before aircraft and airline companies with thousands of planes grounded around the world, devastating their profits and balance sheets, and sending them at least a decade back. Tires, one of the most pivotal parts of an aircraft, endured a heavy decline of over 40% in demand in the year 2020.
The aerospace industry had already started marching toward the path of recovery. However, the emergence of new COVID-19 variants affected its growth trajectories and delayed the overall recovery period.
It is still uncertain when the commercial aerospace industry will hit back its peak level in 2018. However, the entire industry stakeholders are highly resilient and have been accustomed to such fatal market environments. It is anticipated that the commercial aerospace industry stakeholders will emerge again and create gargantuan opportunities before market stakeholders.
Key Players
- Compagnie Generale Des Etablissements Michelin S.C.A.
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company
- Dunlop Aircraft Tyres Ltd.
- Mitas a.s. (a Trelleborg A.B. company)
- Kumho Tire Co. Inc.
- Petlas Tire Corporation
- Qingdao Sentury Tire Co., Ltd.
- Specialty Tires of America
- Wilkerson Company, Inc.
Segment Analysis
Based on the aircraft type, the market is segmented as commercial aircraft, regional aircraft, military aircraft, helicopters, and general aviation. During the projection period, commercial aircraft will continue to lead the market.
An expected recovery in air passenger traffic is likely to imprint a positive impact across the supply chain including the demand for tires. An expected rise in flying activity paired with higher wear and tear of tires is likely to drive the demand for tires at the aftermarket level. Continuous rise in military aircraft production is further estimated to drive the demand for tires in the years to come.
Based on the tire type, the market is segmented into the radial tire and bias tire. A radial tire is expected to remain the dominant as well as the faster-growing tire type in the market during the forecast period. The demand for radial tires is driven by continuous innovations targeting a reduction in weight, increased durability, and mobility. These aspects enable companies to improve fuel efficiency, tire life, and passenger comfort, resulting in higher usage of radial tires in the industry.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain the dominant segment of the market during the forecast period. The long service life of aircraft requires a large number of tires throughout its lifetime. Aircraft tires are subjected to operation in extreme temperatures and pressure.
Tires continuously degrade during take-off and landings. Take-off is the most common cause of wear & tear of tires as the aircraft is fully loaded with fuel, passengers, and luggage. Tires are already pre-heated by taxiing on the runway, making take-off more crucial leading to the wearing of tires, creating a greater demand for tires.
In terms of regions, Asia-Pacific is expected to remain the largest market for aircraft tires during the forecast period. Major countries in the region (China, India, Japan, Singapore, and South Korea) have a large fleet of aircraft in order to meet the large passenger traffic. Furthermore, these countries also generate a sustained demand for new aircraft to address the incessant rise in passenger traffic. North America and Europe are other markets and are likely to generate a sizeable demand for tires in the years to come.
Frequently Asked Questions (FAQs)
- What will be the size of the Aircraft Tires Market in the coming years?
- Who are the key players in the Aircraft Tires Market and what are their market shares?
- Which region is expected to remain the largest Aircraft Tires Market?
- Which region is expected to witness the highest growth in the Aircraft Tires Market?
- What are the key strategies adopted by the major vendors to lead in the Aircraft Tires Market?
Report Customization Options
With this detailed report, Stratview Research offers customization options to the clients. This includes detailed company profiling of additional market players, Competitive Benchmarking of key players on the parameters like: Product portfolio, geographical reach, regional presence, and strategic alliances.
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