Aircraft tires are subject to tremendous stresses and wear during take-off and landing operations. Aircraft tires play a vital role in providing traction to aircraft during taxiing and landing. They are designed to withstand high operating temperatures and provide efficient braking performance.
The global Aircraft Tire Market is estimated to be valued at US$ 2.38 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand from the aftermarket is driving the growth of the global aircraft tire market. Aircraft tires require periodic inspection and replacement even if the tire is not worn out, due to regulations regarding the service life of aircraft tires. As the fleet size of aircraft across regions is constantly rising, the demand for replacement of aircraft tires is also increasing. According to Coherent Market Insights analysis, the aftermarket accounts for over 65% of total demand for aircraft tires. The periodic requirement of tire replacement is providing sustained growth opportunities for aircraft tire manufacturers worldwide.
SWOT Analysis
Strength: Aircraft tires have high durability and longevity to withstand heavy loads and high speed take-offs and landings. They also have improved grip and braking capabilities under wet and dry conditions.
Weakness: Aircraft tires are expensive to manufacture due to high quality materials used and stringent safety and performance standards. Frequent replacements also increase operating costs for airlines.
Opportunity: Growing passenger and cargo air traffic worldwide is driving the demand for new aircraft. This is expected to boost replacement sales and MRO services for aircraft tires.
Threats: Economic slowdowns can negatively impact commercial aircraft orders and deliveries thereby affecting market revenues. Stringent environmental norms around aircraft emissions also pose replacement threats.
Key Takeaways
The global aircraft tire market is expected to witness high growth over the forecast period. The global Aircraft Tire Market is estimated to be valued at US$ 2.38 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030.
North America currently dominates the market accounting for over 30% of the global demand. This is attributed to high volumes of aircraft fleets and growing MRO activities in countries like the US.
Key players operating in the aircraft tire market are Michelin, Goodyear, Bridgestone, and Dunlop. These companies account for over 70% of global aircraft tire sales. They are focusing on developing new compound formulations to improve tire performances as per evolving industry needs. For example, Michelin offers lightweight tires with optimized tread patterns for better braking and wet traction.
Regulatory mandates around reducing aircraft carbon footprint are encouraging adoption of fuel-efficient tires. This is directing significant R&D investments by key manufacturers towards designing tires with lower rolling resistance. For instance, Goodyear’s RE22F fuel-saving aircraft tire reduces fuel consumption by around 3% as compared to previous generation tires.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
