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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aircraft tires are made from synthetic and natural rubber compounds to provide excellent resilience, strength and durability. They are designed for handling the heavy loads of aircrafts during take-off and landing cycles. These tires help aircrafts to maneuver easily on runways and taxiways.
Market key trends:
One of the key trends in the aircraft tire market is the development of advanced aircraft tires. Tire makers are continuously focusing on developing fuel-efficient and lightweight aircraft tires through adoption of advanced composites and rubber compounds. For instance, Michelin has developed aircraft tires with composite cords which are 20% lighter than conventional steel cords. The lightweight aircraft tires help reduce fuel costs and carbon emissions. Similarly, other players such as Goodyear, Dunlop, and Bridgestone are investing in R&D to develop new and advanced materials for aircraft tires in order to increase fuel efficiency.
SWOT Analysis
Strength: Aircraft tires are high performance critical components that are designed to withstand high loads and provide reliable traction even in rough condition. Their robust construction allows smooth take-off and landing even in adverse weather conditions.
Weakness: Aircraft tires have shorter lifespan compared to automobile tires due to extreme pressure loads and require frequent replacements incurring additional maintenance cost. Variations in weather condition can impact tire performance.
Opportunity: Growing commercial and military aviation sectors in emerging economies of Asia Pacific and Middle East are driving the demand for new aircrafts. This increases replacement market for aircraft tires. Space tourism is an emerging opportunity sector.
Threats: Stringent regulatory standards pertaining to aviation safety can increase production cost. Economic slowdowns can reduce procurement and replacement of aircrafts affecting aftermarket sales of tires.
Key Takeaways
The global aircraft tire market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing international air passenger and freight traffic.
Regional analysis
North America dominates the global market due to strong presence of key aircraft OEMs and MRO companies. Asia Pacific is fastest growing market attributed to rising aviation activities in China and India. Countries like China, India are expected to be the major demand centers in the coming years.
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.
