Market Overview:
Aircraft tires are designed to withstand high speeds and heavy loads during take-off and landing. They help aircrafts to brake, steer and perform other ground maneuvers. Aircraft tires consists of several protective layers that shield the tire from harsh weather, ensure durability and provide high traction on wet runways. The growing air passenger traffic and modernization of aircraft fleets is fueling the demand for replacement tires with improved puncture resistance and tread life.
Market key trends:
Radial aircraft tires are gaining popularity as they offer advantages like reduced weight, increased casing strength and improved fuel efficiency. Major tire manufacturers are focusing on developing advanced rubber compounds for aircraft tires that deliver optimum traction in all weather conditions while extending the replacement cycles. With increasing international air trade and cargo transportation, demand for large aircraft tires is surging. Adoption of composites and advanced materials in aircraft tire manufacturing helps lower maintenance costs and improve safety. Continuous technology upgrades in aircraft systems also drives the replacement rate of older protective tires.
Porter’s Analysis
Threat of new ntrants: The threat of new entrants in the Aircraft Tire market is low due to the presence of established players and requirement of huge capital investments for manufacturing plants and R&D.
Bargaining power of buyers: The bargaining power of buyers in the Aircraft Tire market is high due to the availability of various substitute products and sensitivity of buyers toward quality and pricing.
Bargaining power of suppliers: The bargaining power of suppliers in the Aircraft Tire market is moderate as there exist shortage of raw materials and suppliers have threat to forward integrate.
Threat of new substitutes: The threat of new substitutes in the Aircraft Tire market is low as replacement of existing tires with alternative products requires huge investments and technology advancements.
Competitive rivalry: High in the Aircraft Tire market due to presence of large number of global and regional players.
The global Aircraft Tire Market Size is estimated to be valued at US$ 2.38 Bn or 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.
Key Takeaways
Market size: The global Aircraft Tire market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing air passenger traffic and boost in aircraft deliveries. The market size for 2023 is US$ 2.38 Bn.
Regional analysis: North America dominates the global Aircraft Tire market owing to rising aviation industry and presence of major OEMs in the US. Asia Pacific exhibits the fastest growth in the market driven by increasing air passenger traffic from China and India.
Key players: Key players operating in the Aircraft Tire market are Bridgestone Corp, Goodyear Tire and Rubber Company, Specialty Tires of America Inc., Dunlop Aircraft Tyres Limited, Michelin, Aviation Tires and Treads of America, Qingdao Century Tires Company Limited, Wilkerson Aircraft Tires, Petlas Tire Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
