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 specially designed pneumatic tires suitable for aircraft landing, takeoff and taxiing on the ground. They provide adequate traction on both dry and wet surfaces and have self-cleaning tread pattern. Aircraft tires ensure safer navigation on ground for variety of commercial and military aircraft.
Market key trends:
One of the key trends fueling the growth of global aircraft tire market is rising demand for commercial aircrafts across the globe. According to Airbus, the number of commercial aircrafts is expected to double over the next 20 years with China, India and South East Asia markets leading the demand. Low cost carriers are driving the demand for new aircraft deliveries especially in emerging economies. This huge demand for new commercial aircraft is directly translating into demand for aircraft tires as each commercial aircraft require several sets of tires. With commercial aircraft tire segment being the fastest growing, it is expected to push the revenue generation in global aircraft tire market during the forecast period.
Segment Analysis
The global aircraft tire market is segmented by type, platform, end use and region. By type, radial tires segment dominated the market in 2022, accounting for around 65% of the total share. Radial tires provide better vehicle and aircraft handling, stability and wear resistance as compared to bias tires. By platform, narrow-body aircraft tire segment held major share in 2022 and is expected to witness high growth during the forecast period. This can be attributed to increasing number of narrow-body aircraft deliveries across the globe.
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 passenger and freight traffic globally.
Regional analysis – North America dominated the global aircraft tire market in 2022 and is projected to maintain its leading position during the forecast period. This can be attributed to strong presence of aircraft components manufacturers and OEMs in the region.
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.
