Aircraft tires are special type of tires used in landing gear of various aircrafts including commercial, private and military aircrafts. They provide traction to aircraft during taxiing, take-off and landing while being lightweight. Aircraft tires offer advantages like reduced wear and tear, minimized braking distances, increased payload capacity and improved fuel efficiency.
The global Aircraft Tire Market is estimated to be valued at US$ 2.38 Bn in 2024 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 key trends:
Demand for fuel-efficient aircrafts is one of the key trends driving the growth of global aircraft tire market over the forecast period. Aircraft tires play a crucial role in reducing the weight of aircrafts as lightweight aircraft tires help in minimizing aircraft weight and improving fuel efficiency. According to International Civil Aviation Organization (ICAO), fuel accounts for about 30-40% of total operating costs of airlines. Thus, airlines are increasingly focusing on using lightweight and fuel-efficient aircrafts and associated components like aircraft tires to reduce fuel costs. Growing demand for reduced fuel consumption and increased payload capacity of aircrafts is expected to drive the demand for lightweight and fuel-efficient aircraft tires, thereby accelerating the market growth.
Segment Analysis
The aircraft tire market is dominanted by the commercial segment. Within the commercial aircraft tire sub-segment, the narrow body aircraft tires dominate as they are used for narrow body aircraft which form the bulk of the global aircraft fleet. These tires experience high cyclic stresses during take-off and landing cycles and hence their demand is higher.
Key Takeaways
The global aircraft tire market is expected to witness high growth over the forecast period of 2023 to 2030. The global Aircraft Tire Market is estimated to be valued at US$ 2.38 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to be the fastest growing as well as dominating region in the global aircraft tire market. This can be attributed to rising aircraft fleet in countries like China and India. Furthermore, presence of key aircraft tire manufacturers in the region will also support market growth.
Key players related content comprises
Key players operating in the aircraft tire market are Michelin, Goodyear, Bridgestone, and Dunlop. Michelin is the global leader in aircraft tire manufacturing with a wide product portfolio addressing the needs of different aircraft types. It has a strong presence across major aircraft fleets globally with over 100,000 aircraft fitted with its tires.
Dunlop also provides aircraft tires for various commercial as well as military aircraft. It caters to narrow as well as wide body aircraft fleet through its product offerings. Bridgestone also offers aircraft tires for business jets and general aviation aircraft segments addressing niche market needs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it