The growth of the Aircraft Tires Market is driven by factors such as increasing air travel demand, particularly in emerging countries, rising aircraft production and modernization of older fleets, and improvements in aircraft tire technologies. The emergence of advanced aircraft tires with improved durability, better traction, and greater fuel efficiency is also expected to drive the market during the forecast period.
The need for aircraft tires arises from the increasing demand for air travel, especially in emerging countries. Moreover, with rising aircraft production and the modernization of older fleets, there is an increased requirement for superior-quality tires.
In harsh operating circumstances, aircraft tires are engineered to give greater performance and extended life. They offer improved traction, better fuel efficiency, and less noise as compared to traditional tires. Additionally, they can also help reduce the overall weight of an aircraft due to their lighter-weight construction. This reduces the aircraft's fuel usage, making it more cost-effective for carriers. Furthermore, advancements in tire technologies have helped improve their durability and performance even further.
Aircraft tires are an integral part of an aircraft as they form a critical link between the ground and the airplane. They are designed to withstand extreme operating conditions, providing superior traction and performance while also helping reduce the overall weight of the aircraft. Aircraft tires require more frequent maintenance than automotive tires due to their greater exposure to extreme temperature changes and air pressure fluctuations during take-off and landing.
Aircraft tires require frequent maintenance and replacement, which is offered by the leading aircraft tire suppliers in the form of on-site services. The companies provide their customers with various services such as tire repairs, replacements, balancing, and other related activities. Additionally, they also offer technical support to help airlines keep their fleets operational at all times.
The global aircraft tires market is estimated to be valued at USD 8.6 billion in 2021 and is expected to reach USD 13.6 billion by 2031, with a CAGR of 4.5% during the forecast period (2021-2031).
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Factors such as high capital investments and a lack of skilled personnel are expected to be the key restraining factors for the global aircraft tires market. Additionally, stiff competition from players in the automotive tire segment can also hamper growth in this market. The Aircraft Tires market faces several restraining factors such as the high cost of aircraft tires, strict government regulations, and environmental concerns over air pollution due to tire particles that are released during take-off and landing. The increasing demand for aircraft and the development of advanced sustainability-focused tire designs. Also, technological advancements in manufacturing technologies are expected to open up new opportunities for Aircraft tire manufacturers over the forecast period.
The major players in the Aircraft Tires Market are Bridgestone Corporation, Continental AG, Michelin Group, The Goodyear Tire & Rubber Company, Pirelli Tyre S.p.A., Hankook Tire Co., Ltd., Yokohama Tire Corporation, Sumitomo Rubber Industries, Kumho Tire Co. To streamline their company processes and extend their product portfolio, these businesses have used different techniques such as partnerships and collaborations. The major trends in the Aircraft Tires Market include increasing demand for lightweight tires, the introduction of bio-based tire materials, and the development of airless tires. Additionally, the use of IoT technology in aircraft is expected to open up new opportunities for manufacturers in this market. advanced aircraft tires with improved durability, better traction, and greater fuel efficiency are also expected to drive the market during the forecast period.
Segment Analysis
The radial tire segment Type Emerge as the Most Lucrative Segment
The radial tire segment is expected to grow at the highest rate during the forecast period 2021-2031, owing to its superior properties such as improved traction and better fuel efficiency. Radial aircraft tires are also lightweight, which makes them ideal for use on long-distance flights. Additionally, their ability to reduce rolling resistance helps improve the fuel economy of the aircraft.
The Most Popular Application Segment is the wide-body aircraft segment
The wide-body aircraft segment holds a significant share in terms of revenue in the Aircraft Tires market. This is due to increasing demand for long-distance and international flights, which require the use of wide-body aircraft. Additionally, the introduction of new materials in commercial and military aviation is expected to drive demand for Aircraft tires over the forecast period.
The commercial segment to Ensure Revenue Maximization
Due to increased demand for aircraft and related components, the commercial category is predicted to develop at the fastest rate during the projection period 2021-2031. Furthermore, advancements in tire production technologies are also expected to support the growth of this segment over the forecast period. Additionally, the introduction of bio-based materials for tires is expected to open up new opportunities for manufacturers in this market.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
Asia Pacific is expected to dominate the market over the forecast period. This is due to increasing air travel and rising demand for aircraft in countries like India, China, and Japan. Additionally, initiatives by the government to promote air travel are also expected to drive the market in this region.
COVID-19 Impact and Market Status
The COVID-19 pandemic has had an adverse effect on the Aircraft Tires market, due to a decline in air traffic. The lockdown imposed by various governments to curb the spread of the virus has caused significant disruption in the aerospace industry, resulting in a decline in demand for aircraft tires. However, with declining cases and the gradual reopening of global economies, the market is expected to witness a recovery in 2021. Additionally, government initiatives and investments in the aviation industry are also expected to support the market's growth over the forecast period 2021-2031.
Recent Developments in the Aircraft Tires Market
• Bridgestone Corporation announced the launch of new aircraft tires for commercial and business aviation in 2019.
• In 2020, Goodyear Tire & Rubber Company announced its plans to expand its production capabilities by investing more in machinery and technology.
• Continental AG launched a new range of aircraft tires with improved durability and traction, suitable for both commercial and military aircraft.
• Michelin Group announced the expansion of its production facility in Thailand in 2020 to meet the increasing demand for aircraft tires.
• Pirelli Tyre launched a range of smart tires with improved fuel efficiency and performance, designed specifically for wide-body aircraft.
Aircraft Tires Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 13.6 billion |
| Growth Rate | CAGR of 4.5% during 2021-2031 |
| Segment Covered | Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Aircraft Tires Market are Bridgestone Corporation, Continental AG, Michelin Group, The Goodyear Tire & Rubber Company, Pirelli Tyre S.p.A., Hankook Tire Co., Ltd., Yokohama Tire Corporation, Sumitomo Rubber Industries, Kumho Tire Co. |
Key Segment of Global Aircraft Tire Market
By Type Overview 2021-2031, (USD Billion)
• Radial Tyre
• Bias Tyre
By Application Overview 2021-2031, (USD Billion)
• Wide-Body Aircraft
• Very Large Aircraft
• Regional Transport Aircraft
• Narrow Body Aircraft
By End-User Overview 2021-2031, (USD Billion)
• Commercial
• Military and Defence
By Region Overview 2021-2031, (USD Billion)
North America
• USA
• Canada
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of North America
Europe
• Germany
• France
• UK
• Rest of Europe
Middle East and Africa
Frequently Asked Questions (FAQ) :
Aircraft Tires Market is projected to reach USD 13.6 billion by 2031, growing at a CAGR of 4.5