July 15, 2024

Aircraft Tire Market Growth is Driven by Increased Global Air Passenger Traffic”

The aircraft tire market involves the production and sales of tires used in aircrafts for take-off and landing on runways. Aircraft tires are larger in size compared to automobile tires and have solid steel or Kevlar cord body. They are designed to withstand extreme impacts during landing at high speeds. The global demand for aircraft tires has increased significantly owing to rising global air passenger traffic in the past decade. Technological advancements have enabled aircraft tires to have longer durability and reduced replacement cycles.

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.

Key Takeaways

Key players – 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.

Key opportunities – Increased airline passenger traffic in emerging economies of Asia Pacific and Middle East regions is expected to drive the demand for new aircrafts and replacement of existing aircraft tires. Additionally, development of ultra-efficient widebody aircrafts will require advanced aircraft tire technologies.

Global expansion – Leading aircraft tire manufacturers are investing in expanding production facilities across North America, Europe, China and India to cater to the growing demand. They are also investing in R&D for lightweight and long-lasting aircraft tire designs.

Market drivers – Increased global air passenger traffic over the past decade aided by economic growth and low airfares has been a major driver for the aircraft tire market. According to IATA, the number of global air travelers is expected to double to 8.2 billion by 2037. This will drive the demand for replacement of aircraft tires regularly.

PEST Analysis

Political: Aircraft tire market is regulated by international aviation regulatory bodies like International Civil Aviation Organization (ICAO), Federal Aviation Administration (FAA). Any changes in aviation safety standards and regulations impact the demand for aircraft tires.

Economic: Global and regional economic growth impact airline traffic and fleet expansion plans of airlines. Better economic conditions increase demand for new aircraft and replacement of existing aircraft tires.

Social: Increased air travel, tourism and freight transportation boost the demand for new aircraft, replacement of existing fleet and aircraft modernization programs positively impacting the aircraft tire market.

Technological: Developments in aircraft tire material, structure and sensors help improve fuel efficiency, reduce noise and increase safety. Dual certified aircraft tires allow usage in both commercial and military fleets.

Geographical concentration:
North America accounts for the largest share in terms of value owing to large fleet of commercial, business and military aircraft in the region. Presence of major aircraft OEMs, airlines and tire manufacturers further push the market growth.

Fastest growing region:
Asia Pacific aircraft tire market is projected to grow at the fastest pace during the forecast period led by increasing aviation activities in China and India. Initiatives like ‘Make in India’ attract manufacturing of commercial aircraft and components in the region benefiting the demand for aircraft tires.