Global Aircraft Tires Market Insights Forecasts to 2032
- The Global Aircraft Tires Market Size was valued at USD 2.4 Billion in 2022.
- The Market Size is Growing at a CAGR of 5.7% from 2022 to 2032.
- The Worldwide Aircraft Tires Market size is expected to reach USD 4.2 Billion by 2032.
- Asia Pacific is expected To Grow the fastest during the forecast period.
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The Global Aircraft Tires Market Size is expected to reach USD 4.2 Billion by 2032, at a CAGR of 5.7% during the forecast period 2022 to 2032.
Every airplane requires an aircraft tire. The airplane tires are constructed to withstand a significant load of aircraft during flying take-off and landing. The sturdy and durable tires are not readily destroyed due to the helpless landing or changing weather conditions. As a result, tire durability and material quality should be high to improve overall aircraft tire survival. Furthermore, overall design and estimate are critical in the manufacture of aviation tires. A significant number of aircraft tires are handmade and have intricate embellishments. There are now several sizes and material-based tires available on the market. Furthermore, these aircraft tires come in a wide range of variations that are ideal for various aircraft types. The tires provide features such as durability, reliability, and unparalleled control.
This research report categorizes the global aircraft tires market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global aircraft tires market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global aircraft tires market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Global Aircraft Tires Market Report Coverage
|Market Size in 2022:||USD 2.4 Billion|
|Forecast Period 2022-2032 CAGR:||5.7%|
|2032 Value Projection:||USD 4.2 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Type, By Aircraft Type, By Platform, By End-user, By Region.|
|Companies Covered:||Aviation Tires & Treads, LLC, Bridgestone Corporation, Desser Holdings LLC, Dunlop Aircraft Tires Limited, The Goodyear Tire and Rubber Company, Compagnie Generale Des Etablissements Michelin, Petlas, Qingdao Sentury Tire Co., Ltd., Specialty Tires of America, Wilkerson Company, Inc.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The commercial and military aircraft fleets of numerous countries are expanding. Commercial airline fleets, comprising narrow-body aircraft, wide-body aircraft, and regional transport aircraft, are expanding rapidly in several nations. This might be linked to the worldwide demand for air travel, particularly in the growing economies of Asia Pacific and the Middle East. According to Boeing, the growth rate of commercial fleets is predicted to be 3.1% between 2022 and 2040, while the growth rate of airline traffic is projected to be 4.0% during the same period. The commercial fleet in the Asia Pacific area is predicted to increase at the fastest rate, at 4.2%. In addition, the global aviation market has grown in air travel demand, which drives up the manufacture of new aircraft to fulfill expanding demand. This factor is projected to rapidly boost demand for airplane tires.
Commercial aviation depends on aircraft tires to provide safe landings and takeoffs. However, the manufacturing and upkeep of these tires can be costly. To ensure the manufacture of high-quality aircraft tires, the aviation sector must spend considerably on cutting-edge manufacturing facilities and technologies.
- In 2022, the radial-ply tires segment is dominating the market with the largest market share over the forecast period.
Based on type, the global aircraft tires market is divided into radial-ply tires and bias-ply tires. Throughout all segments, the radial-ply tires segment has the biggest revenue share over the predicted period due to better technology and design developments in terms of lightweight and durability, improved traction and cut-resistance qualities, and overall higher fuel efficiency with lower carbon emissions. Because of these benefits, several airlines have switched to radial-ply tires rather than bias-ply tires. Although, bias-ply tires remain a popular choice in military aircraft due to their hard casing and longevity.
- In 2022, the commercial aviation segment is influencing the largest market share over the forecast period.
Based on the aircraft type, the global aircraft tires market is segmented into commercial aviation, military aviation, business, and general aviation. Among these segments, the commercial aviation segment is dominating the market owing to major airline business expansion of current aircraft fleets with lightweight and durable tires for improved safety and fuel economy. The increase in local and international passenger traffic will have a significant impact on the aviation tire business. Also, the spread of low-cost aircraft carriers, along with the presence of multiple airlines, has increased the number of air passengers worldwide.
- In 2022, the Fixed-wing segment is influencing the largest market share over the forecast period.
Based on the platform, the global aircraft tires market is classified into fixed-wing aircraft and rotary-wing aircraft. Among these segments, the Fixed-wing segment is dominating the market owing to an increase in international air travel and worldwide air passenger traffic is predicted to enhance demand for fixed-wing aircraft, driving the growth of the aircraft tires market. Fixed-wing aircraft can fly at high heights and across long distances without needing to refuel frequently. This element is critical in long-distance airplane operations.
- In 2022, the OEM segment is dominating the largest market share over the forecast period.
Based on end users, the global aircraft tires market is classified into OEM and aftermarket. Among these segments, the OEM segment is leading the market due to an increase in demand for unmanned aerial vehicles (UAVs) in a variety of applications such as city monitoring, medication delivery, package delivery, and border surveillance, among others. Furthermore, the increase in composite product penetration and high prevalence around the world, to improve and optimize airplane operation with the assistance of numerous novel component designs, is projected to have a beneficial influence on sector market growth.
Regional Segment Analysis of the aircraft tires market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
- North America led the market with the largest market revenue during the forecast period
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North America is dominating the significant market growth during the forecast period owing to the rise in domestic players in modern aircraft tire systems. Because of the US government's emphasis on air passenger safety during the previous five years, the aerospace and aviation sector in the US has boosted its investment. The United States is also investing in the innovation of aircraft tires. Major US-based market participants, such as Goodyear Tire and Rubber Co., are spending heavily on the discovery of alternative sources of natural rubber to reduce their reliance on exports. All of these factors contribute to the growth of the region's Aircraft Tires market.
The Asia Pacific region is predicted to emerge first and account for a sizable market share over the projection period. Major countries such as China, Japan, and India are experiencing significant increases in passenger traffic as well as an increase in the number of new aircraft orders, as well as a growing emphasis on making aircraft tires more durable and capable of enduring longer airplane takeoff, which will boost the regional market.
The report offers the appropriate analysis of the key organizations/companies involved within the global aircraft tires market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Aviation Tires & Treads, LLC
- Bridgestone Corporation
- Desser Holdings LLC
- Dunlop Aircraft Tires Limited
- The Goodyear Tire and Rubber Company
- Compagnie Generale Des Etablissements Michelin
- Qingdao Sentury Tire Co., Ltd.
- Specialty Tires of America
- Wilkerson Company, Inc.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In September 2022, Kumho Tyres (South Korea) received recognition with the Red Dot Design Award in Germany for its 'Airborne Tire,' an electric tire built for urban air mobility solutions. The tire operates using the same operating principle as magnetic levitation train systems. The tire offers a realistic and optimum option for the growing urban air transportation market in the next years.
- In April 2022, Goodyear Tire and Rubber Co., (US) joined forces with the US Department of Defense, the Air Force Research Lab, and BioMADE to conduct research and development on an alternative source of natural rubber to be used as a raw material in the manufacture of aircraft tires. This initiative aims to reduce the United States' reliance on natural rubber exports from other countries.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Aircraft Tires Market based on the below-mentioned segments:
Global Aircraft Tires Market, By Type
- Radial-ply Tires
- Bias-ply Tires
Global Aircraft Tires Market, By Aircraft Type
- Commercial Aviation
- Military Aviation
- Business and General Aviation
Global Aircraft Tires Market, By Platform
- Fixed-wing aircraft
- Rotary-wing aircraft
Global Aircraft Tires Market, By End Users
Aircraft Tires Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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