As per a study by FMI, the global aircraft tire market is likely to surpass a valuation amounting to US$ 1.56 Billion by the year 2021. The aircraft tire market is anticipated to project growth at a CAGR of more than 6% during the forecast period 2021-2031.
Surging air travel demand across the globe is one of the major factors driving the market growth. As per a study by the International Air Transport Association (IATA), in 2019, the number of passengers traveling via commercial airlines has grown to more than 4 billion. Thus, increasing use to commercial airlines is creating demand for more aircraft, in turn, boosting the sales of aircraft tires.
Growing demand for commercial and military aircraft has improved growth prospects for the manufacturers of aircraft tires. Narrow-body aircraft dominates the segment, as these aircrafts are the best option for short and medium-distance travel. This has resulted in increasing production of narrow-body aircraft in various sectors, driving the demand for aircraft tire in the market.
North America is dominating the global aircraft tire market with a revenue share of more than 20% across the globe. The region is considered as the manufacturing capital of the aircraft industry with the presence of a large number of major aircraft manufacturers, raw material suppliers, and airline companies.
“Leading aircraft tire manufacturers are increasingly adopting hybrid composite materials such as Kevlar to enhance endurance and loading capacity of tires for the modern aircrafts,” says the FMI analyst.
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- The U.S. is leading the aircraft tire market in North America with a sales revenue of around US$ 387 billion for the aircrafts by the aviation industry.
- China is the second leading market for aircraft tries. Increasing demand for new narrow-body aircrafts from the military sector is boosting the sales of aircraft tires in the country.
- India is emerging as a lucrative market for aircraft tries on the back of a growing number of air travel passengers and increasing government investment aviation industry.
- Rising number of airlines and improved aviation infrastructure is bolstering the growth of the aircraft tire market in Germany.
- Narrow-body aircrafts are dominating the segment owing to the increasing demand from the commercial and military sector.
- Increasing demand for air travel is the factor driving the growth of aircraft tire market.
- Rise in the production of narrow-body aircraft for the military and commercial sector will fuel the demand for aircraft tires.
- Advancement in tire manufacturing technologies is expected to spur the growth of the market.
- Depleting life of aircraft tires due to rising aircraft size will propel the demand for aircraft tries.
- Rising cost of raw materials one of the factors hampering the growth of the aircraft tire market.
- The COVID-19 outbreak has affected the sales of aircraft tires due to a significant decline in the number of air travel passengers.
- Strict regulatory norms for the manufacturing of aircraft tires are posing a challenge for the market growth.
Discover more about the aircraft tires market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-6112
According to FMI, aircraft tires market is consolidated and fairly competitive owing to presence of less number of regional and global players.
Key market players are focusing on R&D for developing innovative product and engaging in strategic collaborations and acquisitions to maintain their lead in the market. For instance,
- Bridgestone Corporation announced the collaboration with a Japanese Airline company in 2020, to enhance their aircraft management and maintenance plans by utilizing their aircraft tire wear predictive technology.
- In 2020, Aero Repair Corp, the largest aircraft tire repair and Maintenance Company in North America acquired Aero Tire and Tanks, a provider of brake and wheel repairs.
Leading aircraft tire manufactures as profiled by FMI include:
- Bridgestone Corporation
- Goodyear Tire & Rubber Company
- Compagnie Générale des Établissements Michelin
- Dunlop Aircraft Tyres Limited
- Polymer Enterprises Inc.
More Insights on FMI’s Aircraft Tire Market
The latest market study on global aircraft tire market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
- Small Widebody Aircraft
- Medium/ Large Widebody Aircraft
- Narrowbody Aircraft
- Propeller Aircraft
- Defense and Homeland Security Aircraft
- Bias Ply
- Radial Ply