The global aircraft tire market is projected to attain a valuation of US$ 1.8 billion in 2023 and is anticipated to reach US$ 3.3 billion by 2033, and is expected to increase at a CAGR of 6.2% during the forecast period.
The aircraft tire market is a critical sector within the aviation industry, providing essential components for the safe operation of aircraft. Here’s an overview of key aspects of this market:
- Market Segmentation: The aircraft tire market can be segmented based on aircraft type (commercial, military, general aviation), tire type (bias ply, radial), tire size, and geography (regions or countries with varying levels of aviation activity).
- Market Size and Growth: The market size for aircraft tires is influenced by factors such as global air traffic growth, fleet expansion, aircraft retirements, and technological advancements in tire design and materials.
- Key Players: Major players in the aircraft tire market include companies like Michelin, Bridgestone Corporation, Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres, and Avon Rubber plc. These companies specialize in the design, manufacturing, and distribution of aircraft tires for various applications and aircraft types.
- Technological Trends: Technological advancements in aircraft tires focus on improving durability, reliability, performance, and fuel efficiency. Key trends include the development of radial tire technology for enhanced stability and load-carrying capacity, innovations in tread designs for better traction and braking performance, and the use of advanced materials like carbon fiber and silica compounds for weight reduction and extended service life.
- Market Drivers: Factors driving the aircraft tire market include increasing air travel demand, fleet modernization efforts by airlines, expansion of low-cost carriers and regional aviation markets, regulatory requirements for tire performance and safety standards, and the growing trend towards long-haul flights and larger aircraft models.
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Key Takeaways
- United States aircraft tire market is expected to grow with a CAGR of 6.1% during the forecast period.
- The market in Germany is expected to grow with a CAGR of 6% during the forecast period.
- By sales channel, the aftermarket sales segment is projected to grow with an impressive CAGR of 7.5% during the forecast period.
- The market in China is expected to grow with a significant CAGR of 6.3% throughout the forecast period.
“Advancements in tire manufacturing technologies and use of NextGen materials such as synthetic elastomer rubber are expected to drive market growth during the forecast period,” comments an FMI analyst
Competitive Landscape
The market for aircraft tires is highly competitive, with numerous prominent industry players making substantial investments in their production.
The key industry players are Bridgestone Corporation, Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin, Dunlop Aircraft Tyres Limited, Petlas Tire Corporation, Aviation Tires & Treads, Polymer Enterprises Inc., Michelin, Maxam Tire International, Specialty Tires of America.
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Some recent developments in the market are:
- Bridgestone announced its plans to streamline the manufacturing of aircraft tire retreading in the Asia-Pacific region in July 2022. To enhance efficiency, they consolidated production at their Chonburi, Thailand facility (BAMT), which already produces retreaded aircraft tires, incorporating operations from Bridgestone Aircraft Tire Company Asia (BAA).
- In May 2022, Shuguang Rubber Industry Research & Design Institute, a subsidiary of ChemChina specializing in aircraft tires, was meant to join forces with engineering company Haohua Chemical Science & Technology to establish a state-of-the-art production facility for civil aviation tires.
- In June 2020, a collaboration between Japan Airlines and Bridgestone Corporation was announced, focusing on the implementation of tire wear prediction technologies.
- In April 2022, Goodyear Tires made an exciting announcement to produce military aircraft tires using a unique and sustainable source of rubber derived from dandelions. As part of their commitment to using eco-friendly materials, Goodyear will harness natural rubber derived from the Taraxacum kok-saghyz species of dandelions for the manufacturing of these tires.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global aircraft tire market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the aircraft tire market, the market is segmented on the basis of aircraft type, ply type, sales channel and region.
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Key Segments Profiled in the Aircraft Tire Industry Survey
Aircraft Type:
- Small Widebody Aircraft
- Medium/ Large Widebody Aircraft
- Narrowbody Aircraft
- Propeller Aircraft
- Helicopter
- Defense and Homeland Security Aircraft
- Freighters
Ply Type:
- Bias Ply
- Radial Ply
Sales Channel:
- OEM
- Aftermarket
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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