According to a research report by Stratview Research, the Aircraft Tires Market accounted for US$ 1.5 Billion in 2021, and is estimated to register an uncharted growth trajectory by recording a promising CAGR of 6.1% to reach a market value of US$ 2.6 billion in 2027. The recovery trajectory of tires would be different for different regions as well as aircraft types.
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Segments’ Analysis
Stratview Research has segmented the “Aircraft Tires Market” by Aircraft Type (Commercial Aircraft, Regional Aircraft, Military Aircraft, Helicopter, and General Aviation), by Tire Type (Radial Tire and Bias Tire), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Based on the aircraft type, the market is segmented as commercial aircraft, regional aircraft, military aircraft, helicopters, and general aviation. During the projection period, commercial aircraft will continue to lead the market.
An expected recovery in air passenger traffic is likely to imprint a positive impact across the supply chain including the demand for tires. An expected rise in flying activity paired with higher wear and tear of tires is likely to drive the demand for tires at the aftermarket level. Continuous rise in military aircraft production is further estimated to drive the demand for tires in the years to come.
Based on the tire type, the market is segmented as radial tire and bias tire. A radial tire is expected to remain the dominant as well as the faster-growing tire type in the market during the forecast period. The demand for radial tires is driven by continuous innovations targeting a reduction in weight, increased durability, and mobility. These aspects enable companies to improve fuel efficiency, tire life, and passenger comfort, resulting in higher usage of radial tires in the industry.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain the dominant segment of the market during the forecast period. The long service life of aircraft requires a large number of tires throughout its lifetime. Aircraft tires are subjected to operation in extreme temperatures and pressure.
Tires continuously degrade during take-off and landings. Take-off is the most common cause of wear & tear of tires as the aircraft is fully loaded with fuel, passengers, and luggage. Tires are already pre-heated by taxiing on the runway, making take-off more crucial leading to the wearing of tires, creating a greater demand for tires.
In terms of regions, Asia-Pacific is expected to remain the largest market for aircraft tires during the forecast period. Major countries in the region (China, India, Japan, Singapore, and South Korea) have a large fleet of aircraft in order to meet the large passenger traffic. Furthermore, these countries also generate a sustained demand for new aircraft to address the incessant rise in passenger traffic. North America and Europe are other markets and are likely to generate a sizeable demand for tires in the years to come.
Leading Players Covered in the Aircraft Tires Market Report:
The following are the key players in the Aircraft Tires Market –
- Compagnie Generale Des Etablissements Michelin S.C.A.
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company
- Dunlop Aircraft Tyres Ltd.
- Mitas a.s. (a Trelleborg A.B. company)
- Kumho Tire Co. Inc.
- Petlas Tire Corporation
- Qingdao Sentury Tire Co., Ltd.
- Specialty Tires of America
- Wilkerson Company, Inc.
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