PUBLISHER: Grand View Research | PRODUCT CODE: 1530127
PUBLISHER: Grand View Research | PRODUCT CODE: 1530127
Aircraft Tire Market Size & Trends
The global aircraft tire market size was estimated at USD 1.89 billion in 2023 and is forecasted to grow at a CAGR of 4.2% from 2024 to 2030. This growth is attributed to the importance of aircraft tires in maintaining the overall weight of an aircraft at the time of takeoff, landing, and taxiing. These tires are manufactured to meet the operating requirements of an aircraft, thereby exhibiting more strength as compared to automotive tires. Aircraft tires ensure safe ground contact by absorbing vibrations and impact forces. They also provide cushioning to the aircraft to support the structure and offer enhanced comfort to passengers.
The market is witnessing technological advancements in production techniques and raw materials. Aircraft tire manufacturers are looking for eco-friendly raw materials to produce sustainable, fuel-efficient, and lower-carbon emission tires to meet the rising consumer demand for environmentally friendly travel options. In addition, with growing awareness regarding environmental health in government and consumers, the pressure on the aviation industry is increasing to reduce carbon footprints. This will drive the demand for eco-friendly aircraft tires over the coming years.
The market is also witnessing stringent rules and regulations related to regular maintenance and inspection of aircraft, which drives the replacement of tires. Furthermore, global cargo and passenger air traffic are major product drivers. Consumers' increasing per capita income worldwide is growing in demand for air travel, thus requiring more tires for replacement and new flights. Moreover, as companies are expanding their number of fleets to meet growing air travel demand, this is expected to fuel product use.
Defense and military budgets are increasing worldwide due to the rising threat of war because of ongoing conflicts between countries. These aircraft require high-performance tires to ensure safety in harsh environments, driving demand for the product. In addition, airlines are focusing on research and development activities to reduce their overall cost by using efficient fleet parts. This is further expected to increase their adoption due to their fuel-efficient characteristic.
Global Aircraft Tire Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global aircraft tire market based on product, end-use, and region:
U.S.
Canada
Mexico
Germany
UK
France
Italy
Spain
China
Japan
India
South Korea
Brazil
Argentina