PUBLISHER: The Business Research Company | PRODUCT CODE: 1390970
PUBLISHER: The Business Research Company | PRODUCT CODE: 1390970
“Aircraft Tires Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aircraft tires market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aircraft tires? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aircraft tires market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Aircraft tires are rubber rings fitted over an aircraft's wheel rim, serving to increase traction, dampen road shocks, and support the aircraft's weight while on the ground. These tires play a crucial role in providing the necessary traction for braking and stopping.
The main types of aircraft tire products include radial tires and bias tires. A radial tire, also known as a radial-ply tire, features cord plies arranged at 90 degrees to the direction of travel, providing a distinct design for enhanced performance. Aircraft tires are utilized across various platforms, including fixed-wing and rotary-wing aircraft. Applications span wide-body aircraft, very large aircraft, regional transport aircraft, and narrow-body aircraft. The aircraft tire market caters to end-users such as Original Equipment Manufacturers (OEMs), retread tires, and replacement tires.
The aircraft tires market research report is one of a series of new reports from The Business Research Company that provides aircraft tires market statistics, including aircraft tires industry global market size, regional shares, competitors with an market share, detailed aircraft tires market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft tires industry. This aircraft tires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aircraft tires market size has grown strongly in recent years. It will grow from $1.88 in 2023 to $1.97 in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth observed in the historical period can be attributed to factors such as aircraft fleet expansion, the growth of global air travel, the implementation of runway condition monitoring, military modernization efforts, and the adoption of smart tire technologies in the aviation industry.
The aircraft tires market size is expected to see strong growth in the next few years. It will grow to $2.41 in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to advancements in tire materials, evolving aircraft designs, the emergence of urban air mobility (UAM), a focus on sustainable aviation, and the development of space tourism and exploration. Key trends expected in this forecast period encompass technological advancements, the use of advanced composite materials in tire manufacturing, high-speed landing gear innovations, improvements in tire tread design, and the adoption of noise reduction technologies in aircraft tires.
The aircraft tires market is experiencing growth due to the escalating number of domestic and international air passengers. The surge in demand for air travel necessitates increased aircraft production, subsequently elevating the usage of aircraft tires. The continuous landings per tire to meet this demand result in frequent wear and tear, further fueling the market. According to the International Civil Aviation Organization (ICAO), global airline passenger numbers are projected to hit 10.5 billion by 2040. Additionally, the Boeing 2020-2039 commercial market outlook indicates that India's domestic air passenger market is expected to double by 2030 from pre-pandemic levels. Consequently, the increasing number of domestic and international air passengers is a driving force behind the growth of the aircraft tires market.
The growth of the aircraft tires market is also influenced by an upsurge in aircraft retirements. As commercial or military aircraft are retired from active service, replacements with newer models become necessary. This cycle triggers the demand for compatible tires for the incoming fleet. For instance, the International Air Transport Association (IATA) reported that over the last 35 years, over 16,000 commercial aircraft have been retired globally, with roughly 700 reaching the end of their operational lifespans each year. Projections from IATA suggest approximately 11,000 aircraft retirements in the coming decade. Therefore, the increasing rate of aircraft retirements is propelling the growth of the aircraft tires market.
Technological advancements represent a significant trend in the aircraft tires market. Manufacturers are concentrating on developing tires with extended lifespans, greater durability, and improved efficiency. For example, in May 2021, Goodyear Tire & Rubber Company, a US-based tire manufacturer, introduced TPMS technology for aircraft tug tire production. This technology aims to mitigate accidents by monitoring pressure loss or temperature changes.
The current trend in the aircraft tire industry is the development of new-generation aircraft tires, such as the Air X SKY LIGHT MICHELIN tires, to provide companies with a competitive edge and expand their product portfolio. These next-generation tires typically incorporate cutting-edge materials and technology to offer lighter, more durable solutions capable of withstanding the demands of modern aviation. The advancements aim to make these tires more attractive to airlines and aircraft operators. For instance, in June 2023, Michelin, a France-based tire manufacturer, introduced the Air X SKY LIGHT MICHELIN tire, designed to be lighter and more durable, ensuring enhanced performance while maintaining safety standards. This radial tire model typically weighs 20-30% less than similar bias tires and operates at cooler temperatures. The introduction of these tires is expected to contribute to the aviation industry's efforts to reduce fuel consumption and emissions.
In March 2022, Yokohama Rubber Co. Ltd., a Japan-based tire manufacturer, entered into a share purchase agreement to acquire all outstanding shares in Trelleborg Wheel Systems Holding AB for $2 billion. The acquisition is anticipated to provide Yokohama with an established brand structure and a robust service network, expanding its regional sales network in the original equipment (OE) tire sector. Trelleborg Wheel Systems Holding AB, based in Sweden, specializes in manufacturing tires and wheels for off-highway vehicles, aircraft, and other specific applications.
Major companies operating in the aircraft tires market include Bridgestone Corporation, Michelin Group, The Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres Ltd., Qingdao Sentury Tire Co. Ltd., Wilkerson Company Inc., Desser Tire & Rubber Co. LLC, Specialty Tires of America, Petlas Tire Corporation, Aviation Tires & Treads LLC, Trelleborg AB, China National Tire & Rubber Co., Tost GmbH Flugzeuggeratebau, Compagnie Generale Des Etablissements Michelin, Polymer Enterprises Inc., Maxam Tire North America Inc., Stomil-Poznan SA, Airframes Alaska Co., Condor Flugdienst GmbH, Aero Tyre Trading FZC, Michelin Aircraft Tire Company, Techking Tires Limited, Nokian Tyres PLC, Titan International Inc., Jenoptik AG
North America was the largest region in the aircraft tires market in 2023. Asia-Pacific was the fastest growing market in aircraft tires market. The regions covered in the aircraft tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the aircraft tires market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The aircraft tires market consists of sales of aramid, center rib thread, general aviation, commercial aviation, and small widebody aircrafts. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.