Aircraft Tire Market By Product (Radial, Bias), Platform (Fixed Wing, Rotary Wing), End-User (Commercial, Military & Defense), Supplier (Original Equipment Manufacturers (OEMs), Aftermarket Suppliers), & Region for 2024-2031

Aircraft Tire Market Valuation - 2024-2031

The demand for aircraft tires market continues to rise due to the global aviation industry is expanding rapidly, driven by rising passenger traffic, freight shipments, and economic development. This expansion is resulting in a larger amount of aircraft in service, which is directly related to increased demand for tires. The market size surpass USD 2.6 Billion valued in 2023 to reach a valuation of around USD 3.98 Billion by 2031.

Advances in aircraft technology and design are also driving the demand for tires. Modern airplanes are becoming larger, heavier, and capable of longer flights, necessitating tires with enhanced qualities, such as increased load-carrying capability and durability. The rising demand for cost-effective and efficient aircraft tire is enabling the market grow at a CAGR of 5.50% from 2024 to 2031.

Aircraft Tire Market: Definition/ Overview

Aircraft tires are specialized components designed to sustain the weight of an aircraft during takeoff, landing, and taxiing. They are engineered to withstand harsh circumstances, including high-speed impacts, high temperatures, and substantial loads. These tires, made of rubber, cloth, and steel, are designed to withstand the stress of repeated landings and takeoffs while providing stability and traction on the runway.

Aircraft tires are used on a number of aircraft, including commercial jets, military aircraft, and private planes. Future improvements in this subject will focus on improving tire performance, longevity, and safety. Lightweight materials, enhanced tread patterns for increased grip and wear resistance, and advanced monitoring systems for real-time performance tracking are all potential innovations. These advances aim to increase tire life, save maintenance costs, and improve overall aircraft efficiency and safety.

How will the Increasing Air Traffic and Fleet Expansion Drive the Aircraft Tire Market?

Increased air traffic and fleet expansion are major drivers driving the aircraft tire market. According to the International Air Transport Association (IATA), worldwide air passenger traffic is expected to double from 4.1 billion in 2017 to 8.2 billion by 2037, necessitating the expansion of airline fleets to meet increased demand. This rise in fleet size, combined with the wear and tear caused by more frequent flights, needs regular tire replacements, directly increasing demand for aircraft tires and contributing to market growth.

Technological advances in tire manufacturing are propelling the aircraft tire market. Innovations like Michelin's Near Zero Growth (NZG) technology, which increases the service life of aircraft tires by up to 30% when compared to regular radial tires, have greatly increased market demand. The greater durability and performance of these advanced tires make them more appealing to airlines, resulting in increasing investment in novel tire solutions that reduce maintenance costs and improve operating efficiency, boosting market growth.

Will the Volatility in Raw Material Prices Impede the Growth of the Aircraft Tire Market?

The volatility in raw material prices can have significant effects on the growth of the aircraft tire market. Aircraft tires are constructed of materials including rubber, steel, and synthetic textiles, and their prices fluctuate due to supply chain interruptions, shifting global demand, and geopolitical considerations. These increased costs may raise manufacturing charges, resulting in higher airplane tire prices. Airlines may postpone tire replacements or explore cost-cutting measures, thereby delaying market expansion.

Environmental issues might have an impact on the growth of the aircraft tire market. As global awareness of sustainability grows, the aviation industry faces rising pressure to decrease its environmental mark. Aircraft tires, composed of rubber and other synthetic materials, generate waste and pollutants during production and disposal. Regulations aimed at decreasing carbon emissions and encouraging environmentally friendly materials may raise tire manufacturers' production costs. Airlines may seek greener alternatives, such as more sustainable tire options, influencing market dynamics and growth.

Category-Wise Acumens

Will the Cost-Effectiveness Propel the Radial Ply Tires Category for the Aircraft Tire Market?

Radial ply tires have become the dominant segment in the aircraft tire market. The radial ply tire segment of the aircraft tire market is driven by cost-effectiveness. Radial ply tires have a longer lifespan, higher fuel efficiency, and better performance than typical bias ply tires, making them a more cost-effective choice for airlines. Their endurance minimizes the number of replacements and maintenance expenses, while their lower rolling resistance aids in fuel efficiency. These advantages make radial ply tires an appealing option for airlines looking to cut operational expenses, resulting in increased demand in this category.

Continuous advances in radial-ply tire technology are propelling the radial-ply tire segment in the aircraft tire market. Manufacturers are constantly innovating to satisfy the changing needs of the aircraft sector, producing radial ply tires with increased durability, fuel efficiency, and performance. These developments, such as improved tread designs and materials with extended service life and heat resistance, help airlines decrease operational costs while increasing safety. The expanding use of these cutting-edge technologies is driving up demand for radial ply tires in the aircraft tire market.

Will the Technological Advancements Lead the Fixed Wing Aircraft Segment for the Aircraft Tire Market?

The fixed-wing aircraft segment leads the aircraft tire market. Technological advances are propelling the fixed-wing aircraft segment in the aircraft tire market. Tire design innovations, such as improved materials, tread patterns, and durability, are significantly improving the performance and safety of fixed-wing aircraft tires. These innovations cut maintenance costs, improve fuel efficiency, and increase tire life, making them very appealing to airlines and aircraft operators. Due to fixed-wing aircraft accounting for a substantial share of the global aviation fleet, the adoption of new tire technologies is essential for improving operational efficiency, increasing demand in this segment.

The many different applications of fixed-wing aircraft are boosting the fixed-wing aircraft segment of the aviation tire market. Fixed-wing aircraft are used for a variety of purposes, including passenger transportation, freight transport, and military activities, all of which necessitate varied tire specifications to suit varying performance requirements. This variety of applications raises the demand for a wide range of tire types designed to meet specific operational criteria, such as military aircraft durability or commercial airliners' fuel efficiency. The adaptability of fixed-wing aircraft across numerous industries propels the tire market for this category.

Gain Access into Aircraft Tire Market Report Methodology

Country/Region-wise Acumens

Will the Established Aviation Industry Accelerate the North American Region for the Aircraft Tire Market?

North American Region dominates the aircraft tire market. The established aviation industry drives the North American aircraft tire market. North America has a well-developed and robust aviation sector, with many major airlines and aircraft manufacturers driving up demand for aircraft tires. The FAA's Aerospace Forecast for Fiscal Years 2022-2042 predicts that the US commercial fleet will grow from 7,690 aircraft in 2021 to 10,555 by 2042, a 37% increase. Furthermore, US commercial airlines are predicted to have a 54% increase in Available Seat Miles (ASMs) by 2042. This increase in fleet size and air travel capacity raises the demand for aircraft tires, as more frequent flights necessitate more frequent tire replacements and maintenance, propelling the regional aviation tire market forward.

The large fleet of aircraft drives the North American aircraft tire market. North America has a large fleet of commercial and military aircraft, which drives high demand for aircraft tires. The FAA's Aerospace Forecast for Fiscal Years 2022-2042 predicts that the commercial aviation fleet in the United States will increase by 37%, from 7,690 aircraft in 2021 to 10,555 by 2042. The US Department of Defense's 2023 budget plan proposes financing for 2,244 aircraft across the branches, which will expand the fleet even more. With more than 7.14 million flights operated by US airlines in 2021, the frequency of takeoffs and landings increases tire degradation, necessitating regular replacement.

Will the Government Investments in the Asia Pacific Region Expand the Aircraft Tire Market?

The Asia-Pacific region is experiencing the fastest growth in the aircraft tire market. Government investments in the Asia-Pacific region are propelling the aircraft tire market. The Asian Development Bank (ADB) predicts that infrastructure investments in the region will total $1.7 trillion per year by 2030, with a large part allocated to aviation facilities. The International Air Transport Association (IATA) estimates that the region will accommodate 3.9 billion people by 2037, necessitating significant airport expansions and, increased demand for aircraft tires. Furthermore, China's goal to build 216 new airports by 2035, as well as India's aim to increase its operating airports from 140 to 220 by 2025 under the UDAN initiative, is expected to boost demand.

The rapid economic growth in Asia-Pacific is driving the aircraft tire market. The region's strong economic growth, forecast by the IMF at 4.6% in 2023 and 4.4% in 2024, is strongly connected to rising air traffic and fleet expansion. The International Air Transport Association (IATA) predicts an additional 2.1 billion yearly passengers by 2037, representing the globe's largest regional growth rate at a CAGR of 4.8%. This expansion fuels the desire for new aircraft, with Boeing projecting 17,645 new deliveries by 2041, accounting for 40% of worldwide demand. The Civil Aviation Authority of China (CAAC) and India's Directorate General of Civil Aviation (DGCA) report large fleet expansions, which increases the demand for aircraft tires.

Competitive Landscape

The aircraft tire market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the aircraft tire market include:

• Bridgestone Corporation, Goodyear Tire and Rubber Company, Specialty Tires of America, Inc., Dunlop Aircraft Tyres Limited, Michelin, Qingdao Century Tires, Desser Tires & Rubber Co., LLC, Wilkerson Company, Aviation Tires & Treads, China National Tire & Rubber Co.Ltd, Sentury Tires Company Limited, Petlas Tire Corporation.