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"Overview of Aircraft Tire Market "
The aircraft tire market is expected to reach approximately 1.4 Billion by 2020 end and is expected to witness a CAGR of 4% over 2020-2028.
Growing aircraft body dynamics and high demand for reduced aircraft bodyweight are expected to contribute to the growth of the aircraft tire market. Several factors supporting the demand for tires in the aircraft industry are advancements in tire technology, and short life of aircraft tires and rising aircraft fleet size. However, stringent regulatory norms and manufacturing processes are likely to become more complicated in the near future.
Bias Ply aircraft tire is expected to hold substantial share during the forecast period
A bias-ply aircraft tire is expected to hold the highest growth of xx% during the forecast period and its global revenue is expected to hold a share of over 60%. Bias tires are a traditional form of tires and piles are wrapped into the tire to provide extra strength. Bias-ply offers various benefits such as ground control, superior surface resistance, and enhanced stability apart from others. These benefits offered by Bias Ply aircraft tire boost its demand and ultimately contribute to the growth of the aircraft tire market during the forecast period.
Commercial Segment is expected to Experience the Highest Growth during the Forecast Period
Among all end-users, the commercial segment of the aircraft tire market currently has the highest market share of xx% and is expected to witness a CAGR of xx% during the forecast period. The commercial segment holds a substantial share and is expected to follow the same trend during the forecast period.
In various countries across the globe, Airlines are introducing and expanding new routes which have generated the demand for new aircraft. Also, the high demand for wide-body aircraft has been increasing for longer routes. High need for replacing the tires of commercial aircraft after more than 200 landings due to wear and tear of the tires also boosts the growth of the aftermarket segment of commercial aircraft tires.
Growing Air Traffic and Widening Airline Network to Push Sales of Aircraft Tire in the Asia Pacific
Asia-Pacific region is expected to witness the highest growth of XX% during the forecast period. Airlines in the region are procuring newer generation aircraft. Also, growing tourism in countries such as China, Indonesia, India, Australia, and Singapore has increased the passenger traffic of this region
The aviation market in the Asia-Pacific region is expected to move ahead of the market in North America during the forecast period. Few of the companies are also expanding their operations in the Asia Pacific Region. High demand for advanced technology aircraft is already expected and will continue to grow during the forecast period. These factors are eventually boosting the sales of aircraft tires in the APAC region. Moreover, the growing rate of replacement of obsolete wide-bodied aircraft and rise in concern regarding fuel efficiency of the aircraft equipment plays a crucial role in improving prospects for Asia’s aircraft tire market in the near future.
- For example, Lufthansa Group had expanded its operations in countries such as China, Japan, Southeast Asia, and India. Also,
- The rise in military spending which is followed by high political tension boosts the growth of the market in the region during the forecast period.
Competitive Landscape Analysis: Global Aircraft Tire Market
The key players in the aircraft tire market are Bridgestone Corporation, Specialty Tires of America, Inc, Goodyear Tire and Rubber Company, Dunlop Aircraft Tyres Limited, Wilkerson Company Inc, Michelin are the major players in the aircraft tire market owing to their long term contracts with the aircraft OEMs and high brand value.
- The Goodyear Tire & Rubber Company is one of the leading companies in the aircraft tire market and the company has started the new facility expansion project in Luxembourg.
- Growing R&D investment is also one of the strategies adopted by various players in the aircraft tire market.
- Companies such as Bridgestone Corporation focuses on research to manufacturing sustainable aircraft tires that comply with voluntary standards associated with improved aircraft safety, natural resources conservation, noise reduction, and material recycling.
- The company has a strong presence in countries such as the US, China, Japan, Thailand, and Italy. Also, the company has recently commenced its expansion in France through the acquisition of a leading retailer of an aircraft tire.
Continental AG offers a range of intelligent aircraft tires that are equipped with sensors. The sensors have performance monitors that track wear and tear, pressure, and other parameters.
MARKET SEGMENTATION OF AIRCRAFT TIRE MARKET
Aircraft Tire Market comprises the following market segmentation. It is segmented as per tire type, by distribution channel, by end-user type in key regions mentioned below.
By Tire Type
By Distribution Channel
- Original Equipment Manufacturers (OEMs)
- Maintenance, Repair, and Overhaul (MRO)
By End-user Type
- North America
- Asia Pacific (APAC)
- Middle East & Africa (ME&A)
- Latin America