The global aircraft tire market is projected to reach a valuation of USD 1.8 billion in 2023, with expectations to grow to USD 3.3 billion by 2033, reflecting a CAGR of 6.2% during the forecast period.
This growth is primarily driven by increasing demand for next-generation aircraft in both commercial and military sectors, alongside a rise in aircraft procurement. The growing number of air travelers is also contributing to the need for new aircraft, thereby boosting the demand for aircraft tires. Additionally, investments in the air defense sector, fueled by rising geopolitical tensions, are expected to further propel market growth.
Advancements in tire manufacturing technologies, such as the incorporation of next-generation materials like synthetic elastomer rubber and cross-linkable rubber, are enhancing tire durability and improving fuel efficiency by reducing tire weight. This, coupled with the rising demand for aircraft in both combat and non-combat operations in the defense sector and increased government investments in aviation infrastructure, is set to drive market growth.
The current surge in air travel is leading to higher production of new aircraft to accommodate passenger needs, accelerating the demand for aircraft tires. Furthermore, rising military spending on advanced aircraft in both developed and developing regions contributes to this trend. The demand for cost-effective aircraft tires is anticipated to further fuel market expansion throughout the forecast period.
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Key Takeaways from the Aircraft Tire Market Report:
- The United States aircraft tire market is expected to grow with a CAGR of 6.1% during the forecast period.
- The market in Germany is expected to grow with a CAGR of 6% during the forecast period.
- By sales channel, the aftermarket sales segment is projected to grow with an impressive CAGR of 7.5% during the forecast period.
- The market in China is expected to grow with a significant CAGR of 6.3% throughout the forecast period.
Competitive Landscape:
The market for aircraft tires is highly competitive, with numerous prominent industry players making substantial investments in their production.
The key industry players are Bridgestone Corporation, Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin, Dunlop Aircraft Tyres Limited, Petlas Tire Corporation, Aviation Tires & Treads, Polymer Enterprises Inc., Michelin, Maxam Tire International, Specialty Tires of America.
Some recent developments in the market are:
- Bridgestone announced its plans to streamline the manufacturing of aircraft tire retreading in the Asia-Pacific region in July 2022. To enhance efficiency, they consolidated production at their Chonburi, Thailand facility (BAMT), which already produces retreaded aircraft tires, incorporating operations from Bridgestone Aircraft Tire Company Asia (BAA).
- In May 2022, Shuguang Rubber Industry Research & Design Institute, a subsidiary of ChemChina specializing in aircraft tires, was meant to join forces with engineering company Haohua Chemical Science & Technology to establish a state-of-the-art production facility for civil aviation tires.
- In June 2020, a collaboration between Japan Airlines and Bridgestone Corporation was announced, focusing on the implementation of tire wear prediction technologies.
- In April 2022, Goodyear Tires made an exciting announcement to produce military aircraft tires using a unique and sustainable source of rubber derived from dandelions. As part of their commitment to using eco-friendly materials, Goodyear will harness natural rubber derived from the Taraxacum kok-saghyz species of dandelions for the manufacturing of these tires.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global aircraft tire market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the aircraft tire market, the market is segmented on the basis of aircraft type, ply type, sales channel and region.
Aircraft Tire Market Segmentation:
By Aircraft Type:
- Small Widebody Aircraft
- Medium/ Large Widebody Aircraft
- Narrowbody Aircraft
- Propeller Aircraft
- Helicopter
- Defense and Homeland Security Aircraft
- Freighters
By Ply Type:
- Bias Ply
- Radial Ply
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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