by The global Aircraft Tire Market is estimated to be valued at US$ 2.38 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aircraft tires are specially designed tires to withstand heavy loads and high speed used in aircrafts. They provide directional stability and support heavy loads during taxi, takeoff, and landing. Aircraft tires experience extreme conditions including high speed, heavy weight, and runway bumps which requires special tread compounds and construction methods to withstand these conditions. Continuous growth in aircraft fleet, maintenance activities and aircraft modernization programs by tier 1 aircraft manufacturers are expected to drive the growth of global aircraft tire market over the forecast period.
Market key trends:
One of the key trends in aircraft tire market is development of Green Tires. With increasing focus on reducing carbon footprint, tire manufacturers are investing in developing sustainable aircraft tires made from sustainable and recycled materials. For instance, in 2022 Michelin partnered with Safran to develop aircraft tires made from renewable materials and recycled aircraft tires for next generation commercial aircraft. Such ecofriendly tires helps reduce weight and emissions. Another key trend is the growing focus on predictive maintenance of aircraft tires. Tire manufacturers are offering advanced tire management solutions integrated with sensors and aircraft data systems to monitor tire parameters in real time and predict failures. This helps airlines optimize tire change cycles and reduce unexpected downtimes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the aircraft tire market is low because of the huge capital requirement and established distribution networks of existing players in the market.
Bargaining power of buyers: The bargaining power of buyers is high as major buyers in the market are aircraft OEMs and airlines which purchase aircraft tires in bulk quantities and can negotiate for lower prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material suppliers play a vital role and there are limited raw material suppliers in the market. Threat of new substitutes: There are no cost-effective substitutes available for aircraft tires. Hence, the threat of substitutes is low.
Competitive rivalry: The competitive rivalry in the global aircraft tire market is high due to the presence of established players.
Key Takeaways
The global aircraft tire market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing aircraft deliveries across regions.
Regional analysis: North America dominates the global aircraft tire market and is expected to continue its dominance over the forecast period. Asia Pacific is anticipated to be the fastest growing market for aircraft tires driven by initiatives taken by emerging economies to strengthen their airline industry.
Key players operating in the aircraft tire market include Michelin (France), Goodyear Tire and Rubber Company (US), Bridgestone Corporation (Japan), Dunlop Aircraft Tyres Ltd. (UK), Qingdao Sentury Tires Company Limited (China), Wilkerson Aircraft Tires (US), Petlas Tire Corporation (Turkey), Aviation Tires and Treads, LLC (US) and Specialty Tires of America (US) among others. Key players are focusing on new product launches and expansion strategies to gain more market share.
