The Aircraft Tire Market is crucial for aircraft operations as they enable take-off, landing and taxing of aircraft on ground. Aircraft tires are specially designed to withstand extreme pressure and harsh conditions during taxi, take-off and landing. They are made from compounds that provide exceptional cut, crack and wear resistance. Aircraft tires come in various types including nose wheel tires and main wheel tires for commercial, military as well as general aviation aircraft.
Market Overview:
Aircraft tires are a vital component for any aircraft as they enable movement and support the weight during operation. They are specifically engineered to withstand high impact forces experienced during take-off and landing. Aircraft tires experience extreme heat, pressure fluctuations and wear during operations. They are made from heat and slip resistant compounds for superior performance in all weather conditions. Advancements in materials and manufacturing processes are leading to development of stronger and longer lasting aircraft tires.
Market key trends:
One of the key trends shaping growth in the aircraft tire market is increasing aircraft deliveries and fleet size. Growing international air travel and cargo transportation is fueling demand for new commercial and cargo aircraft. Airlines are placing large orders to modernize and expand their fleet size, which in turn is driving the need for aircraft tires. For instance, Boeing reported over 5,500 new aircraft orders in 2020, with an estimated market value of $764 billion. Similarly, Airbus received over 11,000 orders for new aircraft in the same year. This persistent rise in commercial aircraft orders augurs well for sustained demand of aircraft tires through the forecast period. Moreover, increasing procurement of military aircraft by defense agencies worldwide is another major driver for aircraft tire market.
The global Aircraft Tire Market Size is estimated to be valued at US$ 2.38 Bn or 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.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the aircraft tire market requires huge capital investment for manufacturing facilities and technology development. Bargaining power of buyers: The bargaining power of buyers is high due to the presence of established players offering a variety of tire models. Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials can be sourced easily but developing exclusive supply partnerships requires long-term commitments. Threat of new substitutes: There is no threat from substitutes as aircraft tires are specialized products fulfilling critical safety and performance requirements. Competitive rivalry: The competitive rivalry is high among major tire manufacturers.
SWOT Analysis
Strengths: Established brands and global distribution networks. Advanced materials and manufacturing technologies enable superior product performance.
Weaknesses: High R&D and capital investment requirements pose challenges for new entrants. Seasonal demand and economic slowdowns impact sales.
Opportunities: Growth in air passenger traffic and freight movement is expanding the fleet size. Developing economies are increasing aircraft procurement.
Threats: Stringent regulatory standards increase compliance costs. Volatility in raw material prices can squeeze profit margins.
Key Takeaways
The global aircraft tire market size was valued at US$ 2.38 Bn in 2023 and is expected to reach US$ 3.29 Bn by 2030, exhibiting a CAGR of 3.9% during the forecast period. Steady passenger air traffic growth and surge in international trade volumes are driving the demand for new aircraft.
The North American region currently dominates the market and is expected to remain the highest revenue generating region over the next few years. This is attributed to high aircraft fleet size in countries like the US and presence of leading OEMs in the region.
Key players operating in the aircraft tire market are Bridgestone Corp, Goodyear Tire and Rubber Company, Specialty Tires of America Inc., Dunlop Aircraft Tyres Limited, Michelin, Aviation Tires and Treads of America, Qingdao Century Tires Company Limited, Wilkerson Aircraft Tires, Petlas Tire Corporation. These players are focusing on new product launches and expansion in emerging economies to strengthen their market position.
