Aircraft Tire Market Is Estimated To Witnsess High Growth Owing To Increasing Commercial Airlines Passenger Traffic
Market Overview:
Aircraft tires are specialty tires designed to withstand high loads during take-off, landing and taxiing. They experience extreme stresses due to high weight, speed and temperatures. Different types of aircraft tires are used for commercial, military and general aviation aircrafts.
Market Dynamics:
The growth of the aircraft tire market is majorly driven by rising commercial airlines passenger traffic worldwide. According to International Air Transport Association (IATA), the number of global air travelers is expected to double to 8.2 billion by 2037. This exponential increase in air traffic is propelling the demand for new aircrafts, which in turn is driving the aircraft tire market size. Another key driver is growing military aircraft procurement to enhance defense capabilities of countries. Modern fighter jets and military transport aircraft require specialized airframe tires that can withstand extreme operational conditions. Stringent regulatory standards regarding periodic replacement of aircraft tires is also fueling the market growth.
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.
SWOT Analysis
Strength: Aircraft tires have specialized designs that allow them to perform under demanding conditions. They are manufactured using high-quality rubber compounds and precision cutting techniques to maximize durability and safety. Industry leaders have extensive R&D capabilities to continuously improve tire technologies.
Weakness: Aircraft tire replacement is infrequent with long replacement cycles, limiting regular revenue streams. Raw material costs, particularly of rubber, are vulnerable to global price fluctuations.
Opportunity: Growing air passenger and air cargo traffic in emerging economies of Asia Pacific and Middle East are driving the need for new aircraft and fleet expansions. This increases the replacement of older aircraft tires. Adoption of ESG and sustainability practices also open possibilities for green tires made from alternative materials.
Threats: Economic slowdowns can negatively impact commercial aviation and defer aircraft procurement plans of airlines. Strict aircraft certification standards along with quality control during manufacturing pose high entry barriers for new 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 global air traffic. Rising passenger numbers coupled with replacement of aging aircraft worldwide will boost demand for new and retreaded tires.
Regional analysis - North America dominates currently due to large fleet sizes and regular maintenance/replacement activities by US airlines. Asia Pacific is poised to grow the fastest, driven by expanding aviation industries in China and India as well as fleet modernization efforts of low-cost carriers. Countries are also developing regional connectivity and low-cost travel options.
Key players - 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. Industry leaders enjoy strong brand recognition and supply tires for all major aircraft types.
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