Aircraft Tire Market Is Estimated To Register A CAGR Of Approximately 6.34% During The Forecast Period From 2018 To 2023.
Aircraft tires are designed for intermittent operation and to sustain heavy loads. The global aircraft tire market is experiencing an upswing and is anticipated to register a CAGR of 4.29% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in an exhaustive study. The global aircraft tire market is expected to catapult to USD 1,525.6 Mn by the end of 2023 from USD 1,192.4 Mn in 2017.
Growth in the global aircraft tire market is stemmed from the expanding air traffic on a global scale. The global air passenger traffic has shown an increasing trend in the last couple of years due to low airfare and increased affordability which has attracted massive investment for new aircrafts. Also, the rise in a number of new airlines in multiple countries to take advantage of the growing consumer base has consequently resulted in heightened demand for aircraft tires. Aviation giants such as Airbus and Indigo Partners are procuring new aircrafts to cater to the vast passenger base which boosts the OEM aircraft tire segment. China is likely to surpass the US and become the largest aviation market which will foster the market growth over the forecast period.
Aircraft tires need replacement in 1 to 3 months due to irregular operations and have a low service life. To check the airworthiness of aircraft tires, they are inspected after every single flight, and the damaged tires are replaced with new tires which results in amplified demand for aircraft tires.
Other factors driving the growth of the global aircraft tire market include obtainment of military aircrafts by various countries and expansion of airline budgets. Furthermore, there has been a significant surge in business and general aircrafts for commutation of VIPs and business travels which adds fuel to the growth of the market.
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On the flipside, the growth of the global aircraft tire market might be dampened by the limited number of manufacturers in the market who are unable to fulfill the existing supply. Besides, manufacture of aircraft tires requires specialized technology and expertise which restricts the entry of new players in the market. Application of aircraft tires is strictly regulated by airframe manufacturers' certificate which is often a long, complex, and tedious procedure. Furthermore, to increase the life of aircraft tires, researchers are pouring in massive amounts to develop appropriate solutions. Development of better-quality, extended life tires will lead to a reduction in the demand for new aircraft tires which will constrain the growth of the market over the forecast period. Meanwhile, the Asia Pacific region provides tremendous growth opportunities for market expansion over the forecast period.
The global aircraft tire market has been segmented based on product type, aircraft type, and end-user.
By product type, the global aircraft tire market has been segmented into bias ply and radial ply.
By aircraft type, the global aircraft tire market has been segmented into commercial aircraft, military aircraft, and business & general aviation aircraft.
By end-user, the global aircraft tire market has been segmented into aftermarket and OEM.
Geographically, the global aircraft tire market has been segmented into the regions of North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
North America accounts for the largest share of 31.17% of the global market and was valued at USD 371.7 Mn in 2017. Robust growth of the aviation industry, the presence of major aircraft tire manufacturers, and investment from manufacturers from other regions in the North America market propel the growth of the market. The presence of various OEMs in North America can also be credited for the growth of the market. North America market for aircraft tire is likely to exhibit a CAGR of 3.46% over the forecast period.
APAC market stood at the second position in 2017 with a market share of 333.9 Mn and is poised to be the fastest growing market for aircraft tires. Increased defense expenditure to enhance air combat capabilities in the economies of China, South Korea, Japan, India, and others is likely to reflect positively on the growth of the APASC aircraft tire market. Furthermore, Asia-Pacific is an emerging market for long-haul travel and relies mainly on the small and the medium wide-body aircraft which further spurs the market growth. APAC is also expected to be the largest aftermarket. The APAC aircraft tire market is expected to showcase the highest CAGR of 5.63% over the forecast period.
Europe is a strong market for aircraft tires and is expected to exhibit a CAGR of 3.55% over the forecast period. Presence of the leading aircraft tire manufacturing companies such as Dunlop Aircraft Tyres Limited and Michelin Group along with the presence of the regional aircraft tire manufacturing companies are expected to drive the market for the aircraft tire in this region. A growing number of collaborations, partnerships, and mergers between leading aircraft tire manufacturers in the regions will also augment the market growth over the forecast period.
Petlas, SenturyTire (China), Desser Tire & Rubber Co., LLC (US), Dunlop Aircraft Tyres Ltd (UK), The Goodyear Tire & Rubber Company (US), Specialty Tires of America, Inc. (US), Michelin (France), Bridgestone Corporation (Japan) are the eminent players in the global aircraft tire market.