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The aircraft tire market size is estimated to grow at a CAGR of 4.07% between 2023 and 2028. The market size is forecast to increase by USD 323.52 million. The growth of the market depends on several factors, such as the rising demand for landing gear retrofitting, the growth in urban air mobility (UAM) and advanced air mobility (AAM) markets, and the recent development in aircraft tires. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by type (radial tire and bias tire), distribution channel (aftermarket and OEM), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Aircraft Tire Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The primary tire components of landing gear include tires and braking systems. In addition, it supports the entire weight of the aircraft during landing and ground operations and is attached to the primary structural members of the aircraft. Furthermore, the type of gear depends on the aircraft design and its intended use.
Moreover, strenuous use of these gears requires them to be maintained, upgraded, and retrofitted if necessary. In addition, retrofitting landing gears will fuel the growth of the global aircraft tire market, especially that of the radial tires segment. Furthermore, many aerospace component manufacturers are forming collaborations to develop superior aircraft components. Hence, such a focus on retrofitting will drive the market growth during the forecast period.
There has been a global evolution of the global aircraft tire market as more electric and hybrid aircraft are being deployed. In addition, the main purpose of this cutting-edge technology is to increase fuel efficiency while lowering pollution. For example, the all-electric Pipistrel Velis Electro has drawn recognition for its environmentally responsible operations, leading the way in the shift to sustainable aviation.
Moreover, Hybrid solutions, such as the Ampaire Electric EEL, combine conventional and electric propulsion to increase range and lessen their negative effects on the environment. In addition, for urban air mobility, prominent players such as Boeing and Airbus are investing in electric vertical take-off and landing (eVTOL) aircraft. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
The high bargaining power of any particular stakeholder can pose a significant threat to any industry. For instance, Boeing and Airbus are the two major aircraft OEMs that retain supremacy in finalizing the prices of aircraft tires for their respective aircraft. In addition, major landing gear suppliers, such as GE and UTC Aerospace Systems, exercise control over the features and pricing of landing gear systems.
Moreover, as the OEMs play a significant role during the final integration of commercial aircraft and maintain MRO facilities, the aftermarket price of an aircraft tire is affected by the presence of OEMs. Furthermore, such a phenomenon makes the market volatile for the independent distributors of aircraft tires, which may lead to a low operating profit margin. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The radial tire segment is estimated to witness significant growth during the forecast period. Several prominent aircraft OEMs, including Airbus and Boeing, use radial tires for most of their newer-generation aircraft. In addition, due to the growing concern over reducing the overall weight of aircraft while ensuring enhanced performance, the demand for radial tires has gained significant momentum in the last decade. Furthermore, radial tires are lightweight, offer superior wear resistance capacity, and can accommodate extra loads.
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The radial tire segment was the largest segment and was valued at USD 794.20 million in 2018. Moreover, this segment requires less maintenance compared with conventional bias tires. Therefore, the use of radial tires minimizes the overall maintenance cost. Furthermore, radial tires are preferred in fighter jets as the sidewall flex is not transmitted to the tread and allows the independent functioning of the sidewall and tread. In addition, they offer a lengthened footprint and little transversal slip. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the distribution channel, the segment is classified into aftermarket and OEM. One of the main factors that is fuelling the growth of the aftermarket segment is its association with the global tire industry. In addition, several aircraft manufacturers including the Bridgestone Corp. (Bridgestone), The Goodyear Tire and Rubber Company (Goodyear), and Michelin Group (Michelin) are the key players in the market that have a sturdy global presence and dominate the local replacement markets. Moreover, with the growth in passenger traffic in developing countries, such as India and China, the use of aircraft has also increased, reflecting a higher number of take-offs and landings per tire. As a result, this has mandated airlines to emphasize more periodical replacement or retreading of existing tires of their respective aircraft fleets to retain them operationally. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 36% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
Another region offering significant growth opportunities to companies is North America. The increasing orders of new aircraft in North America, especially in the US has fuelled the growth of the market in the region. In addition, the strong economic conditions in the US and Canada have strengthened their respective domestic traffic. Moreover, the increasing need to establish new routes connecting national and international destinations has also fuelled the demand for aircraft and, consequently, tire retreading in the region. Furthermore, several major aircraft tire manufacturing companies, such as Michelin and Bridgestone, have established their presence in North America. In addition, existing companies are enhancing their distribution capability to augment the service quality in the region. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global aircraft tire market witnessed a significant slowdown due to lockdowns, a reduction in air traffic, and financial restraints placed on airlines in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of airline operations. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Desser Holdings LLC: The company offers aircraft tires such as engineering tires, engineering tires, aviation tires, all steel heavy duty radial tires, remodeled tires, and others.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Bridgestone Corp., China National Chemical Corp. Ltd., Dunlop Aircraft Tyres Ltd., Hankook Tire and Technology Co. Ltd., Hey Machinery Company Inc., Michelin Group, Petlas Tire Industry and Trade, Qingdao Sentury Tire Co. Ltd., Specialty Tires of America Inc., The Goodyear Tire and Rubber Co., Tost GmbH Flugzeuggeratebau, Trelleborg AB, Yokohama Rubber Co. Ltd., Aviation Tires and Treads LLC, and WILKERSON CO INC.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The aircraft tire market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Aircraft Tire Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.07% |
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Market Growth 2024-2028 |
USD 323.52 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.74 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, China, Japan, France, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bridgestone Corp., China National Chemical Corp. Ltd., Desser Holdings LLC, Dunlop Aircraft Tyres Ltd., Hankook Tire and Technology Co. Ltd., Hey Machinery Company Inc., Michelin Group, Petlas Tire Industry and Trade, Qingdao Sentury Tire Co. Ltd., Specialty Tires of America Inc., The Goodyear Tire and Rubber Co., Tost GmbH Flugzeuggeratebau, Trelleborg AB, Yokohama Rubber Co. Ltd., Aviation Tires and Treads LLC, and WILKERSON CO INC. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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