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The aircraft tire market size is estimated to grow by USD 323.52 million, at a CAGR of 4.07% between 2023 and 2028. Market growth hinges on several factors, including the increasing demand for retrofitting landing gear, the expansion of the urban air mobility (UAM) and advanced air mobility (AAM) sectors, and recent advancements in aircraft tire technology. These elements collectively drive market expansion, reflecting evolving trends in the aviation and aerospace industries. The rising demand for landing gear retrofitting underscores the need to enhance safety and efficiency in existing aircraft fleets. Simultaneously, the growth of UAM and AAM markets signifies the emergence of innovative aerial transportation solutions. Additionally, recent developments in aircraft tire technology highlight efforts to improve performance and durability under various operational conditions. Thus, the interplay of these factors shapes the landscape for the anticipated growth of the market catering to aerospace components and mobility solutions.
Market Forecast 2024-2028
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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 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 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 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 and, consequently, tire retreading in the region.
Furthermore, several major 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.
The market is expanding rapidly, driven by growth across various sectors such as commercial airlines, narrowbody aircraft, wide body, regional transport, and military aircrafts. Major airline groups and the International Air industry are increasing their aircraft fleet, enhancing demand for main landing and nose landing gear tires. Technological advancements in rubber composition and the introduction of electric VTOL and lightweight aircraft further boost the market. As air passenger traffic and production backlog rise, the need for durable, high-performance fixedwing aircraft, rotarywing aircraft, and freighter aircraft tires is critical. Kevlar integration in tire design and standards set by aviation federations ensure safety and efficiency in operations.
The primary tire components of landing gear include tires and braking systems. In addition, it supports the entire weight 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 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 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 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 is affected by the presence of OEMs. Furthermore, such a phenomenon makes the market volatile for the independent distributors, 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.
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 market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market is crucial for ensuring passenger safety and flight safety in both narrowbody aircrafts and widebody aircrafts. Innovations like wireless sensing and fuelefficient tires contribute to environmental sustainability. Aviation federation standards guide aeronautical manufacturers in producing sustainable tire options. The market supports diverse aircraft type,e including helicopter aircrafts and freighter aircrafts, with growth fueled by increasing air travel among domestic air and international air travellers. Manufacturing plants focus on advanced rubber components to meet demand. The sector significantly impacts GDP contribution by enhancing safety and efficiency for passengers and promoting sustainable practices in the aeroplane industry.
Industry Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.07% |
Market growth 2024-2028 |
USD 323.52 million |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
3.74 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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
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