Aircraft Tire Market Pegged to Expand Robustly During 2019-2023
Aircraft Tire Market Research Report 2019 published By Market Research Future, provides information on Global Aircraft Tire Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation By Product Type (Bias Ply, Radial Ply), By Aircraft Type (Commercial Aircraft, Military Aircraft, Business & General Aviation Aircraft), By End-User (Aftermarket, OEM) and by Region – Global Forecast to 2023
The global aircraft tire market is undoubtedly a growing market and is likely to scale up to a valuation of USD 1,525.6 Mn by the end of 2023. As per the analysis of market research Future (MRFR), the global aircraft tire market is anticipated to strike a CAGR of 4.29% over the forecast period of 2018-2023 which was valued at USD 1,192.4 Mn in 2017.
The global air passenger traffic has grown considerably, as fares are declining amid stiff competition. In addition, rising affluence of the middle-class consumers, especially in the developing countries has led to sequential growth in the aviation industry. To cater to the expanding base of air passengers, aviation companies are investing in new aircrafts which have increased the demand for new aircrafts. For instance, in 2017, Airbus and Indigo Partners (US) signed a deal worth USD 50 Bn for 430 new aircrafts. Airbus and Boeing booked net orders for 1,109 and 912 aircraft, respectively, in 2017. Also, the launch of various new airlines across the world has generated considerable demand for aircraft tires.
Aircraft tires usually require maintenance in every 40-50 flight tours, and their life could vary from 20 to 200 landings, depending on the aircraft. Low service life and regular maintenance of aircraft tires result in the replacement of aircraft tires frequently which is a crucial factor driving the growth of the market. Besides, to remain compliant with regulatory norms, aircraft tires are changed and inspected periodically.
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Aircrafts do not have a definite lifespan and have a low service life which prompts researchers to develop solutions to increase the life of tires with extensive R&D efforts. Moreover, entry of new players into the market has sparked fierce competition which has obliged traditional players to innovate in order to offer better-quality products. Increase in the lifespan of aircraft tires consequently reduces the demand for new aircrafts which might restrain the growth of the market over the forecast period.
Manufacturing of aircraft tires requires a high level of technology and expertise to maintain safety parameters. Aircraft tires are subject to stringent regulatory certification procedures, and manufacturers need to adhere to regulatory norms laid down by the government organizations such as the Federal Aviation Administration (FAA). These factors restrict the entry of new players into the market. The existing few aircraft tire manufacturers are failing to cater to the global demand for aircraft tires which is anticipated to hamper the growth of the market over the forecast period.
International Air Transport Association (IATA)’s 20-Year Air Passenger Forecast reports that there will be a significant surge in demand between 2015-2035. Also, China is likely to replace the US as the world’s largest aviation market by 2024 and India is expected to have the third highest passenger traffic in 2025. To capitalize on the lucrative opportunities offered by the Asia Pacific region, aircraft tire manufacturers are investing massively in the region which will boost the growth of the global aircraft tire market over the forecast period. Furthermore, the rise in a number of airlines and relaxation of norms in the aviation industry would support the growth of the market.
- The Goodyear Tire & Rubber Company (US)
- Bridgestone Corporation (Japan)
- Specialty Tires of America Inc. (US)
- Desser Tire & Rubber Co. LLC (US)
- SenturyTire (China)
- Michelin (France)
- Dunlop Aircraft Tyres Ltd (UK)
These are some of the notable players in the global aircraft tire market
The global aircraft tire market has been segmented based on product type, aircraft type, and end-user.
Product type-wise, the global aircraft tire market has been segmented into bias ply and radial ply. The bias ply segment accounted for the largest share of 728.2 Mn in 2017 and is expected to expand at a CAGR of 3.70% over the forecast period, however, the radial ply segment is anticipated to exhibit the highest CAGR of 5.17% over the forecast period. Radial tires are lighter in weight as compared to bias ply, generate less heat, and last longer, hence they are increasingly preferred over bias ply.
Aircraft type-wise segmentation of the global aircraft tire market includes commercial aircraft, military aircraft, and business & general aviation aircraft. The commercial aircraft segment accounted for the largest share of 645.5 Mn of the global aircraft tire market and is likely to exhibit a CAGR of 4.69% over the forecast period. The military aircraft segment is expected to be the second largest segment; however, the business & general aviation aircraft segment is expected to be the fastest growing segment over the forecast period with a CAGR of 5.12%.
On the basis of end-user, the global aircraft tire market has been segmented into aftermarket and OEM. The aftermarket segment was the largest segment in 2017 and was valued at USD 613.6 Mn in 2017, however, the OEM segment is projected to witness the higher CAGR of 4.31% over the forecast period.
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North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA) are the key markets for aircraft tires.
The aircraft tire market has a strong presence in North America, and it accounts for 31.17% share of the global market. The US and Canada are the key contributors to the North America aircraft tire market. North America is home to some of the dominant aircraft tire manufacturing companies such as the Goodyear Tire & Rubber Company, Desser Tire & Rubber Co., LLC, and Specialty Tires of America, Inc. and an established aviation industry drives the market in North America. Furthermore, rising aircraft manufacturing in the US is also a crucial growth influencer. The North America aircraft tire market is expected to register a CAGR of3.46% over the forecast period.
Asia Pacific is the second largest market for aircraft tire and is estimated to register the highest CAGR of 5.63% over the forecast period. Procurement of military aircrafts in Australia, South Korea, China, and India impacts the APAC aircraft tire market positively. Expanding air passenger base and increasing air traffic in APAC creates a conducive environment for the growth of the aircraft tire market in APAC. To capitalize on the opportunities presented by the region, major aircraft tire manufacturers are directing their focus towards the APAC market which is fostering the growth of the market.
Table of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
2.5 Key Takeaways
2.6 Key Buying Criteria
3 Research Methodology
3.1 Research Process
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
List of Tables
Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Key Aircraft Tire Distributors
Table 4 Global Aircraft Tire Market, by Product Type, 2017-2023 (Usd Million)
Table 5 Global Aircraft Tire Market, by Aircraft Type, 2017-2023 (Usd Million)
Table 6 Global Aircraft Tire Market, by End-user, 2017-2023 (Usd Million)
Table 7 Global Aircraft Tire Market, by Region, 2017-2023 (Usd Million)
Table 8 North America: Aircraft Tire Market, by Product Type, 2017-2023 (Usd Million)
Table 9 North America: Aircraft Tire Market, by Aircraft Type, 2017-2023 (Usd Million)
Table 10 North America: Aircraft Tire Market, by End-user, 2017-2023 (Usd Million)
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