Aerospace Tire Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2435
Aerospace Tire Market size is expected to witness a surge in demand due to increase in number of air passengers. Growth in flight frequency will lead to frequent wear and tear of tires which will further generate industry demand.
Shifting trend towards synthetic fibers that offers enhanced performance in upcoming aircrafts will gain prominence among the industry participants. Aircraft tires are sophisticated and are highly critical to bear heavy load while landing on ground, henceforth are manufactured cautiously. Regardless of brand, size or cost of tire, it should meet specified requirements of FAA for passenger safety & security purposes.
Industry is expected to witness high requirement of extensive engineering analysis of regular and emergency landing with respect to weather conditions. Substantial growth in aircraft movements coupled with extensive flight rate leads to their frequent wear and tear. Replacement of these tires leads to high maintenance and product cost, driving the industry demand over the forecast timeline.
Rising disposable income in emerging countries and affordable air travel has resulted frequent air travel over the past years. As per Federal Aviation Administration (FAA), more than 100,000 flights took off including commercial, regional and defense aircraft in 2016. Surging flight frequencies leads to need of new aircrafts, further propelling aerospace tire market size over the forecast time.
Dunlop supplies tires to narrow body aircrafts such as Boeing 737, classic and next generation aircrafts including wide body Boeing 767 and 747. It also delivers to military jet aircrafts includes Spitfire, Vulcan, Tornado F-35 joint strike fighter, Hawk, and heavy military aircraft including A400M and C-130. Increase in demand for these aircrafts will pave opportunistic ways for the industry leaders. There are more than 90,000 military and jet aircrafts globally and is anticipated to increase due to rise in military budget coupled with emergence of military bases in emerging countries such as Egypt, Israel, and Malaysia.
Based on product, aerospace tire market is categorized into bias and radial tire. The bias tire is set to witness exponential growth in forecast time owing to increase in tire installation of commercial aircrafts. In traditional tires, piles are wrapped into the tires to give strength. Bias tires offer more durability as compare to conventional radial tires. Manufacturing process leads to replacement of tread in worn out tires owing to more mechanical strength. These factors will strengthen the product penetration.
By aircraft, the industry is segmented into commercial, business, military and regional aircrafts. Currently, commercial aircraft dominates the industry owing to rise in disposable income which makes flights affordable for travelers, henceforth contributing to the aerospace tire market growth. According to International Air Transport Association (IATA), more than 3 trillion passengers make use of commercial aircraft as preferred mode of transportation. Narrow body aircraft are the most preferred as compared to other counterparts. The segment is expected to witness high growth owing to the benefits such as low-cost carrier (LCC), easy maintenance and short turnaround time for high frequency route.
North America is expected to exhibit maximum share during forecast period due to high flight frequencies. Moreover, rising number of air passengers will further boost demand for aircraft deliveries in the region. As per analysis, on an average every day more than 42,000 flights are operated in U.S., henceforth is expected to fuel aerospace market revenue across the region.
Asia Pacific is projected to be the fastest growing region for aerospace tire market owing to rise in density of air passenger traffic. Further, China, South Korea, and Taiwan are among the countries that are spending on purchase of new military aircraft, further fueling the region’s growth. Michelin Aircraft Tire, Bridgestone and Dunlop Aircraft Tires, and Polaris Industries are among the major aerospace tire manufacturing companies.
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