Aircraft Tire Market worth over $3.5bn by 2026
Published Date: April 6, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
Aircraft Tire Market size is set to surpass USD 3.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
Optimization of aircraft usage, requiring more frequent maintenance and repair activities will stimulate the market demand. Based on estimates, average landings made by a wide-body aircraft ranges between 40,000 to 50,000. In order to ensure safe air travel, airliners must ensure that tires carrying the aircrafts are in good condition at any point of time. The increasing take-off and landing cycles in passenger aircrafts, are one of the main factors requiring tire maintenance at a shorter time span.
Although the aircraft tire market is gaining significant attention, the challenges associated with the stringent government regulations will be resisting introduction of new market players in the immediate future. The product manufacturers are required to abide by FAA’s technical standard order (TSO) C-63 to fulfil the minimum performance criteria of aircraft tires. Further, the industry is controlled by established players, which will again act as a deterrent to new entrants.
Bias tires will be growing at approximately 2% through 2026. These tires are manufactured using variety of reinforced ply materials that have inclination angle of more than 30º to the central line of tire. Rising aircraft demand across the world will be driving the bias tires demand in the coming years.
Tubeless tires will witness substantial growth in the global market as it imparts considerable weight reduction to an aircraft as well as low risk of tire bursting. The absence of tubes assists it in achieving around 8% to 10% lower tire weight, which is a key consideration for airline operators.
Browse key industry insights spread across 275 pages with 431 market data tables & 24 figures & charts from the report, “Aircraft Tire Market Size By Construction (Bias, Radial), By Product (Tube, Tubeless), By Aircraft (Commercial [Narrow-body, Wide-body], Regional, Business, Helicopter, Military), By Platform (Fixed Wing, Rotary Wing), By End-user (OEM, Aftermarket), By Position (Main, Nose/Tail), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Increasing expenditure on military segment will create huge opportunity for the market growth
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Military aircraft segment is expected to generate more than USD 850 million revenue by 2026. Increasing expenditure on defense sector across the globe will be key growth enabling factor for segment’s higher share.
Fixed wing platform segment is anticipated to hold significant aircraft tire market share during the forecast timespan owing to increasing tires demand for commercial, regional, military and business jets.
OEMs will have considerable revenue share of the overall market till 2026. The U.S. accounts for around half of the total aerospace production globally. The purchasing cost of new tire is much higher than that of retreaded or replaced aircraft tire, which is mainly responsible for lower penetration of aircraft tires in the segment.
Nose/tail will showcase lower growth rate throughout the projected timeframe. Most of the aircraft have either one or two tires attached at the nose end, which have lower replacement cycle than the main tires.
Increasing air passenger travelers will create popularity of tires in MEA aircraft sector
Middle East & Africa aircraft tire market is predicted to grow at 4.9% CAGR from 2020 to 2026. Rising passenger traffic in Middle East will be accountable for its higher growth during the forecast period. The region will be spending more than USD 12 billion in MRO activities of aircraft by the end of 2026.
Major participants in the industry include Michelin, Dunlop, Bridgestone, Goodyear, Sofema, DMI Aviation Sales and Safari Aviation.
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