According to a new research report by Global Market Insights Inc., the global Aircraft Tires Market size is forecast to exceed USD 3 billion by 2028.
Growing economies and rising urbanization across the world will create a need for an efficient public transport mode across the world. The increasing movement of passengers and cargo between different parts of the world will increase the number of aircraft.
The trending use of digitization in the aerospace sector will create a need for different skillsets for performing various activities including maintenance & repair and replacements. The use of predictive maintenance in the aviation sector will further enable manufacturers to forecast the demand using advanced analytical tools over the coming years.
The proliferation of low-cost carriers is estimated to increase the penetration of narrow-body aircraft over the coming years. In 2019, Cebu, a Philippines-based carrier, announced to purchase 31 Airbus Neo aircraft, which included 15 A320neo platforms, worth over USD 6 billion. Similarly, AirAsia ordered 253 Airbus A321neo platforms, which will enable the airline to offer a high capacity in regard to the growing air travel demand. These trends are driving narrow-body aircraft deliveries in Asia Pacific, which are estimated to propel the aircraft tires market growth rate by 2028.
Tire manufacturing involves various processes, which emit hazardous pollutants. To protect the environment’s stability, there are restrictions on these emissions. For instance, the CAA section 112(d) emission standard specifies the maximum achievable reduction in emissions by a particular source.
Browse key industry insights spread across 275 pages with 447 market data tables & 28 figures & charts from the report, “Aircraft Tires 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, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Enhancement in aircraft the landing cycle will enhance the bias tires market growth
The bias tires segment is likely to grow at a CAGR of approximately 2.6% during the forecast period. Bias tires are prominently used in traditional aircraft. Bias-ply construction fiber strands are oriented across the direction of rotation and sidewalls of the tires. A bias-ply tire has excellent cut resistance in the sidewall area. Owing to their strong, stable or rigid sidewall, a bias tire does not offer much traction. These tires are flexible & capable of absorbing loads and their strength is enhanced by adding a layer of plies onto them. A growing number of aircraft fleets together with the rising expenditure on MRO will propel bias tire demand over the forecast timeframe.
Tube tires will hold a significant market due to the presence of older aircraft
The aircraft tube tires segment is projected to grow at a CAGR of 2.1% through 2028. Tube tires are available in both bias and radial options. Most of the old aircraft use tube-type tires, which contain a tube inside the tire filled with nitrogen up to the prescribed pressure. Tube-type tires may lead to a higher heat generation due to the additional friction between the tube and tire. Tube tires are available in both unreinforced & reinforced forms. Reinforcing tube tires with nylon fabric provide resistance against chaffing and heat during braking conditions.
Increasing demand for aircraft tires in military aircraft
The military aircraft segment is expected to grow at a CAGR of approximately 2.6% during the forecast period. Military aircraft operate under extreme conditions and hence they are required to meet extremely strict tolerances. Military aircraft tires are precisely designed to deliver high performance and extreme durability under the toughest conditions. Military aircraft use both bias and radial tires, which are designed with strong sidewalls to protect from damage while landing on unusual or rough surfaces.
North America to exhibit steady growth during the forecast period
North America aircraft tires market held a market share of around 25% in 2021 and is projected to grow at a CAGR of 1.7% through 2028 due to the increasing number of commercial aircraft across the U.S. In 2019, the country reported over 7,300 aircraft in service operated by around 50 airlines present in the U.S.
The presence of several aircraft manufacturers including Boeing, Airbus, Embraer, Bombardier, Dassault, Lockheed, Cessna, Douglas, Pilatus, and Saab enhances its presence in the North America market. The increasing aircraft deliveries along with a well-established manufacturing base in the U.S. will drive the aircraft tires market growth rate over the forecast timeframe.
Some of the top players in the aircraft tires industry include Goodyear, Desser Holdings LLC., Dunlop, Bridgestone, Specialty Tires of America, Aviation Tires & Treads LLC., Michelin, Petlas, Wilkerson Company, Inc., and Sentury Tire Co., Ltd., among others.