PUBLISHER: Stratview Research | PRODUCT CODE: 1122070
PUBLISHER: Stratview Research | PRODUCT CODE: 1122070
Aircraft tires are difficult to design since they must avoid explosions to prevent damage to the aircraft. Maintaining stability, carrying huge weight at fast speeds, and giving effective braking capabilities are the major expectations from aircraft tires. As an aircraft's weight increases, the number of tires required grows as the weight must be spread more evenly. Aircraft tires are designed to carry heavy weights for short periods. Increasing air passenger traffic over the past two eons paired with frequent takeoffs & landings make the tire more important and indispensable focus area of the entire aerospace community.
The COVID-19 outbreak has brought forth several unprecedented challenges before aircraft and airline companies with thousands of planes were grounded around the world, devastating their profits and balance sheets and sending them at least a decade back. Tires, one of the most pivotal parts of aircraft, endured a heavy decline of over 40% in its demand in the year 2020.
The aerospace industry was already started marching towards the path of recovery. However, the emergence of new COVID-19 variants is affecting its growth trajectories and delaying the overall recovery period. It is still uncertain that when the commercial aerospace industry will hit back its peak level of 2018. However, the entire industry stakeholders are highly resilient and have been accustomed to such fatal market environments. It is anticipated that the commercial aerospace industry stakeholders will emerge again and create gargantuan opportunities before market stakeholders. The Aircraft Tires Market will follow a similar path of air passenger traffic and will register an uncharted growth trajectory in the coming years by recording a promising CAGR of 6.1% to reach a market value of US$ 3.1 Billion in 2027. The recovery trajectory of tires would be different for different regions as well as aircraft types. The report identifies and discusses the short-term as well as long-term opportunities for the market participants across segments, helping them to build their strategies targeting high-growth market segments.
Based on the aircraft type, the aircraft tires market is segmented as commercial aircraft, regional aircraft, military aircraft, helicopter, and general aviation. During the projection period, commercial aircraft will continue to lead the market. An expected recovery in air passenger traffic is likely to imprint a positive impact across the supply chain including the demand for tires. An expected rise in flying activity paired with higher wear and tear of tires is likely to drive the demand for tires at the aftermarket level. Continuous rise in military aircraft production is further estimated to drive the demand for tires in the years to come.
Based on the tire type, the market is segmented as radial tire and bias tire. Radial tire is expected to remain the dominant as well as the faster-growing tire type in the market during the forecast period. The demand for radial tires is driven by continuous innovations targeting a reduction in weight, increased durability, and mobility. These aspects enable companies to improve fuel efficiency, tire life, and passenger comfort, resulting in higher usage of radial tires in the industry.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain the dominant segment of the market during the forecast period. The long service life of aircraft requires a large number of tires throughout its lifetime. Aircraft tires are subjected to operate in extreme temperatures and pressure. Tires continuously degrade during takeoff and landings. Takeoff is the most common cause of wear & tear of tires as the aircraft is fully loaded with fuel, passengers, and luggage. Tires are already pre-heated by taxiing on the runway, making takeoff more crucial leading to the wearing of tires, creating a greater demand for tires.
In terms of regions, Asia-Pacific is expected to remain the largest market for aircraft tires during the forecast period. Major countries in the region (China, India, Japan, Singapore, and South Korea) have a large fleet of aircraft in order to meet the large passenger traffic. Furthermore, these countries also generate a sustained demand for new aircraft to address the incessant rise in passenger traffic. North America and Europe are other markets and are likely to generate a sizeable demand for tires in the years to come.
The aircraft tires market is segmented into the following categories.
The market for tires for the aerospace industry is different than those tire markets used in other industries. One of the major reasons for the difference is its competitive landscape. The market is highly consolidated with a bunch of players securing the huge pie of the market. The following are the key players in the aircraft tires market.