New York, United States , Oct. 31, 2023 (GLOBE NEWSWIRE) -- The Global Aircraft Tires Market Size is To Grow from USD 2.4 Billion in 2022 to USD 4.2 Billion by 2032, at a Compound Annual Growth Rate CAGR of 5.7% during the forecast period.
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Every plane requires an airplane tire. The airplane tires are designed to resist a substantial weight from the aircraft during take-off and landing. Because of the hopeless landing or changing weather circumstances, the tough and durable tires are not easily ruined. As a result, to increase total aircraft tire longevity, tire durability, and material quality should be excellent. Moreover, in the production of aviation tires, overall design and estimation are essential. Many airplane tires are handcrafted and have exquisite decorations. Tires come in a variety of sizes and materials. Furthermore, these aircraft tires are available in a variety of varieties that are appropriate for a variety of aircraft types. The tires provide attributes including longevity, dependability, and unrivalled control.
Several nations commercial and military aircraft fleets are increasing. Commercial airline fleets, which include narrow-body, wide-body, and regional transport aircraft, are quickly increasing in various countries. This might be related to the rising global demand for air travel, notably in the Asia Pacific and the Middle East. According to Boeing, commercial fleet growth is expected to be 3.1% between 2022 and 2040, while airline traffic growth is expected to be 4.0% during the same time. The Asia Pacific region's commercial fleet is expected to grow at the quickest rate, at 4.2%. Furthermore, Commercial aviation depends on aircraft tires to ensure safe landings and takeoffs. However, the production and maintenance of these tires can be costly. To secure the production of high-quality aircraft tires, the aviation industry must invest heavily in cutting-edge manufacturing facilities and technology.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on, “Global Aircraft Tires Market Size, Share, and COVID-19 Impact Analysis, By Type (Radial-ply Tires, Bias-ply Tires), By Aircraft Type (Commercial Aviation, Military Aviation, Business, and General Aviation), By Platform (Fixed-Wing Aircraft and Rotary-Wing Aircraft), By End-user (OEM and Aftermarket), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Here:
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The radial-ply tires segment is dominating the market with the largest market share over the forecast period.
The worldwide aircraft tires industry is classified into two types such as radial-ply tires and bias-ply tires. The radial-ply tire segment has the highest revenue share across all segments over the forecast period due to improved technology and design developments in terms of lightweight and durability, improved traction and cut-resistance qualities, and overall higher fuel efficiency with lower carbon emissions. Because of these advantages, numerous airlines have converted to radial-ply tires rather than bias-ply tires. However, due to their strong casing and lifespan, bias-ply tires remain a popular choice in military aircraft.
The commercial aviation segment is influencing the largest market share over the forecast period.
The worldwide aircraft tires market is classified into commercial aviation, military aviation, business aviation, and general aviation. Among these sectors, commercial aviation is dominating the market due to the huge airline industry growth of current aircraft fleets with lightweight and durable tires for increased safety and fuel efficiency. The rise in domestic and international passenger traffic will have a substantial influence on the aircraft tire industry. Furthermore, the proliferation of low-cost aircraft carriers, as well as the presence of several airlines, has boosted the number of air passengers globally.
The Fixed-wing segment is influencing the largest market share over the forecast period.
Based on the platform, the global aircraft tires market is classified into fixed-wing aircraft and rotary-wing aircraft. Among these segments, the Fixed-wing segment is dominating the market owing to an increase in international air travel and worldwide air passenger traffic is predicted to enhance demand for fixed-wing aircraft, driving the growth of the aircraft tires market. Fixed-wing aircraft can fly at high heights and across long distances without needing to refuel frequently. This element is critical in long-distance airplane operations.
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North America influencing the largest market growth during the forecast period.
North America will dominate considerable market growth during the projection period due to the growth in domestic players in contemporary aviation tire systems. Because of the US government's emphasis on air passenger safety during the past five years, the aerospace and aviation sector in the US has increased its investment. The United States is also investing in the development of aviation tires. Major US-based market participants, such as Goodyear Tire and Rubber Co., are investing extensively in the identification of alternative sources of natural rubber to lessen their dependency on exports. All of these factors contribute to the expansion of the region's aircraft tires market.
The Asia Pacific region is expected to emerge first and account for a large market share over the forecast period. Major countries such as China, Japan, and India are experiencing significant increases in passenger traffic as well as an increase in the number of new aircraft orders, as well as a growing emphasis on making aircraft tires more durable and capable of enduring longer airplane takeoffs, which will boost the regional market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Aircraft Tires Market include Aviation Tires & Treads, LLC, Bridgestone Corporation, Desser Holdings LLC, Dunlop Aircraft Tires Limited, The Goodyear Tire and Rubber Company, Compagnie Generale Des Etablissements Michelin, Petlas, Qingdao Sentury Tire Co., Ltd., Specialty Tires of America, Wilkerson Company, Inc., and Among Others.
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key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In September 2022, Kumho Tyres (South Korea) was awarded a Red Dot Design Award in Germany for its 'Airborne Tire,' an electric tire designed for urban air mobility solutions. The tire works on the same concept as magnetic levitation train systems. In the next years, the tire will provide a viable and optimal choice for the expanding urban air transportation sector.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Aircraft Tires Market based on the below-mentioned segments:
Global Aircraft Tires Market, By Type
- Radial-ply Tires
- Bias-ply Tires
Global Aircraft Tires Market, By Aircraft Type
- Commercial Aviation
- Military Aviation
- Business and General Aviation
Global Aircraft Tires Market, By Platform
- Fixed-wing aircraft
- Rotary-wing aircraft
Global Aircraft Tires Market, By End Users
- OEM
- Aftermarket
Aircraft Tires Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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