CHICAGO, Oct. 17, 2022 /PRNewswire/ -- Aircraft Tires Market is projected to grow from USD 1.4 billion in 2022 to USD 1.6 billion by 2027, registering a CAGR of 2.9% during the forecast period according to a new report by MarketsandMarkets. The deployment of aircraft tires is driven by the rising demand for aircraft modernization to improve operating safety and fuel economy, consequently lowering operational costs. Advance light weight and sustainable tires are already present in newer generation aircraft to improve operational efficiency and safety.
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Browse in-depth TOC on "Aircraft Tires Market" 237 - Tables
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The Commercial Aviation segment is estimated to dominate market share in the aircraft tires market during the forecast period.
Based on aircraft type, the commercial aviation segment is projected to lead the market during the forecast period. It is projected that demand for narrow and wide-bodied aircrafts would increase at the rapid pace. The major airlines are also expanding their fleet in order to meet demand; the fleet will be installed with light-weight and fuel-efficient tires to increase operational efficacy.
The Radial tire segment is estimated to account for the largest share of the aircraft tires market during the forecast period.
Based on type, radial-ply tires segment is projected to lead the tires market during the forecast period. Over the last ten years, the demand for radial tires is expanding as a result of its significant advantages in terms of reduced weight, enhanced durability and toughness, sustainable nature and greater fuel-efficiency. It will help the market for aircraft tires to grow. The market for radial tires will be strengthened by new developments in alternative materials, such as the use of dandelion-based polymers.
The Main Landing Gear segment is estimated to dominate market share in the aircraft tires market during the forecast period.
Based on Position, the Main Landing Gear tire segment is projected to lead the aircraft tires market during the forecast period. Main landing gear tires are required to perform the function of load distribution of the aircraft frame and cargo while it is on ground. The number of main landing gear tires increases with increase in the size of the aircraft. The development of aircrafts with higher cargo carrying capacities will drive the market.
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Fixed-wing aircraft segment is projected to lead the market during the forecast period.
Based on Platform, the Fixed-wing aircraft segment is projected to lead the market from 2022 to 2027. This can be accounted to the increased domestic and international air travel on a global level. Fixed-wing aircrafts are better suited to carry out the long-haul distances. With the rise in living standards across the globe, air passenger traffic is set to witness a spike in the coming years, which would further drive this market.
Retreading Tire Segment is projected to lead the market during the forecast period.
Based on End User, the Retreading Tire Segment is set to witness the majority of the market share during the forecast period while OEM segment is projected to have the higher CAGR. Retreading of aircraft tires costs about 1/4th of the manufacturing cost of a new tire. Depending upon the condition and air-worthiness an aircraft tire can undergo 4 to 5 retreading cycles. The regulations governing the retreading of aircraft tires ensure maximum safety compliance and hence would help in the expansion of the market. Major players across the aircraft tire manufacturing business have already taken up the retreading business.
North America is projected to lead the market during the forecast period
North America accounted for the largest market share in 2022, and Asia-Pacific is projected to witness the highest CAGR during the forecast period. The market for aircraft tires in these regions commercial and business aviation sectors is expected to benefit from the growing demand for air travel, while the race for military superiority is intensifying due to the widening of the geopolitical rift, as evidenced by increased spending and investments in the modernization of various defence equipment by nations like the US.
Major players operating in the aircraft tires market
Michelin (France), Goodyear Tire and Rubber Co. (US), Bridgestone Corporation (Japan), Dunlop Aircraft Tyres Ltd. (UK), Qingdao Sentury Tires Co. Ltd. (China), Specialty Tires of America (US ), Aviation Tires and Treads, LLC (US), Desser Aerospace (US), and Watts Aviation Aircraft Tires (UK).
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