Aircraft Tire Market
Aircraft Tire Market Size Valued at USD 2867.9 Million, market Grow at a CAGR Of 3.9% by 2020 -2030. An aircraft tire is a vital aspect of any aircraft. Aircraft tires have an extensive range of applications. Also, there are diversities of aircraft tire sizes. It is equipment that needs high safety and quality. A high-end tire can prevent potential aircraft tire blasts. Extensive engineering and calculation are vital to creating aircraft tires. Most aircraft tires are handmade and is made with superior specifications. The federal aviation administration commands the aircraft tire conditions.
The aircraft tires market has made substantial gains in the recent past, due to the expanding airline network and rising demand for military and commercial aircraft in the world. Furthermore, rising sustainability concerns have furthered the adoption of radial ply aircraft tires among projecting manufacturers. This has boosted the growth of the Aircraft Tire Market.
Covid 19 has caused numerous disruptions in the global market. The aircraft manufacturing units stopped their production during the epidemic. As the number of passengers reduced, there was no requirement for production. However, it is expected that manufacturing will resume this year. The huge revenue losses are a major drawback in this market. However, the key market players are uninterruptedly enhancing the market. As per the aircraft, and tire market report defense sector will be the key contributor to significant market growth.
Key Players
Aircraft Tire Market Players are Aviation Tires Treads LLC, Bridgestone Corporation, Petlas Tire Corporation, Compagnie Générale Des Établissements Michelin Sca, Speciality Tires of America, The Goodyear Tire Rubber Company, Desser Tire Rubber Co. LLC, Dunlop Aircraft Tyres Ltd, and Wilkerson Company Inc
Regional Analysis
Geographically, the global aircraft tire market has been segmented into the regions of North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East Africa.
North America accounts for the largest share of 31.17% of the global market and was valued at USD 371.7 Mn in 2017. Robust growth of the aviation industry, the presence of major aircraft tire manufacturers, and investment from manufacturers from other regions in the North America market propel the growth of the market. The presence of various OEMs in North America can also be credited for the growth of the market. North America market for aircraft tire is likely to exhibit a CAGR of 3.46% over the forecast period.
APAC market stood at the second position in 2017 with a market share of 333.9 Mn and is poised to be the fastest growing market for aircraft tires. Increased defense expenditure to enhance air combat capabilities in the economies of China, South Korea, Japan, India, and others is likely to reflect positively on the growth of the APASC aircraft tire market. Furthermore, Asia-Pacific is an emerging market for long-haul travel and relies mainly on the small and the medium wide-body aircraft which further spurs the market growth. APAC is also expected to be the largest aftermarket. The APAC aircraft tire market is expected to showcase the highest CAGR of 5.63% over the forecast period.
Europe is a strong market for aircraft tires and is expected to exhibit a CAGR of 3.55% over the forecast period. Presence of the leading aircraft tire manufacturing companies such as Dunlop Aircraft Tyres Limited and Michelin Group along with the presence of the regional aircraft tire manufacturing companies are expected to drive the market for the aircraft tire in this region. A growing number of collaborations, partnerships, and mergers between leading aircraft tire manufacturers in the regions will also augment the market growth over the forecast period.
Market Segmentation
The Global Aircraft Tire Market has been segmented into Construction and product
Based on the Construction, The Global Aircraft Tire Market has been segmented into Bias and Radial. Radial has the most dominant segment with the maximum share during the forecast period.
Based on Product, The Global Aircraft Tire Market has been segmented into Tube and Tubeless. The Tubeless segment accounted for the largest revenue share and is expected to maintain its lead over the estimated period.
Aircraft Tire Market Research Report: Information by Platform (Fixed-Wing and Rotary-Wing), Product Type (Bias Ply and Radial Ply), Aircraft Type (Commercial Aircraft, Military Aircraft and Business General Aviation Aircraft), End-User (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2030
Related Link:
- Aircraft Doors Market Research Report: Information By End User (OEM and Aftermarket), Door Type (Passenger Doors, Cargo Doors, Emergency Doors, Service/Access Doors, Landing Gear Doors and Others), Application (Commercial and Military) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
- Aircraft Mounts Market Report: By Mount Type (Interior Mounts and Exterior Mounts), End-Use (Aftermarket and OEM), Platform (Commercial Aviation and Military Aviation) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2030
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