“One of the primary growth drivers for this market is the increasing developments in tire manufacturing,” says a senior analyst for the industrials sector at Technavio. The aircraft tire manufacturing industry is focusing on using new-generation materials that deliver enhanced performance while complying with the safety norms. Moreover, aircraft tire manufacturers are also using cross-linkable rubber or synthetic elastomer rubber to enhance the rubber composition in newer tires, which helps to achieve lesser fuel consumption per flight. These rising developments in aircraft tire manufacturing are encouraging market growth. As the markets recover Technavio expects the aircraft tire market size to grow by USD 281.57 million during the period 2020-2024.
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Aircraft Tire Segment Highlights for 2020
- The aircraft tire market is expected to post a year-over-year growth rate of 2.95%.
- Aftermarket segment led the growth of the aircraft tire market in 2019.
- With the growth in the passenger traffic in developing countries, such as India and China, the use of aircraft has also increased, reflecting a higher number of take-off and landings per tire. This has obligated airlines to emphasize more on periodical replacement or retreading of existing tires of their respective aircraft fleets to retain them operational.
- The aircraft tire market share growth by the OEM segment will be significant during the forecast period.
- 41% of the growth will originate from the North America region.
- Factors such as the increased demand for tires from the narrow-body aircraft segment and rising passenger traffic will significantly drive aircraft tire market growth in this region over the forecast period.
- The US is a key market for aircraft tires in North America. Market growth in this region will be faster than the growth of the market in APAC and MEA.
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- The aircraft tire market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The aircraft tire market is segmented by distribution channel (aftermarket and OEM), type (bias tire and radial tire), and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Bridgestone Corp., China National Chemical Corp. Ltd., Desser Holdings LLC, Dunlop Aircraft Tyres Ltd., Michelin Group, MRF Ltd., Petlas Tire Industry and Trade, Specialty Tires of America Inc., THE GOODYEAR TIRE & RUBBER CO., and Trelleborg AB.
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