The market for Aircraft Tires Market is expected to reach USD$ 1,260.4 Mn in 2026.
The overall aircraft tire market is expected to grow steadily from 2018 to 2026, increasing from US$ 1,260.4 million in 2017. Aircraft tires are among the most dynamically engineered components present onboard aircraft. Although for short durations, these tires are designed to withstand extremely heavy loads operating at high speeds of more than 150 miles per hour. The market is primarily driven by the consistently rising commercial aviation industry worldwide. The commercial aviation industry, especially in India and China, has been witnessing high growth for the past few years. The two countries set records for commercial aircraft orders in 2017 and 2018. Subsequently, the demand for related components, including aircraft tires, is projected to remain strong during the forecast period.
In 2017, the commercial aircraft tires segment dominated the overall aircraft tires market worldwide. Although the overall defense aircraft fleet is larger than commercial airliners, the replacement rate and volume of commercial aircraft tires are fairly high. In addition, commercial segment growth is driven by the higher frequency of operations over defense aircraft. The commercial aircraft tires segment is expected to demonstrate a higher growth rate during the forecast period on account of the rapidly growing commercial aviation industry in Asia Pacific.
In 2017, North America led the overall aircraft tire market, closely followed by the Asia Pacific region. The U.S., having the largest defense as well as commercial aircraft fleet globally, mainly governs the market in North America. Asia Pacific is set to register the highest growth rate in aircraft tires during the forecast period. India and China are witnessing the highest growth in commercial, defense, and cargo aircraft in the region. According to the International Air Transport Association (IATA), China is set to surpass the U.S. commercial and general aviation markets by 2022, with India attaining the third spot. As a result of the region's constantly increasing number of air travelers, the region would experience high demand for commercial aircraft, driving demand for aircraft tires. As a result, the Asia Pacific aircraft tire market is expected to surpass North America in the near future.
The aircraft tyre market worldwide is highly consolidated. The top three companies in the market, viz., Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company, and Dunlop Aircraft Tyres Ltd., collectively account for more than 80% of the total market revenue generated worldwide. Despite numerous players operating in the overall tyre market, the aircraft tyre market has a relatively smaller number of players. Very few tyre companies possess the technology to produce aircraft tyres due to the stringent requirements for high performance and operation in extreme climate conditions.
Market players can be seen emphasizing the retreaded tires segment considering its continually increasing consumption in the market. Furthermore, given the low cost of manufacturing and the rapidly growing aviation industry in Asia Pacific, the majority of companies have established manufacturing and retreading plants there. Some of the major players profiled in the report include Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres Ltd., Qingdao Sentury Tire Co., Ltd., Desser Tire & Rubber Co., LLC, Guilin Lanyu Aircraft Tire Development Co., Ltd., Petlas Tire Corporation, Specialty Tires of America, Inc., and others.
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.
The aircraft tyres market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global aircraft tyres market based on tyre type, design, tyre assembly, tyre tread, end-user, aircraft type, and geography. Key segments covered in the report are as follows:
The market for Aircraft Tires Market is expected to reach USD$ 1,260.4 Mn in 2026.
The Aircraft Tires Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted to 2018-2026.
The base year of this report is 2017.
Bridgestone Corporation, Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres Ltd., Qingdao Sentury Tire Co., Ltd., Desser Tire & Rubber Co., LLC. are some of the major players in the global market.