Global Aircraft Tire Market is Estimated to be worth US$ 3.3 Billion at CAGR of 6.2% by forecast period 2033 end | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The United Kingdom emerges as a promising region in the aircraft tire market, demonstrating a compound annual growth rate (CAGR) of 6.5%. Similarly, China is expected to maintain strong growth at a CAGR of 6.3% throughout the forecast period. Additionally, the market in Germany is projected to experience a steady growth rate with a CAGR of 6% during the same period
NEWARK, Del, June 05, 2023 (GLOBE NEWSWIRE) -- The global aircraft tire market is projected to attain a valuation of US$ 1.8 billion in 2023 and is anticipated to reach US$ 3.3 billion by 2033, and is expected to increase at a CAGR of 6.2% during the forecast period.
The increasing demand for next-generation aircraft in both commercial and military sectors, along with a rise in aircraft procurement is expected to fuel market growth. The growing number of air travellers is also contributing to the demand for new aircraft, consequently driving the need for aircraft tires. Additionally, investments by the air defense sector in response to rising geopolitical tensions are anticipated to further fuel the market growth during the forecast period.
The demand for aircraft tires is expected to rise due to advancements in tire manufacturing technologies, including the utilization of next-generation materials such as synthetic elastomer rubber and cross-linkable rubber. These materials offer enhanced durability and contribute to improved fuel efficiency by reducing tire weight. Additionally, the growing demand for aircraft in both combat and non-combat operations in the defense sector, coupled with increased government investments in aviation infrastructure, is expected to drive the market forward.
The current global aviation market is experiencing a surge in air travel demand, leading to increased production of new aircraft to meet the growing needs of passengers. Consequently, this is expected to drive the demand for aircraft tires at a rapid pace. Furthermore, the rise in military spending for the acquisition of advanced military aircraft in both developed and developing regions is contributing to the increased demand for aircraft tires. Additionally, the demand for cost-effective aircraft tires is anticipated to fuel overall market growth during the forecast period.
Key Takeaways:
United States aircraft tire market is expected to grow with a CAGR of 6.1% during the forecast period.
The market in Germany is expected to grow with a CAGR of 6% during the forecast period.
By sales channel, the aftermarket sales segment is projected to grow with an impressive CAGR of 7.5% during the forecast period.
The market in China is expected to grow with a significant CAGR of 6.3% throughout the forecast period.
“Advancements in tire manufacturing technologies and use of NextGen materials such as synthetic elastomer rubber are expected to drive market growth during the forecast period,” - comments an analyst at FMI.
The market for aircraft tires is highly competitive, with numerous prominent industry players making substantial investments in their production.
The key industry players are Bridgestone Corporation, Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin, Dunlop Aircraft Tyres Limited, Petlas Tire Corporation, Aviation Tires & Treads, Polymer Enterprises Inc., Michelin, Maxam Tire International, Specialty Tires of America.
Some recent developments in the market are:
Bridgestone announced its plans to streamline the manufacturing of aircraft tire retreading in the Asia-Pacific region in July 2022. To enhance efficiency, they consolidated production at their Chonburi, Thailand facility (BAMT), which already produces retreaded aircraft tires, incorporating operations from Bridgestone Aircraft Tire Company Asia (BAA).
In May 2022, Shuguang Rubber Industry Research & Design Institute, a subsidiary of ChemChina specializing in aircraft tires, was meant to join forces with engineering company Haohua Chemical Science & Technology to establish a state-of-the-art production facility for civil aviation tires.
In June 2020, a collaboration between Japan Airlines and Bridgestone Corporation was announced, focusing on the implementation of tire wear prediction technologies.
In April 2022, Goodyear Tires made an exciting announcement to produce military aircraft tires using a unique and sustainable source of rubber derived from dandelions. As part of their commitment to using eco-friendly materials, Goodyear will harness natural rubber derived from the Taraxacum kok-saghyz species of dandelions for the manufacturing of these tires.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global aircraft tire market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the aircraft tire market, the market is segmented on the basis of aircraft type, ply type, sales channel and region.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
