Aircraft Tire Market 2019-2023 | Competitive Landscape By Goodyear Tire & Rubber, Bridgestone, Specialty Tires of America, Desser Tire & Rubber, Petlas, SenturyTire and Dunlop Aircraft Tyres

Aircraft Tire Market Information Report by Product Type (Bias Ply, Radial Ply), By Aircraft Type (Commercial Aircraft, Military Aircraft, Business & General Aviation Aircraft), By End-User (Aftermarket, OEM) and by Region - Global Forecast to 2023

The Goodyear Tire & Rubber Company (US), Bridgestone Corporation (Japan), Specialty Tires of America, Inc. (US), Desser Tire & Rubber Co., LLC (US), Petlas, SenturyTire (China), Michelin (France), and Dunlop Aircraft Tyres Ltd (UK) are some of the notable players in the global aircraft tire market.

Market Snapshots

Aircraft tires are of paramount role in aircraft functioning and performance and are designed to carry enormous loads at high speeds in the smallest and lowest possible configuration. The global aircraft tire market is anticipated to weigh in excess of USD 1,525.6 Mn by the end of 2023, asserts Market Research Future (MRFR) in a detailed study. According to the report, the global aircraft tire market stood at USD 1,192.4 Mn in 2017 and is expected to tread forward at a CAGR of 4.29% over the forecast period of 2018-2023.

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The global aircraft tire market derives much of its growth from the steep rise in global air passenger traffic over the last few years purveyed by declining airfare, increasing per capita income, and rising standards of living, especially in the developing countries. Aviation giants are heavily investing in new aircrafts to tap the opportunities offered by a considerable air passenger base which generates enhanced demand for aircraft tires. Aircraft tires are exposed to frequent wear and tear due to the high velocity at which they function and need replacement every 1 to 3 months. Low service life and safety requirements and regular inspection result in the frequent replacement of aircraft tires which creates a conducive environment for the growth of the global aircraft tires market. However, consistent efforts to enhance the lifespan of aircrafts coupled with extensive R&D efforts to find solutions for increasing longevity of tires consequently reduces the demand for new tires which might act as a restraint to the growth of the global aircraft tire market. Besides, the aircraft tires market is an oligopolic one where the prime manufacturers are unable to cater to the existing global demand for aircraft tires. Meanwhile, the growth of the aviation industry in APAC is likely to present lucrative growth opportunities for the global aircraft tire market. Moreover, relaxation amendments in aviation industry regulations and expansion of airline budgets are expected to bode well for the market. The global aircraft tire market has a strong presence in North America while Asia Pacific is slated to emerge as the fastest growing market for aircraft tires.

Report Overview

This MRFR report on aircraft tires discusses major trends in the global market tire market including drivers, restraints, opportunities, challenges and other parameters affecting growth. Major aircraft tire types identified in the report are bias ply and radial ply. Coverage of the global aircraft tire market based on different aircraft types such as commercials aircraft, military aircraft, and business & general aviation aircraft has been initiated. Critical end-users identified in the report include aftermarket and OEMs. The report depicts an accurate and objective representation of the competitive landscape, detailed profile of market players, their respective market share, and geographical presence. Recent developments in the global aircraft tire market have been thoroughly analyzed. A country-level analysis of the key markets of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa has also been included.

Research Methodology

MRFR performs both primary and secondary research to extract accurate data which would support clients in gaining a deeper understanding of the market. Primary research methods include personal interaction, questionnaires, and first-hand interviews with industry insiders to assess the market both inside and outside. Secondary research facilitates the provision of an extensive, technical, and market-oriented study of the market through credible sources such as annual reports, SEC filings, journals, white papers, corporate presentations, company websites, and paid databases. For the validation and estimation of the market size, the top-down and bottom-up approaches are employed.

Market Segmentation

The global aircraft tire market has been segmented based on product type, aircraft type, and end-user.

Product type-wise, the global aircraft tire market has been segmented into bias ply and radial ply. The bias ply segment accounted for the largest share of 728.2 Mn in 2017 and is expected to expand at a CAGR of 3.70% over the forecast period, however, the radial ply segment is anticipated to exhibit the highest CAGR of 5.17% over the forecast period. Radial tires are lighter in weight as compared to bias ply, generate less heat, and last longer, hence they are increasingly preferred over bias ply.

Aircraft type-wise segmentation of the global aircraft tire market includes commercial aircraft, military aircraft, and business & general aviation aircraft. The commercial aircraft segment accounted for the largest share of 645.5 Mn of the global aircraft tire market and is likely to exhibit a CAGR of 4.69% over the forecast period. The military aircraft segment is expected to be the second largest segment; however, the business & general aviation aircraft segment is expected to be the fastest growing segment over the forecast period with a CAGR of 5.12%.

On the basis of end-user, the global aircraft tire market has been segmented into aftermarket and OEM. The aftermarket segment was the largest segment in 2017 and was valued at USD 613.6 Mn in 2017, however, the OEM segment is projected to witness the higher CAGR of 4.31% over the forecast period.

Regional Analysis

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA) are the key markets for aircraft tires.

The aircraft tire market has a strong presence in North America, and it accounts for 31.17% share of the global market. The US and Canada are the key contributors to the North America aircraft tire market. North America is home to some of the dominant aircraft tire manufacturing companies such as the Goodyear Tire & Rubber Company, Desser Tire & Rubber Co., LLC, and Specialty Tires of America, Inc. and an established aviation industry drives the market in North America. Furthermore, rising aircraft manufacturing in the US is also a crucial growth influencer. The North America aircraft tire market is expected to register a CAGR of3.46% over the forecast period.

Asia Pacific is the second largest market for aircraft tire and is estimated to register the highest CAGR of 5.63% over the forecast period. Procurement of military aircrafts in Australia, South Korea, China, and India impacts the APAC aircraft tire market positively. Expanding air passenger base and increasing air traffic in APAC creates a conducive environment for the growth of the aircraft tire market in APAC. To capitalize on the opportunities presented by the region, major aircraft tire manufacturers are directing their focus towards the APAC market which is fostering the growth of the market.

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Table of Contents

1 Executive Summary

2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
2.5 Key Takeaways
2.6 Key Buying Criteria

3 Research Methodology
3.1 Research Process
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model

4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Increase in Demand for New Aircraft
4.2.2 Frequent Wear & Tear of Tires
4.3 Restraints
4.3.1 Efforts to Enhance Lifespan of Tires
4.3.2 Limited Number of Manufacturers
4.4 Opportunity
4.4.1 Scope for New Airlines and Tire Manufacturers in Asia

5 Market Factor Analysis
5.1 Supply Chain Analysis
5.1.1 Design and Development
5.1.2 Raw Material Supply
5.1.3 Manufacturing
5.1.4 Supply and Distribution
5.1.5 End-user
5.2 Porter’s Five Forces Model

Continued......

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