The market research report, entitled Aircraft Tires Market shows good possibilities in the Aircraft Tires Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges and key players in the market.
Global Aircraft Tires Market Forecast:
The Aircraft Tires Market will follow a similar path of air passenger traffic and will register an uncharted growth trajectory in the coming years by recording a promising CAGR of 6.1% to reach a market value of US$ 3.1 Billion in 2027. The recovery trajectory of tires would be different for different regions as well as aircraft types. The report identifies and discusses the short-term as well as long-term opportunities for the market participants across segments, helping them to build their strategies targeting high-growth market segments.
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Key Players
The following are some of the key players in the Aircraft Tires Market:
Compagnie Generale Des Etablissements Michelin S.C.A.
Bridgestone Corporation
The Goodyear Tire & Rubber Company
Dunlop Aircraft Tyres Ltd.
Mitas a.s. (a Trelleborg A.B. company)
Kumho Tire Co. Inc.
Petlas Tire Corporation
Qingdao Sentury Tire Co., Ltd.
Specialty Tires of America
Wilkerson Company, Inc.
COVID-19 Impact on Global Aircraft Tires Market
The COVID-19 pandemic is likely to favorably impact market growth. To curb the spread of the virus, countries worldwide are imposing restrictions and are promoting social distancing measures. Strict restrictions on the movement of people are further expected to negatively impact land-based ****** operations.
Aircraft Tires Market Segmentation:
The report segments based on demographics, geographics, benefits, and volume, etc, have different driving factors and identify the most attractive segments and sub-segments. Aircraft Tires and other resources also allow companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
Based on the aircraft type, the aircraft tires market is segmented as commercial aircraft, regional aircraft, military aircraft, helicopters, and general aviation. During the projection period, commercial aircraft will continue to lead the market. An expected recovery in air passenger traffic is likely to imprint a positive impact across the supply chain including the demand for tires. An expected rise in flying activity paired with higher wear and tear of tires is likely to drive the demand for tires at the aftermarket level. The continuous rise in military aircraft production is further estimated to drive the demand for tires in the years to come.
Based on the tire type, the market is segmented as radial tires and bias tires. A radial tire is expected to remain the dominant as well as the faster-growing tire type in the market during the forecast period. The demand for radial tires is driven by continuous innovations targeting a reduction in weight, increased durability, and mobility. These aspects enable companies to improve fuel efficiency, tire life, and passenger comfort, resulting in higher usage of radial tires in the industry.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain the dominant segment of the market during the forecast period. The long service life of aircraft requires a large number of tires throughout its lifetime. Aircraft tires are subjected to operation in extreme temperatures and pressure. Tires continuously degrade during take-off and landings. Take-off is the most common cause of wear & tear of tires as the aircraft is fully loaded with fuel, passengers, and luggage. Tires are already pre-heated by taxiing on the runway, making take-off more crucial leading to the wearing of tires, creating a greater demand for tires.
In terms of regions, Asia-Pacific is expected to remain the largest market for aircraft tires during the forecast period. Major countries in the region (China, India, Japan, Singapore, and South Korea) have a large fleet of aircraft in order to meet the large passenger traffic. Furthermore, these countries also generate a sustained demand for new aircraft to address the incessant rise in passenger traffic. North America and Europe are other markets and are likely to generate a sizeable demand for tires in the years to come.
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