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Aircraft Tire Replacement Is Fastest Growing Segment Fueling Growth Of Aircraft Tire Market

Ashish Thapa
Aircraft Tire Replacement Is Fastest Growing Segment Fueling Growth Of Aircraft Tire Market

Market Overview:

Aircraft tires provide traction and absorb shocks from landings and takeoffs for commercial, private, and military aircraft. They experience extreme stresses during high-speed operations. Aircraft tires need to withstand high loads during taxi, takeoff and landing operations.

Market key trends:

The increasing demand for aircrafts from developing countries is driving the growth of the aircraft tire market. Emerging nations in Asia Pacific and Middle East are especially focusing on developing their aviation infrastructure which leads to more aircraft procurement. This in turn is raising the demand for aircraft tires as original equipment as well as replacement tires.

The replacement cycle of aircraft tires is relatively short, around 12-18 months, depending on aircraft utilization rate and operation environment. Thus, fast replacement of worn-out tires ensures safe operations and is a major factor fueling market growth. Furthermore, stringent regulations regarding aircraft safety and maintenance are prompting operators to regularly inspect and replace tires, thereby augmenting the aircraft tire replacement segment.

The global Aircraft Tire Market Size is estimated to be valued at US$ 2.38 Bn or in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The global aircraft tire market is segmented by material, tire type, application, and geography. By material, the market is bifurcated into steel radial and bias ply. The steel radial segment held the largest market share in 2023 and is projected to be the fastest-growing segment during the forecast period. Steel radial tires offer better resistance to wear and friction which improves fuel efficiency and longevity. By tire type, the market is categorized into tube and tubeless tires. Tube type tires dominated the market in 2023 as it provides better air tightness. However, tubeless tires are expected to witness higher growth owing to their lighter weight design and ease of repair & replacement. By application, the market is split into commercial aircraft, military aircraft, general aviation, and others. The commercial aircraft segment accounted for the largest share in 2023 due to rising global air passenger traffic.

Key Takeaways

The global aircraft tire market size was valued at US$ 2.38 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 3.9% over the forecast period, due to rising aircraft deliveries globally to support air passenger traffic.

Regional analysis: North America held the largest share in the aircraft tire market in 2023 and is expected to maintain its dominance during the forecast period. This is attributed to strong presence of key aircraft OEMs and tier players in the US and Canada. Asia Pacific is projected to be the fastest-growing region, witnessing a CAGR of 5.6% during the forecast period, led by increasing aircraft procurement by domestic airlines in China and India to meet rising air travel demand.

Key players: Key players operating in the aircraft tire market are Bridgestone Corp, Goodyear Tire and Rubber Company, Specialty Tires of America Inc., Dunlop Aircraft Tyres Limited, Michelin, Aviation Tires and Treads of America, Qingdao Century Tires Company Limited, Wilkerson Aircraft Tires, and Petlas Tire Corporation. Bridgestone Corp accounted for the largest market share in 2023 owing to its wide product portfolio and strong distribution network worldwide.

Read More: https://www.dailyprbulletin.com/aircraft-tire-replacements-to-spur-growth-in-the-global-aircraft-tire-market/


Ashish Thapa
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