The global Aircraft Tire Market is expected to attain a valuation of USD 1.8 billion in 2023 and is projected to reach USD 3.3 billion by 2033, expanding at a CAGR of 6.2% during the forecast period.
In recent years, the airline industry, especially commercial airlines, has experienced significant growth. This expansion can be attributed to increasing globalization and robust economic growth, resulting in a greater number of individuals opting for air travel as their preferred mode of transportation.
The rising demand for aircraft tires can be attributed to the rising air passenger traffic and subsequent increase in commercial aircraft deliveries across different countries. According to Airbus, their aircraft orders significantly rose from 133 in the previous year to 647 by September 2022. Additionally, Airbus reported a production backlog of 7,294 aircraft as of September 2022, indicating a strong demand for their products.
The implementation of fleet modernization strategies by airlines has resulted in a notable increase in aircraft orders. As commercial aircraft engage in heightened flight operations, the wear and tear on tires escalates, consequently driving the demand for aftermarket tires.
The sales of aircraft tires are expected to rise due to the expansion of the commercial aviation and defense industries. The rise in global air traffic has created a demand for highly efficient flight safety components, including tires, to enhance passenger safety. Aeronautical manufacturers are focusing on developing lightweight aircraft tires that incorporate advanced braking systems, thereby driving the market growth.
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 1.8 billion |
| Anticipated Forecast Value (2033) | USD 3.3 billion |
| Projected Growth Rate (2023 to 2033) | CAGR of 6.2% |
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The aircraft tire market was worth USD 1.3 billion in 2018. It accumulated a market value of USD 1.6 billion in 2022 while growing at a CAGR of 5.3% during the historical period.
The aircraft tires market have made significant gains in the recent past, owing to the expanding airline network and surging demand for military and commercial aircrafts the world. Furthermore, growing sustainability concerns have furthered the adoption of radial ply aircraft tires among prominent manufacturers. This has bolstered the growth of aircraft tire market.
The aircraft tire market is anticipated to witness impressive growth overcoming the challenges encountered in recent years, including complex manufacturing demand, banning of industrial application and disposal of rubber.From adopting radial tires to adoption of Kevlar - an aromatic polyamide, aircraft manufacturers are adopting hybrid composite materials for the manufacturing of military aircraft tires. This efforts are yielding credible results, with the market registering a growth at a 6.2% CAGR during the forecast period of 2023 and 2033.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for aircraft tire. The report tracks the global sales of aircraft tire in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the automotive industry in general, and aircraft tire in particular.
Surging production of military and commercial aircrafts has improved the growth prospects for the aircraft tire manufacturers. Also, rising production and usage of aircrafts led to higher maintenance cycles of aircrafts across the world, fostering the sales.
Technological advancements and increased research & development activities for the development of sustainable tire production is improving the growth of aircraft tire market. Increasing use of narrowbody and widebody aircraft in commercial and military sector has widened the scope of aftermarket tire sales, attributed to the constant need for maintenance services.
Opportunities also abound in the bias ply segment. Hence, the market is poised to embark on a positive growth trajectory until 2031.
A temporary setback was however experienced amid the COVID-19 pandemic, as government imposed lockdowns caused a pause in production activities, triggering a shortage of essential spare parts and accessories. However, as there were relaxations in the rules and international travels, the market experienced a resurgence with the recommencement of travel industry.
Principal Consultant
Surging adoption of high-performance materials which also matches the demand set by regulatory bodies is one of the most important strategy for aircraft tire manufacturers. Using cross-linkable rubber material or synthetic elastomer has proven to bode well for aircraft tire market, followed by the adoption of hybrid composite materials into rubber used for manufacturing aircraft tires.
Hence, prominent manufacturers are constantly conducting research & development activities for the innovation in manufacturing. Key players are adopting the usage of Kevlar - a new aramid, for the manufacturing of aircraft tires used in the military as well as commercial aircrafts.
Kevlar has claimed to boost the performance of tires while providing sufficient friction, resistance and tensile strength. Aircraft tires used in the military application need enhanced heat resistance and lower elongation peak for better performance. Increasing demand for aircraft tires with the integration of Kevlar is expected to boost the market revenue over the forecast period of 2023 to 2033.
Helicopter and freighter aircrafts are expected to witness positive growth over the forecast period. Growth is attributed to the surging popularity of wheeled helicopters and cargo aircrafts primarily used in the military sector.
Increasing applications from military sector such as surveillance, combat operations, emergency services, and others are expected to boost the production of helicopters. Furthermore, these helicopters offer better fuel economy and higher speed over long distances, which will improve the demand of aircraft tires.
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The United States aircraft tire market is poised to witness substantial growth throughout the forecast period. United States is expected to dominate the aircraft industry by growing at a CAGR of 6.1% during the forecast period. According to the Aerospace Industry in the United States, in 2018 the industry contributed USD 151 billion in the export sales to the USA economy through its manufacturing industry. Also, in 2019, the USA aviation industry registered around USD 387 billion sales revenue for aircraft and aircraft exports were valued at USD 126.5 billion.
The scope of the United States aerospace industry grew by 15% registering the sales of around USD 137 billion across Washington and USD 119 billion sales across California. On the flip side, due to outbreak of COVID-19, the industry witnessed a set-back and registered a drop in production of aircraft of nearly 50% in the FY-20.
However, as the economy recovered, increased focus on the sustainable investment in research & development for the product innovation and recommencement of transportation industry fueled the growth of aircraft industry across the United States.
Furthermore, increasing number of passengers travelling internationally have widened the scope for aircraft tire manufacturers across the country. Heavy presence of manufacturers in the region and rising production of commercial as well as military aircrafts will drive the demand of aircraft tires in the United States.
While soaring demand for new aircrafts will continue to enable the growth in the United States, the report on the aircraft tire market presents an impressive growth outlook for China. China is expected to dominate the aircraft tire market in Asia Pacific by accumulating over 40% regional share by 2033. The market in this region is expected to grow with a CAGR of 6.3% during the forecast period. Technological advancements for aircrafts and rising demand from the military sector for narrowbody aircraft is expected to bolster the growth of aircraft tire across China.
As of 2019, around 600 million passengers travelled to international as well as domestic borders, representing an increase of 2% compared to 2018. However, the number reduced drastically due to pandemic registering a drop of almost 90%.
As airlines in this region continue to invest in procuring new and technologically advanced aircrafts despite the pandemic. Also, increasing disposable income coupled with rising business activity in the country has led to increasing number of domestic as well as international passengers in China. Furthermore, favorable regulations in the aviation industry and increasing number of budget airlines will propel the growth of aircraft tires in China.
With China being the second largest market for the manufacturing of aircrafts, despite of the slight setback due to coronavirus pandemic, the country is expected to witness a surge in the production of aircrafts backed by the surging demand from commercial as well as military sector.
The Indian aircraft tire industry is expected to grow with a significant CAGR of 6.2% during the forecast period. With rising initiatives for developing sustainable products and enhance fuel efficiency in aircrafts in addition to reducing weight on the aircraft tires, the Indian aviation industry are adopting new manufacturing trends to achieve market dynamics requirements and facilitate the demand of OEMs as well as aftermarkets. This has bolstered the growth of aircraft tire market across the country.
According to the India Brand Equity Foundation (IBEF), in 2019, passenger traffic in India stood at close to 316.5 million, out of which 63.59 million was international traffic and domestic passenger traffic stood at 252.92 million. Also, Indian government in 2020 invested around USD 120 billion for the infrastructure development of aviation industry. Increased production of military and commercial aircrafts in India accelerated the sales of aircraft tires in the country.
Currently, it is estimated that the aviation industry in India contributes around USD 72 billion to the GDP. Additionally, the government under union budget 2021 to 2022 lowered the custom duty from 2.5% to 0% on the components for manufacturing of aircrafts, reducing the operational and trade cost. Hence, the ease in international trade facilities is expected to boost the aircraft tire market in India.
According to FMI, United Kingdom is expected to be one of the most lucrative country for aircraft tire market across Europe. The market in this region is expected to grow with a CAGR of 6.5% during the forecast period. According to International Civil Aviation Organization, United Kingdom has the most mature aerospace industry with its robust technologies and advanced infrastructure. Increasing research & development investments in aerospace domain for the manufacturing of commercial aircrafts, has enabled the production of aircraft tires in the region.
Soaring production and modernization of aircraft in both commercial and military sectors have improved the manufacturing of aircraft tires across the country. For example, in 2018, the United Kingdom Ministry of Defense unveiled its plans to invest 17 new fighter jets F-35 by 2022-end. Likewise, in February 2019, United Kingdom based commercial airline, International Airlines Group purchased 42 B777x aircraft, including 18 orders and 24 options. These procurements are expected to create growth prospects for the aircraft tire manufacturers in the upcoming years.
The German aircraft tire market is expected to grow with a CAGR of 6% during the forecast period. The development of Germany aviation and aerospace industry has been pointing upward for many years on the back of rising technological development in the region. The industry generated the approx. USD 4.89 billion in 2017 backed by the increased production of military aircrafts in the country.
In 2019, according to International Aviation Transport of Germany, the air transport industry contributed USD 68 billion of GDP in Germany. Increasing number of airlines and improved infrastructure is also aiding the growth of aircraft tire market in the country.
Soaring demand for new aircraft is continuously generating the demand for new aircraft tires across Germany. Also, the German aircraft landscape is being stimulated by several positive development in the infrastructure of airlines and passenger airports. Moreover, increasing sustainability concerns are fuelling the adoption of radial ply aircraft tires, offering energy efficient and light weight fuel efficient aircrafts.
In terms of ply, the aircraft tire market is bifurcated in two type, which are, bias ply and radial ply. Among both, bias ply are expected to emerge as key revenue powerhouse in the market. The demand for bias ply is expected to grow with a CAGR of 6.8% during the forecast period. Bias ply aircraft tires are made up of casing piles which run diagonally at right angles to one another.
The angle helps in providing high speed stability while dictating strength and load capacity. Also, they protect the casing piles from damage and can act as wear indicators on retread tires.
Considering this, some of the leading manufacturers such as Bridgestone Corporation and Goodyear Tire & Rubber Company have increased the use of bias ply for the production of military and commercial aircraft tires. Bias ply offers more ground control, enhanced stability and superior surface resistance as compared to the radial ply.
However, due to sustainability concerns and preference for lightweight, fuel efficient aircrafts, radial aircraft tires are expected to witness positive growth over the forecast period.
By aircraft type, narrowbody aircrafts are expected to generate maximum growth opportunities for leading aircraft tire manufacturers through 2033. The sales from narrowbody aircrafts is expected to grow with a CAGR of 7.4% during the forecast period. Surging demand for narrowbody aircraft from military & commercial sector is likely to propel future growth.
According to International Air Transport Association (IATA), around 4 million passengers travelled by commercial airlines for short & medium haul travel distance in 2019. Additionally, around 3 million passengers travelled in 2020 which was down to 96% from April 2019 due to the pandemic crisis across the globe. Among those, only 132,000 passengers travelled internationally. Hence, due to the declined rate of passengers for longer distance, demand for narrowbody aircrafts increased.
Furthermore, technological advancements in the aviation field have made it possible for narrowbody aircrafts to use them for long haul distance over the past few years. Thereby, increasing the production of narrowbody aircrafts and fuelling the growth.
However, with the recommencement of travel industry in most of the countries, there has been a spike in number of passengers travelling internationally. Henceforth, owing to the increasing number of air travel has necessitated the need for widebody aircraft in the commercial sector. Hence, widebody aircraft is anticipated to register steady growth over the forecast period.
In terms of sales channel, the market is divided into original equipment manufacturers (OEM) and aftermarket. Demand for aircraft tires for the aftermarket sales channel is anticipated to be strong due to the high operational cost and increased frequency of tire replacement for an aircraft every year. As the global production of aircraft rises, manufacturers are looking to reduce operational costs to achieve economy. The aftermarket sales segment is expected to grow with a CAGR of 7.5% during the forecast period.
According to FMI’s study, almost every other aircraft tire being manufactures in the global market will be sold through aftermarkets. Meanwhile, OEMs are anticipated to emerge as the fastest growing sales channel on the back of manufacturers forming strategic partnerships with the OEMs to create lucrative revenue and avoid added loss value from third-party distributors.
Start-ups are crucial in identifying growth opportunities, including the aircraft tire market. They effectively translate inputs to outputs and adapt to market uncertainties, contributing to the industry's expansion. Some start-ups are expected to drive growth in the aircraft tire market.
The market for aircraft tire 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, Polymer Enterprises Inc., Michelin, Maxam Tire International, Specialty Tires of America, Petlas Tire Corporation, Aviation Tires & Treads.
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)
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 1.8 billion |
| Market Value in 2033 | USD 3.3 billion |
| Growth Rate | CAGR of 6.2% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Aircraft Type, Ply Type, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Bridgestone Corporation; Goodyear Tire & Rubber Company; Compagnie Générale des Établissements; Michelin; Dunlop Aircraft Tyres Limited; Polymer Enterprises Inc.; Maxam Tire International; Specialty Tires of America; Petlas Tire Corporation; Aviation Tires & Treads |
| Customization & Pricing | Available Upon Request |
The market will rise at a 6.2% CAGR through 2033.
The top 3 market players are Bridgestone Corporation, Goodyear Tire & Rubber Company, and Compagnie Générale des Établissements Michelin.
Increasing globalization propels market growth.
The 2023 market value is USD 1.8 billion.
By 2033, the market will reach USD 3.3 billion.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Aircraft Type 5.1. Small Widebody Aircraft 5.2. Medium/ Large Widebody Aircraft 5.3. Narrowbody Aircraft 5.4. Propeller Aircraft 5.5. Helicopter 5.6. Defense and Homeland Security Aircraft 5.7. Freighters 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 6.1. Bias Ply 6.2. Radial Ply 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 7.1. OEM 7.2. Aftermarket 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Bridgestone Corporation 16.2. Goodyear Tire & Rubber Company 16.3. Compagnie Générale des Établissements Michelin 16.4. Dunlop Aircraft Tyres Limited 16.5. Polymer Enterprises Inc. 16.6. Michelin 16.7. Maxam Tire International 16.8. Specialty Tires of America 16.9. Petlas Tire Corporation 16.10. Aviation Tires & Treads 17. Assumptions & Acronyms Used 18. Research Methodology
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Aircraft Tire Market
