Aircraft Tire Market Projected to Grow to USD 3.3 Billion by 2033, Driven by a 6.2% CAGR

Posted on 2024-08-20 by Future Market Insights in Automotive // 0 Comments

The global aircraft tire market is set to reach a valuation of USD 1.8 billion in 2023 and is projected to expand to USD 3.3 billion by 2033, reflecting a compound annual growth rate (CAGR) of 6.2% over the forecast period.

This growth is largely driven by the increasing demand for next-generation aircraft across both commercial and military sectors, coupled with a rise in aircraft procurement. The surge in air travel is also boosting the need for new aircraft, which in turn heightens the demand for aircraft tires. Additionally, rising investments in the air defense sector, fueled by growing geopolitical tensions, are expected to further stimulate market growth during the forecast period.

Advancements in tire manufacturing technologies, including the use of innovative materials like synthetic elastomer rubber and cross-linkable rubber, are enhancing tire durability and fuel efficiency by reducing tire weight. The increased need for aircraft in both combat and non-combat operations, along with heightened government investments in aviation infrastructure, is anticipated to drive market expansion.

The current rise in air travel demand is leading to a higher production of new aircraft to accommodate passenger needs, thereby accelerating the demand for aircraft tires. Furthermore, increased military spending on advanced aircraft in both developed and emerging regions is contributing to this trend. The growing demand for cost-effective aircraft tires is expected to further drive the market’s growth throughout the forecast period.

Detailed Market Study: Full Report and Analysis

Key Takeaways from the Aircraft Tire Market Report:

The 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.

Competitive Landscape:
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.

Aircraft Tire Market Segmentation:

By Aircraft Type:

Small Widebody Aircraft
Medium/ Large Widebody Aircraft
Narrowbody Aircraft
Propeller Aircraft
Helicopter
Defense and Homeland Security Aircraft
Freighters

By Ply Type:

Bias Ply
Radial Ply

By Sales Channel:

OEM
Aftermarket

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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