The revenue of Aircraft Tires industry crossed $ 2.89 billion in the year 2019 and is predicted to touch 3.51 billion-dollar mark till 2026, growing at 2.9% between the years 2020 and 2026; as per the research done by Global Market Insights, Inc.
Expansion of aircraft fleet to cater to rising air-passenger base along with increasing MRO (maintenance, repair and overhaul) spending has provided impetus to aircraft tires market share over the past decade. Made with natural rubber, aircraft tires are designed to withstand extreme load and pressure during airplane takeoff or landing.
Regional air carriers are expected to contribute significant revenue towards the aircraft tires industry on account of rising international and domestic air passengers demand across the globe. However, global tires suppliers may suffer major setback in growth rate due to catastrophic blow of COVID-19 pandemic in 2020 and subsequent grounding of aviation businesses.
Aircraft tires support the weight of the aircraft when on the ground and when landing. They offer the traction that is necessary for stopping and braking the aircraft. They also help absorb the tremendous shock of landing, taxi operations, cushion the roughness during takeoff, rollout.
Aircraft tires generally accept a diversity of dynamic and static stresses, and should be able to do so consistently in a wide range of operation conditions. Furthermore, the construction of aircraft tires is for the purpose it serves. It does not have the need to carry any kind of load for a longer period of continuous operation like in the case of truck or automobile tires. The level of deflection that is built into an aircraft is more than double the automobile tire.
Based on structure/construction, the market is classified into radial tires, and bias/ply tires. Among these, the bias/ply tires will be growing at a CAGR of 3.9% over the forecast timeframe. These tires are an ideal choice owing to their re-treadability and durability.
With respect to product, the market is divided into tubeless tires, and tube tires. Among these, tubeless tires held more than 75% share of the global market in 2019, which is expected to grow further by 2026.
Exponential rise in air traffic around the globe has been witnessed over the past years, which has boosted the air travel business. In 2018, number of passengers that were carried through air transport across the globe stood at approximately around 4 billion, which may further grow by 2026. Shifting trends towards flights over train journeys in developing nations will drive the necessity for more aircrafts in the coming years, creating robust demand for aircraft tires.
Escalating production as well as usage of aircrafts due to increased air travel had led to short maintenance cycles of aircrafts globally, which may positively impact aircraft tires businesses in the long run. Asia Pacific aircrafts tire market share is expected to witness significant growth rate over the coming years due to rising number of air travel passengers with availability of low cost airliners.
Moreover, urbanization, rising per capita incomes and enhanced living standards are some key factors driving the demand for commercial aircrafts. In addition, increasing investment towards enhancing aircraft MRO facilities across several Asian countries may favor regional industry growth. Many leading MRO providers have set up bases in the region or formed key partnerships to ensure long term business.
Based on end-use, the market is segmented into aftermarket and OEM. The OEM end-use segment will have a growth rate of 2.1% over the projection time period, and will grow steadily during 2020 to 2026