According to a new market research report published by Credence Research “Aircraft Tires Market (Tire Type – Type III, Type VII, Type VIII and Metric; Design – Bias and Radial; Tire Assembly – Tubeless and Tubed; Tire Tread – New Treaded and Retreaded; End-user – Commercial and Defense; Aircraft Type – Fixed Wing and Rotary Wing) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global aircraft tires market was valued at US$ 1,260.4 Mn in 2017 and is set to demonstrate 4.5% CAGR during the forecast period from 2018 to 2026.
Aircraft tires are among the most complex and sophisticated engineered products onboard aircrafts. With properties withstand heavy loads at high velocities and extreme temperatures, the demand for aircraft tires is primarily governed by the consistently growing aviation sector worldwide. Asia Pacific is expected to emerge as the frontrunner in the market in the near future, surpassing the North America aircraft tires market. This can be attributed to rapidly growing number of air passengers and hence the aviation industry here. Additionally, growing spending over military aircrafts forms another important factor supporting the market growth.
Aircraft tires market is segment based on tire type, design, tire assembly, tire tread, end-user, aircraft type and geography. Based on tire type, the market is led by type VII and type VIII segments due to their higher application commercial airliners. Further, based on geography, the market is currently led by North America and is expected to be surpassed by Asia Pacific in the near future.
India and China are projected to emerge as the driving markets for aircraft tires. This is attributed to factors such as sharp increase in air passengers, growing air cargo and military aircraft budgets. For instance, Boeing Company delivered a record high of 202 aircrafts to China in the year 2017, which constituted nearly 26% of Boeing’s global aircraft deliveries in the same year. According to International Air Transport Association (IATA), China is expected to surpass the U.S. aviation sector by 2022, making it the largest aviation market. Similarly, in June 2017, the total aircraft orders by India reached 1,080, posing it to become the 3rd largest aviation market in the near future.
The overall aircraft tires market is highly consolidated in nature with very limited companies operating in the market. Very few tire manufacturers possess the technology to produce high performance aircraft tires. This is primarily due to higher complexities involved in manufacturing these high performance tires. Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres Ltd. are the top four companies operating in the market capturing more than 80% of the total market revenue generated worldwide. Due to limited number of new entrants in aircraft tire manufacturing, the market would continue its consolidated nature over the following years.
Some of the major players profiled in the report include Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company, Dunlop Aircraft Tyres Ltd., Qingdao Sentury Tire Co., Ltd. Desser Tire & Rubber Co., LLC, Guilin Lanyu Aircraft Tire Development Co., Ltd., Petlas Tire Corporation, Specialty Tires of America, Inc. and others.
Browse the full report at https://www.credenceresearch.com/report/aircraft-tires-market
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