Rising expenditure regarding MRO activities are expected to propel the aircraft tires market in the coming years. While it is noted that commercial air travel has slowed down due to COVID-19 pandemic, the industry is expected to bounce back considerably as soon as the situation is under control. This would further lead to continuation of the air travel passenger number growth trend, thereby leading to market growth.
Furthermore, once the spread of COVID-19 is under control, air traffic is expected to pick up significantly across the world, which will lead to substantial market growth in the estimated time period. The number of air passengers carried globally by air transport registered nearly 4 billion in 2018 and will continue to grow in the coming years. These patterns will fuel the need for additional airplanes in the coming years, thereby leading to increase in product demand.
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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.
Increasing modernization in tire construction will offer lucrative opportunities for aircraft tires market expansion. Tube tires segment will showcase moderate growth over the projected timeframe on account of its higher weight than that of tubeless tires. These tires are generally incorporated in small and medium airplanes. However, rapid advancement in tubeless tires has encouraged various aircraft manufacturers to opt for tubeless products.
Increasing focus on light weighted aircraft bodies has fueled the adoption of radial tires. The product is constructed utilizing fiber strands which are inclined at 90º to the sidewalls of tires. Radial tires segment is forecast to exhibit a CAGR of 3.9% over the analysis period owing to the lightweight product properties and need for realizing longevity of tire replacement cycle.
Rotary wing airplane segment may hold a small chunk of the global industry share due to lower penetration of helicopters with wheels across the globe. However, escalating need for higher speed aircrafts along with concerns toward fuel saving may favor the adoption of wheeled rotary aircrafts, which may stimulate the industry growth.
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From a regional perspective, APAC is anticipated to register a substantial growth in the market for aircraft tires owing to the growing investment towards building new aircraft MRO facilities in the region. In addition, the region is also expected to witness increasing penetration of low-cost airliners along with increasing number of air travel passengers.
Some of the prominent players majorly contributing to the aircraft tires market landscape include Dunlop, Goodyear, Bridgestone, Michelin, and Specialty Tires of America among others.
Major Key Points from Table of Content:
Chapter 4 Global Aircraft Tires Market, By Constrcution
4.1 Global aircraft tires market, constrcution insights
4.2 Bias/ply tires
4.2.1 Market estimates and forecast, 2016 - 2026, (Units) (USD Million)
4.2.2 Market estimates & forecast, by region, 2016-2026, (Units) (USD Million)
4.3 Radial tires
4.3.1 Market estimates and forecast, 2016 - 2026, (Units) (USD Million)
4.3.2 Market estimates & forecast, by region, 2016-2026, (Units) (USD Million)
Chapter 5 Global Aircraft Tires Market, By Product
5.1 Global aircraft tires market, product insights
5.2 Tube tires
5.2.1 Market estimates and forecast, 2016 - 2026, (Units) (USD Million)
5.2.2 Market estimates & forecast, by region, 2016-2026, (Units) (USD Million)
5.3 Tubeless tires
5.3.1 Market estimates and forecast, 2016 - 2026, (Units) (USD Million)
5.3.2 Market estimates & forecast, by region, 2016-2026, (Units) (USD Million)
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