Pune, India – The global aircraft tire market is projected to attain a valuation of US$ 1.8 billion in 2023 and is anticipated to reach US$ 3.3 billion by 2033 and is expected to increase at a CAGR of 6.2% during the forecast period according to Future Market Insights.
The market is anticipated to expand as a result of rising aircraft acquisition costs and increased demand for next-generation aircraft in both the military and commercial sectors. Another factor increasing demand for new aircraft and, by extension, aircraft tyres is the rise in air travellers. Furthermore, it is expected that investments made by the air defence industry in reaction to escalating geopolitical tensions would further fuel market expansion throughout the course of the anticipated timeframe.
As a result of improvements in tyre manufacturing techniques, particularly the use of next-generation materials like synthetic elastomer rubber and cross-linkable rubber, the demand for aircraft tyres is expected to increase. By lowering tyre weight, these materials provide improved longevity and enhance fuel efficiency. The market is expected to expand as a result of rising government investments in aviation infrastructure and rising demand for aircraft in the defence industry for both combat and non-combat roles.
In the current global aviation market, demand for air travel has grown dramatically, which has increased the requirement for new aircraft production to meet growing passenger demand. It is projected that as a result, the demand for aircraft tyres would rise quickly. Additionally, the surge in military spending for the acquisition of cutting-edge military aircraft in both developed and emerging countries is fueling the rising need for aircraft tyres. Additionally, it is estimated that the market would expand throughout the projected period due to the demand for reasonably priced aeroplane tyres.
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.
“Advancements in tire manufacturing technologies and use of NextGen materials such as synthetic elastomer rubber are expected to drive market growth during the forecast period,” comments an FMI analyst.
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.