Global aircraft tire market forecast at $3.3 billion by 2033

Pune, India – The global aircraft tire market growth 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 increasing demand for next-generation aircraft in both commercial and military sectors, along with a rise in aircraft procurement is expected to fuel market growth. The growing number of air travelers is also contributing to the demand for new aircraft, consequently driving the need for aircraft tires. Additionally, investments by the air defense sector in response to rising geopolitical tensions are anticipated to further fuel the market growth during the forecast period.

The demand for aircraft tires is expected to rise due to advancements in tire manufacturing technologies, including the utilization of next-generation materials such as synthetic elastomer rubber and cross-linkable rubber. These materials offer enhanced durability and contribute to improved fuel efficiency by reducing tire weight. Additionally, the growing demand for aircraft in both combat and non-combat operations in the defense sector, coupled with increased government investments in aviation infrastructure, is expected to drive the market forward.

The current global aviation market is experiencing a surge in air travel demand, leading to increased production of new aircraft to meet the growing needs of passengers. Consequently, this is expected to drive the demand for aircraft tires at a rapid pace. Furthermore, the rise in military spending for the acquisition of advanced military aircraft in both developed and developing regions is contributing to the increased demand for aircraft tires. Additionally, the demand for cost-effective aircraft tires is anticipated to fuel overall market growth during the forecast period.

Key Takeaways: 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