"Steadily Growing Aviation Industry Worldwide to Drive the Demand for Aircraft Tires"

The overall aircraft tires market is set to demonstrate steady growth rate during the forecast period from 2018 to 2026, up from US$ 1,260.4 Mn in 2017. Aircraft tires are among the most dynamically engineered components present onboard aircrafts. Although for short durations, these tires are designed to withstand extremely heavy loads operating at high speeds of more than 150 miles/hour. The market is primarily driven by the consistently rising commercial aviation worldwide. Commercial aviation industry, especially in India and China, has been witnessing high growth since the past few years. The two countries have set record high orders for commercial aircrafts in the years 2017 and 2018. Subsequently, the demand for related components including aircraft tires is projected to remain strong during the forecast period.

"Growing Aviation Sector in Asia Pacific to Retain Dominant Position of Commercial Aircraft Tires Segment"

In 2017, the commercial aircraft tires segment dominated the overall aircraft tires market worldwide. Although the overall defense aircrafts fleet is larger than commercial airliners, the replacement rate and volume of commercial aircraft tires is fairly higher. In addition, commercial segment growth is driven by the higher frequency of operation over defense aircrafts. The commercial aircraft tires segment is expected to demonstrate higher growth rate during the forecast period on account of rapidly growing commercial aviation industry in Asia Pacific.

"Asia Pacific to Surpass North America Aircraft Tires Market in the Near Future"

In 2017, North America led the overall aircraft tires market closely followed by the Asia Pacific region. The U.S., having the largest defense as well as commercial aircraft fleet, globally, mainly governs the market in North America. Asia Pacific is set to register the highest growth rate in the aircraft tires during the forecast period. India and China are witnessing the highest growth in commercial, defense as well as cargo aircraft growth in the region. According to International Air Transport Association (IATA), China is set to surpass U.S. commercial & general aviation market by 2023, with India attaining the third spot. Thus, due to continually rising number of air travelers in the countries, the region would exhibit high demand for commercial aircrafts, thereby driving the demand for aircraft tires. As a result, the Asia Pacific aircraft tires market is expected to surpass North America in the near future.

"Higher Complexity in Aircraft Tire Manufacturing to Ensure Consolidated Market Throughout the Forecast Period"

The aircraft tires market worldwide is highly consolidated in nature. The top three companies in the market viz. Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company and Dunlop Aircraft Tyres Ltd. collectively account for more than 80% of the total market revenue generated worldwide. Despite numerous players operating in the overall tires market, the aircraft tires market has relatively less number of players. Very few tire companies possess the technology to produce aircraft tires due to stringent requirement of high performance and operation in extreme climate conditions.

Market players can be seen emphasizing on retreaded tires segment considering its continually increasing consumption in the market. Additionally, majority of the companies have set up their manufacturing and retreading plants in Asia Pacific, considering low cost of manufacturing and rapidly growing aviation industry here. 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Aircraft Tires market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Aircraft Tires market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Aircraft Tires market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Aircraft Tires market?
• Which is the largest regional market for Aircraft Tires market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Aircraft Tires market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Aircraft Tires market worldwide?