Aircraft tires play an essential role in the aircraft presentation and are designed to carry heavy loads at high speeds in the minimum and lightest configuration possible. The growing demand for commercial aviation and military aircraft drives the development of the aircraft tires market. Besides, the increasing number of global air passengers due to surging disposable income and expansion in business operations are likely to induce growth in the coming years. On the other hand, strict regulations and an incomplete number of producers confine market development. Moreover, technical advancements in the manufacturing process provide a profitable opportunity for the growth of the market.
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The procurement of newer generation aircraft in the military and commercial sectors is one of the major causes of the growth of the aircraft tires market. Several airlines are under the process of expanding operations in the new destinations and travel routes with the intent of growing air travel. The research suggests that the commercial section would register the highest CAGR during the period under consideration. However, the long-term agreements with the existing top players in the market continue to be an entry barrier for new players in the market. Asia-Pacific Region is expected to witness the highest growth during the prediction period.
The rising geopolitical tensions between different countries worldwide have led to augmented investments in the defense sector, as numerous countries want security and authority in air defense. Moreover, passenger air-transfers are growing in volume and value due to rising disposable income and cross-border business activity development. These factors, in turn, have been driving the global aircraft tire market in current years. Apart from this, the recent surge in events of aircraft crashes has made the aircraft manufacturers wary of maintaining the quality of every component, including tires.
Some of these air accidents occur due to mechanical faults of tires. FAA has addressed the issue and applied proper strategies related to the project of aircraft. It has advised maintaining the quality and replacement frequency of tires to ensure the smooth functioning of aircraft. It makes aircraft tires a recurrent accessory and opens up more growth opportunities for the future.
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Technical progressions in aircraft tires serve as a blockage or support to falling mass and offer successful landings and long life span. In turn, they decrease the functioning cost, thus pushing the request for advanced aircraft tires worldwide. Up-gradation and construction of international airports in emerging countries are pushing the global aircraft tire market ahead. The application of IoT in aircraft tires is transforming the airplane tire market across the globe. Aircraft engineering company Safran and aircraft tire manufacturing company Michelin presented connected tires for the aeronautical industry in 2017.
The major players in the market are Dunlop Aircraft Tyres Limited (UK), Bridgestone Corporation (Japan), Michelin Group (France), The Goodyear Tire & Rubber Company (US), Petlas (Turkey), Desser Tire & Rubber Co., LLC (US), Specialty Tires of America, Inc. (US), Sentury Tire (China), WILKERSON COMPANY, INC. (US), and Qingdao Sentury Tire Co., Ltd. (China).
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