The global aircraft tire market to grow at a CAGR of 4.75% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global aircraft tire market for 2017-2021. To calculate the market size, the report considers the revenue generated in the overall market from the procurement of new tires (for new aircraft) as well as the retreading or replacement of existing tires. The report also includes a discussion of the key vendors operating in this market.
One trend in market is emergence of green aircraft taxiing systems. Aircraft taxiing involves the movement of aircraft on the ground under its own engine power, which burns a significant amount of fuel. An Airbus A320 aircraft uses approximately 600 liters of fuel while taxiing for an average of 3.5 hours a day. This has necessitated the adoption of alternative approaches for taxiing an aircraft. A number of stakeholders have directed their efforts in developing alternative hybrid or electrically driven approaches to mitigate the excessive fuel consumption and emission impact during taxiing aircraft.
According to the report, one driver in market is rise in aircraft retrofitting. There are many aircraft that have been in service for a long time across the globe. These aircraft require periodic component retrofitting for optimal functioning. Landing gear components, including tires and braking systems, need periodical replacements to keep an aircraft in optimum working condition, as well as to enhance the operational efficiency of aircraft landing gear systems. Retrofitting of landing gears would play greater importance in the growth of the global aircraft tire market, especially for the radial tires segment.
Further, the report states that one challenge in market is dominance of OEMs and landing gear suppliers in dictating contract conditions. The high bargaining power of any single stakeholder is not a positive sign for any industry. Boeing and Airbus being the two major streamlined aircraft OEMs retain supremacy on finalizing the prices of aircraft tires for their respective aircraft. Also, major landing gear suppliers, such as General Electric (GE) and United Technologies Corporation (UTC), exercise control over structuring the overall features and prices of landing gear systems, which include tires along with other components.