The Aircraft Tires Market is slated to exceed $3.21 billion by 2028, Says Global Market Insights Inc.
The growth of the aircraft tires market is driven by burgeoning aircraft production worldwide, increasing aircraft maintenance & repair facilities, the booming tourism sector, and rising preference for air travel, says this report.
SELBYVILLE, Del., Feb. 28, 2022 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the Aircraft Tires Market was estimated at USD 2.59 billion in 2021 and is projected to be valued at more than USD 3.21 billion by the end of 2028, registering with a CAGR of 3.2% from 2022 to 2028. The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
In recent years, the aviation industry has experienced substantial growth. Growing job mobility, business meetings, improved global economic conditions, migration, and increased tourism have significantly contributed to the growth of the aviation industry. Air travel is the fastest means of transit and low-cost carriers have made it more economical. Moreover, escalating demand for air cargo owing to its fast delivery time and excellent global connectivity is likely to boost product adoption through the forecast period.
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Business jets are witnessing an upsurge in demand on account of rising number of private jet fleets worldwide and increasing globalization. Tubeless tires are commonly used in business jets because they are more reliable than tube-type tires. These tires, on the other hand, can be employed by both biased and radial tires to suit the requirements of business jet manufacturers. Owing to these factors, the business aircraft segment is projected to see robust expansion at a CAGR of around 5.4% through the assessment timeline.
From the end-user perspective, the aftermarket segment is set to account for a staggering share of about 99% in the global aircraft tires market by the end of 2028 due to the short landing cycle of most commercial aircraft. MRO for aviation tires makes up for the majority of the aftermarket industry. It covers aircraft tire replacement and retreading. When compared to replacing aircraft tires with new ones, retreading is more cost-effective, which is estimated to boost product uptake.
Key reasons for aircraft tires market growth:
- Prevalent application in commercial and business jets.
- Recent technological advancements in aircraft tires.
- High importance in aircraft maintenance & repair.
- Proliferating aircraft tires sector in Asia Pacific.
2028 forecasts show the 'tubeless tires' segment retaining its dominance:
Based on product, the tubeless tires segment held the largest share in the global aircraft tires market and is slated to progress at a CAGR of more than 3.4% over the study period. Extensive application of tubeless tires in business jets is set to fuel product demand in the forthcoming years.
Asia Pacific to continue its top status in terms of revenue:
Based on region, the Asia Pacific aircraft tires industry is set to progress at around 3.9% CAGR over the forecast period on account of rising aircraft deliveries across major countries in the region. Increasing number of low-cost aircraft carriers in China, South Korea, India, and Indonesia would accelerate the demand for aircraft tires in these nations, which is likely to further support regional market growth in the upcoming years.
Impact of COVID-19 on the aircraft tires market:
The aviation industry witnessed a steep drop in demand for passenger air travel owing to the COVID-19 pandemic-induced lockdown measures. Moreover, considerable drop in business travel amidst the pandemic adversely affected the industry. However, the industry has showcased robust recovery and is gradually reaching pre-pandemic demand levels. Additionally, ongoing easing of domestic and international travel restrictions across the world has also been favorable for the growth of the aircraft tires industry.
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Leading market players:
Key players operating in the aircraft tires market include Sentury Tire Co., Ltd., Goodyear, Wilkerson Company, Inc., Desser Holdings LLC., Petlas, Dunlop, Michelin, Bridgestone, Aviation Tires & Treads LLC., and Specialty Tires of America, among others.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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