Aircraft Tire Market to Record an Exponential CAGR by 2025
Demand
for aircraft tires is increasing in the commercial aviation and
defense industry. Most aircraft tires are handmade according to the
guidelines of the Federal Aviation Administration (FAA). Extensive
engineering calculation is involved in determining the type and size
of tires that meet normal as well as emergency requirements.
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Rise
in geo-political tension has led to increased investment in the
defense sector, as numerous countries want supremacy in air defense.
Moreover, the number of global air passenger is increasing due to
rising disposable income and growth in business activity. This, in
turn, has been driving the global aircraft tire market in recent
years. Furthermore, recently, there have been rising number of
incidents of air crashes. Some of these air accident occur due to
technical faults of tires. FAA has addressed the issue and
implemented proper guidelines related to the design of aircraft. This
leads to frequent replacement of aircraft tires, and this is a prime
factor for the expansion of the aircraft tire market in recent
decades.
The
production of aircraft tires requires large number of raw materials
such as nylon cord, steel, artificial or natural rubber. The rising
price of rubber is a restraining factor for the expansion of the
aircraft tire market. Rising raw material costs is likely to
eventually reduce the demand for aircraft tires during the forecast
period.
In
terms of application, the global aircraft tire market can be
segmented into commercial and defense segment. The commercial
application segment of aircraft tires can be further sub-segmented
into wide body aircraft, very large aircraft, narrow body aircraft,
and regional transport aircraft. The commercial segment held a
considerable share of the aircraft tire market, and the segment is
anticipated to maintain its dominant position in the market during
the forecast period. Rising frequency in air travel coupled with the
necessity to maintain safety measures raises the demand for aircraft
tires. Aircraft tires are changed on a regular basis to meet the
safety standard, which is estimated to raise the demand for aircraft
tire during the forecast period. In the competitive aviation
industry, commercial aircraft manufacturers prefer to install
lightweight tires to enhance overall efficiency. This, in turn, is
projected to boost the demand for aircraft tires during the forecast
period.
In
terms of product type, the aircraft tire market can be segmented into
radial and bias. The bias tires segment dominated the market. This is
a traditional form of tire and piles are wrapped into the tire to
provide required strength. However, most modern aircrafts employ
radial tires. Piles of radial tires are located at a 90-degree angle
with the direction of the rotation of the tire, and this flexibility
enhances the strength of the tire by providing it greater exposure to
lift high load with minimum deformation. The added advantages of
radial tires are estimated to boost its market share during the
forecast period. The radial tires segment is anticipated to expand
rapidly during the forecast period.
In
terms of geography, the global aircraft tire market can be segmented
into North America, Europe, Asia Pacific, Middle East & Africa
(MEA), and Latin America. Asia Pacific held a substantial share of
the market and it is likely to maintain its position in the market
during the forecast period. Asia Pacific includes a large number of
emerging economies such as India, China, and South Korea. Rise in
disposable income coupled with rising business activity has led to
increasing number of domestic and international air passengers in
this region. This, in turn, is likely to drive the aircraft tire
market during the forecast period. Relaxation in regulation in the
aviation industry and rise in number of budget airlines are expected
to fuel the aircraft tire market in the region.
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Key
players in the global aircraft tire market include Bridgestone,
Michelin, Goodyear, and Dunlop aircraft tire.
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