The Aircraft Tires Market size is projected to grow from USD 1.4 Billion in 2022 to USD 1.6 Billion by 2027, at a CAGR of 2.9% from 2022 to 2027.
The need for aircraft modernization to improve operating safety and fuel economy is the factor propelling the adoption of Aircraft Tires, that will ultimately lower operational costs. Modern Aircraft Tires systems are factory installed in new generation aircraft. The airlines and other end users are undertaking a fleet modernization initiative to upgrade the older aircraft fleet with modern Aircraft Tires systems to match the service capabilities of the next generation aircraft.
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Based on the Type, the radial-ply segment of the market is projected to dominate market share as the demand for lightweight and durable tires offering higher fuel-efficiency increases. Additionally, to fulfill demand, the major airline is increasing the size of their fleet, which is equipped with radial-ply tires to increase operational efficiency. The development of enhanced durable and cut-resistant radial tires has driven this market.
Based on Aircraft Type, the commercial aviation segment is projected to dominate market share due to the increasing fleet size of narrow-body, wide-body and regional transportation aircraft on a global level, owing to increasing passenger traffic which is anticipated to result in increased demand for commercial aircraft, which will support the expansion of the aircraft tires market. Furthermore, international tourism especially after the Covid-19 pandemic will fuel the demand for commercial aircrafts, therefore increasing the requirement of aircraft tires.
Based on Platform, the fixed-wing aircraft segment of the market dominates market share on account of the increasing number of deliveries to effectively cater to the rapidly growing passenger traffic. The fixed-wing aircraft are a popular and optimal choice of aircrafts for long-haul flight operations due to their capability to cover larger distances without refuelling requirements. Increase in deliveries of fixed-wing aircrafts will drive the aircraft tires market.
Based on End User, the Retreading segment of aircraft tires market is set to dominate the major share for the forecasted period. Lower costs of manufacturing and ensured airworthiness of retread tires is driving many commercial airlines to opt for the retread segment. Retreading also ensures reduced carbon emissions during the process which is why it is becoming a popular choice amongst the players of the aircraft tires market.
Based on Position, the Main Landing Gear segment is set to witness the highest market share for the forecasted period owing to increasing airframe structure and load of the aircrafts, which calls for increased number of main landing tires to distribute the load of the aircraft on the ground. The increase in number of aircraft deliveries around the globe, especially wide-body aircrafts which can employ up to 24 main landing tires is set to drive the aircraft tires market.
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Based on Region, North America accounted for the largest market share in 2022, and Asia-Pacific is projected to witness the highest CAGR during the forecast period. The market for aircraft tires in the commercial and business aviation sectors in these regions is expected to benefit from the rising demand for air travel while the escalation of global geopolitical rift is driving the race for superiority in terms of military capabilities, evident from enhanced defence expenditure and investments in the modernization of various defence equipment of countries such as the US. Additionally, the increased investment in the R&D sector by the major OEMs to develop the technologically advanced aircraft tires systems to meet the future aviation industry demand.