Aircraft tires plays an important role in providing support to the weight of aircraft upon landing as well as while stationary on the ground. Over the years, aircraft tire manufacturers have been struggling to meet the required standards set by regulatory bodies related to the utilization of rubber in aircraft tire manufacturing. The modern aircraft tires are highly-engineered composite structure developed to carry heavy loads at high speeds in lightest and smallest configuration practical.
Apropos a study report on global aircraft tire market, compiled by Future Market Insights the demand for aircraft tires is likely to witness moderate traction in foreseeable future. The global market for aircraft tires is anticipated to expand at 4% CAGR over the forecast period (2017-2026) to reach approximately US$ 1.9 Bn by the end of 2026.
According to the report, the increasing demand for aircraft tires is likely to be fueled by bias ply tires. Competitive advantages of bias ply tires over radial ply tires in delivering higher strength, ground traction and stability is likely to boost its demand in the near future. Sales of bias ply aircraft tires in the year 2017 had brought nearly US$ 840 Mn revenues. According to the report, maximum number of aircraft tires will be used for narrowbody aircrafts. The narrowbody aircrafts segment is likely to secure almost half share of overall revenue generated in the global aircraft tires market by the end of forecast period.
How tire manufacturers are reaping high profit margins?
The report also reveals aftermarket sales of aircraft tires will be on high demand in foreseeable future. Nearly every other tire manufactured in the market will be the aftermarket tire, by the end of 2026. The OEMs are anticipated to emerge as the fast-expanding sales channel in the global aircraft tire market in near future. Most of the manufacturers are anticipated to create strategic partnership with OEMs to gain maximum profit margins and to eschew added value losses from third-party distributors.
What is the market performance in APEJ region?
By the end of 2026, the aircraft tires sales is likely to be concentrated in North America region. It is anticipated that almost US$ 600 Mn worth of aircraft tires will be sold in Canada and U. S. The demand for aircraft tires will be more in the APEJ region. The increased demand for aircraft tires in the APEJ region is attributed to easy procurement of rubber and favorable industrial regulations. According to the report, the aircraft tire market in the APEJ region is likely to witness expansion at 4.4% CAGR throughout the forecast period.
What are the leading companies in the global aircraft tires market?
Companies such as Goodyear Tire & Rubber Company, Bridgestone Corporation, Compagnie Générale des Établissements, Polymer Enterprises, Inc, and Michelin are anticipated to remain at the forefront in the global market for aircraft tire throughout the forecast period. These companies are anticipated to remain at the pole position in the global market for aircraft tires.
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