Global Aircraft Tires Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
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The aircraft tires market has witnessed robust growth, escalating from $1.88 billion in 2023 to a projected $1.97 billion in 2024, marked by a commendable compound annual growth rate (CAGR) of 5.0%. This growth surge in the historical period can be credited to factors such as aircraft fleet expansion, global air travel, runway condition monitoring, military modernization, and the advent of smart tires.
Key Statistics:
- Market Size (2023): $1.88 billion
- Projected Market Size (2024): $1.97 billion
- CAGR (2023-2024): 5.0%
Future Growth Projections
Anticipating sustained momentum, the aircraft tires market is set to experience robust growth, reaching $2.41 billion in 2028, driven by a projected CAGR of 5.2%. This growth in the forecast period is attributed to innovative tire materials, evolving aircraft designs, urban air mobility (UAM), sustainable aviation, and the burgeoning prospects of space tourism and exploration.
Future Projections:
- Projected Market Size (2028): $2.41 billion
- Projected CAGR (2024-2028): 5.2%
Driving Forces: Surging Air Travel Demand
- Passenger Influx
The burgeoning demand for air travel, both domestically and internationally, is a pivotal driver for the aircraft tires market. The rise in air passengers necessitates increased aircraft production, leading to higher utilization of aircraft tires. Frequent wear and tear occur due to continuous landings to meet the escalating demand.
- Market Players
Leading companies shaping the aircraft tires market landscape include Bridgestone Corporation, Michelin Group, The Goodyear Tire & Rubber Company, and others. These industry players play a crucial role in meeting the heightened demand for aircraft tires, aligning with the global surge in air travel.
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Technological Advancements: Introduction of New Generation Aircraft Tires
Major players in the aircraft tires industry are embracing technological advancements with the introduction of new-generation aircraft tires, offering enhanced performance and sustainability.
Notable Technological Advancements:
- Launch of Air X SKY LIGHT MICHELIN tire by Michelin
- Advantages: Lighter, longer-lasting, improved performance, reduced fuel consumption, and emissions
Strategic Acquisitions: Yokohama Rubber Co. Ltd. and Trelleborg Wheel Systems Holding Ab
In a strategic move to expand and diversify, Yokohama Rubber Co. Ltd., a Japanese tire manufacturing company, acquired Trelleborg Wheel Systems Holding Ab for $2 billion in March 2022.
Key Points:
- Acquisition Aim: Market expansion and diversification
- Benefits: Brand structure, strong service network, regional sales network enhancement
Market Segmentation
The aircraft tires market is segmented based on product, platform, application, and end-user.
Market Segmentation:
- By Product: Radial, Bias
- By Platform: Fixed Wing, Rotary Wing
- By Application: Wide Body Aircraft, Very Large Aircraft, Regional Transport Aircraft, Narrow Body Aircraft
- By End-user: OEM, Retread Tires, Replacement Tires
Regional Dynamics
In 2023, North America dominated the aircraft tires market, with Asia-Pacific emerging as the fastest-growing region.
Regional Insights:
- Largest Region (2023): North America
- Fastest-Growing Region (2023): Asia-Pacific
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The Aircraft Tires Global Market Report 2024 provides an overview of the aircraft tires market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The aircraft tires market forecast analyzes aircraft tires market size, aircraft tires market share, leading competitor and their market positions.
The Table Of Content For The Aircraft Tires Market Include:
1. Aircraft Tires Market Executive Summary
2. Aircraft Tires Market Segments
3. Aircraft Tires Market Size And Aircraft Tires Market Growth Rate
4. Key Aircraft Tires Market Trends
5. Major Aircraft Tires Market Drivers
……
25. Key Mergers And Acquisitions In The Aircraft Tires Market
26. Top Aircraft Tires Companies
27. Aircraft Tires Market Opportunities And Strategies
28. Aircraft Tires Market, Conclusions And Recommendations
29. Appendix
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