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.
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.
Key players in the global aircraft tire market include Bridgestone, Michelin, Goodyear, and Dunlop aircraft tire.
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