A05693 | Pages: 233 | Oct 2021 | 6225 Views | ||
Author(s) : Himanshu Joshi , Sonia Mutreja | Tables: 95 | Charts: 52 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Aircraft Tires Market
Request Now !The global aircraft tires market was valued at $1.52 billion in 2020, and is projected to reach $2.85 billion in 2030, registering a CAGR of 6.7%.
The COVID-19 outbreak proved very drastic for a variety of businesses and forced governments across the globe to implement strict lockdowns, which led to social distancing being made mandatory to contain the spread of the virus. As a result, people started avoiding visiting places, and the demand for any means of transportation, including air travel, observed a huge decline in 2020. As a result, thousands of airplanes were grounded worldwide, and the industry witnessed a huge slump in revenues. The aviation sector is expected to witness significant losses in the current year, 2021 owing to the uncontrolled situation of the pandemic across several parts globally. The low demand for air travel negatively impacted the aircraft tires market. Airports and airlines suffered to a large scale by the pandemic that stopped the companies and authorities to place orders for new aircraft tires and also the retreaded tires throughout the world.
Aircraft tire is an important component of every plane. Aircraft tires are designed considering a wide range of factors. There are also several sizes of aircraft tires. It is a piece of equipment that demands a high level of safety and quality. A properly designed tire can withstand various unfavorable conditions and prevent the tire from blowing up. The creation of aircraft tires necessitates extensive engineering and computation. The majority of aircraft tires are made as per fixed standards. Aircraft tire standards are governed by the Federal Aviation Administration (FAA).
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The market segmentation is based on type, application, distribution, and region. By type, it is divided into radial and bias. Based on application, it is bifurcated into commercial aviation and military aviation. By distribution, it is classified into OEM and replacement. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global aircraft tires market include Aviation Tires & Treads, LLC, Bridgestone Corporation, Desser Holdings LLC, Dunlop Aircraft Tires Limited, the Goodyear Tire and Rubber Company, Compagnie Generale Des Etablissements Michelin, Petlas, Sentury Tire Co. Ltd., Specialty Tires of America, and Wilkerson Company, Inc.
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According to International Civil Aviation Organization’s (ICAO) yearly worldwide statistics, the total number of commuters carried on scheduled flights rose to 4.38 billion in 2019, which was 3.65% higher than the previous year. The highest passenger traffic was witnessed in Asia-Pacific. In October 2018, the International Air Transport Association (IATA) publicized that current developments in air transport project that the passenger count could double to 8.2 billion in 2037. The COVID-19 pandemic led to a severe downfall in air traffic figures. Although recently, in May 2021, the International Air Transport Association (IATA) stated that the global air passenger traffic is anticipated to recover to almost 88% of pre-COVID-19 levels during 2022, and is projected to outdo this level during 2023. This signifies a robust demand for air travel globally.
The abovementioned statistics suggest rise in air passenger traffic over the years internationally. This rise would result in tremendous surge in demand for new airplanes throughout the world, which would directly impact the sales of aircraft tires. Thus, rise in air traffic is anticipated to drive the growth of the aircraft tires market during the forecast period.
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Aircraft tires are subjected to intense temperatures and pressures. Aircraft tires experience wear during takeoff, landing, and taxiing. Takeoff is mainly responsible for tire wear attributed to the fact that while taking off, the airplane has full fuel load and the tires are pre-heated by taxiing. Moreover, the specific number of landings-per-tire is affected by variable factors such weather, hard landings, cross-wind landings, anti-skid action, and rough or damaged runway surfaces. Other excessive operating conditions, such as high energy braking, high-speed taxiing, and high-speed cornering all have an effect on the condition of the rubber surrounding the tire’s core, even creating differences in tire condition from one set of landing gear to another on the same airplane. Thus, there is a need for frequent tire replacement or retreading, which propels the growth of the aircraft tires market.
Aircraft tires handle high temperature and pressure and require regular inspection and maintenance. To prevent any mishap and to ensure the right operating conditions of the aircraft tires, the Federal Aviation Administration (FAA) released an advisory circular (AC No.: 20-97B) in 2005. This advisory circular (AC) provides recommended tire care and maintenance practices needed to assure the safety of support personnel and continued airworthiness of aircraft. Specifically, AC provides guidance on the installation, inflation, maintenance, and removal of aircraft tires. It also suggests operating procedures for mounting tubeless tires, mounting tube-type tires, initial inflation for tubeless tires, and others. It also mentions removal recommendations for atypical service events. Tires that have been subjected to unusual service events, such as high energy rejected takeoffs or high energy overspeed landings (where thermal fuse plugs have released), should be removed and scrapped. Those tires that remain inflated should be removed and returned to a full-service tire supplier with a description of the reason for removal. Moreover, the FAA, European Union Aviation Safety Agency (EASA) and regulatory organizations in other countries require the retreading and/or repair of aircraft tires be performed only by a certified facility. The certification is determined by the governing authority under which the operator is authorized. Such requirements are expected to limit the growth of the global aircraft tires market during the forecast period.
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Currently, the world is witnessing rise in geopolitical tensions. Countries in the Middle East and Asia, for instance, China, India, Pakistan, Afghanistan, North Korea, Israel, Palestine, and others, are the epicenters of global conflicts. To be ready for war-like situations, several countries have placed orders with military aircraft manufacturers. Various countries have increased their defense spending to acquire modern defense equipment to enhance their defense capabilities. The global military expenditure has witnessed exponential growth in recent years. According to Stockholm International Peace Research Institute (SIPRI), the global military expenditure reached $1,981 billion in 2020 with 2.6% year-on-year increase. Military expenditure accounted for 2.4% of the global gross domestic product in 2020. Thus, increase in global military expenditure augmented the adoption of modern, more lethal warfare systems, including military aircraft.
In October 2019, the U.S. Defense Department finalized an agreement with Lockheed Martin Corporation to purchase 478 additional F-35 Lightning II airplanes in a deal totaling $34 billion. In December 2020, Germany approved the purchase of 38 Eurofighter jets worth around $6.62 billion from Airbus. The German air force said that the new aircraft will be equipped with the latest technology and could be used against targets on the ground. Various countries are purchasing military aircraft worldwide. Such developments are expected to increase the demand for new military aircraft. This is expected to propel the growth of the aircraft tires market during the forecast period.
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COVID-19 Impact Analysis
Key Benefits For Stakeholders
Key Market Segments
By Type
By Application
By Distribution
By Region
Key Players
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The global aircraft tires market is expected to witness significant growth due to surge in air traffic along with rise in safety improvement initiatives making aircraft tires more reliable, lighter, efficient, and durable.
Increase in air passenger traffic across the globe and frequent wear & tear of aircraft tires are expected to drive the aircraft tires market during the forecast period. However, stringent standard operating procedures and high cost of aviation tires are anticipated to hamper the growth of the market. Moreover, increase in procurement of military aircraft amid rise in geopolitical tensions is expected to offer lucrative opportunities for the market in future.
To gain a fair share of the market, major players adopted different strategies, for example, collaboration, product development, acquisition, contract, partnership, and agreement. Among these, contract and partnership are the leading strategies used by prominent players such as the Goodyear Tire and Rubber Company and Compagnie Generale des Etablissements Michelin. Such companies signed contracts with the airlines seeking to expand their aircraft fleet.
A. Two types of aircraft tires are available in the market- radial and bias
A. The global aircraft tires market valued at $1,520.74 million in 2020, and is projected to reach $2,850.51 million by 2030, registering a CAGR of 6.7% from 2021 to 2030.
A. The report sample for global aircraft tires market report can be obtained on demand from the website.
A. The development of lightweight tires; surge in demand from commercial aviation sector
A. Driven by factors such as increase in air passenger traffic across the globe and frequent wear & tear of aircraft tires, the aircraft tires market is expected to grow steadily over the years
A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated
A. By application, the commercial aviation segment holds the major share of the global aircraft tires market
A. The U.S. and China are key matured markets growing in the global aircraft tires market
A. Increase in procurement of military aircraft amid rise in geopolitical tensions; and stringent standard operating procedures
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