The Aircraft Tire Market is estimated to be valued at US$ 2.38 Billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Aircraft tires play a vital role in aviation industry as they support and transport aircraft during taxi, take-off, landing and ground maneuvering. Aircraft tires are made from durable rubber compounds that provide traction, endurance and stability under heavy loads and changing weather conditions. They maintain integrity even at high operating pressures and speeds.

Market key trends:
The Aircraft Tire Market is estimated to witness high growth owing to development of aircraft tires suitable for hypersonic aircraft. With increasing testing of hypersonic aircraft across major economies, tire manufacturers are focusing on developing tires capable of withstanding surface temperatures over 1000°F and speeds over Mach 5. Recent success of hypersonic flight testing by Virgin Galactic, Lockheed Martin and others have boosted confidence in hypersonic aircraft industry. Aircraft tire manufacturers are collaborating with hypersonic aircraft OEMs to design and produce tires integrated with thermal barrier coatings and advanced rubber compounds for smoother operations at extreme speeds and temperatures. This is expected to open new growth avenues for aircraft tire market over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrant in the aircraft tire market is low due to high capital requirements for establishing manufacturing facilities, research and development costs, and certifications required.
Bargaining power of buyers: The bargaining power of buyers in the market is moderate as aircraft tires manufacturers dominates the market and buyers have limited options to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials and differentiated nature of products.
Threat of new substitutes: Low possibility of substitution as aircraft tires are mission critical parts for aircrafts.
Competitive rivalry: High due to presence of major tire manufacturers globally.

SWOT Analysis
Strength: Well established distribution network and brand presence of key players globally. Innovation and development of new products meeting stringent regulations.
Weakness: High R&D and capital expenditure requirement. Risk of recalls and litigation due to product failure.
Opportunity: Growth in aircraft deliveries and increasing passenger traffic across regions. Development of new aircraft programs providing opportunities.
Threats: Trade barriers and regulations. Volatility in raw material prices. Impact of economic slowdown on fleet modernization plans of airlines.

Key Takeaways
The global aircraft tire market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing air passenger traffic and aircraft deliveries globally.

North America dominated the market in 2023, accounting for over 30% of global revenue owing to strong presence of aircraft OEMs and increasing passenger traffic in the region. The Asia Pacific aircraft tire market is projected to grow at the fastest pace during the forecast period backed by rising aircraft fleet, new airports, and increasing MRO activities in China, India and other emerging countries.

Key players operating in the aircraft tire market are Michelin (France), Goodyear Tire and Rubber Company (US), Bridgestone Corporation (Japan), Dunlop Aircraft Tyres Ltd. (UK), Qingdao Sentury Tires Company Limited (China), Wilkerson Aircraft Tires (US), Petlas Tire Corporation (Turkey), Aviation Tires and Treads, LLC (US) and Specialty Tires of America (US) among others. Michelin and Goodyear dominate the market with their wide product portfolio and global presence.
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