The aircraft tire market involves the production and sale of tires used on aircraft. Aircraft tires are high performance tires designed to withstand massive torque, high speeds, and extreme pressure during takeoff and landing. They have extra thick tread and robust sidewalls made from high tech polymers and composites to support heavy aircraft. Nylon or other synthetic materials are used to reinforce the tires to withstand heat generated during operation. Aircraft tires require less rolling resistance to conserve fuel but have strong braking ability on wet runways.

The global aircraft tire market size was valued at US$ 2.38 billion in 2023 and is anticipated to reach approximately US$ 2.91 billion by 2030, expanding at a CAGR of 3.9% during the forecast period.

Key Takeaways

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 wide product portfolios for all aircraft types.

The demand for aircraft tires is growing due to rising air traffic globally. According to IATA, the number of air passengers is estimated to double to 8.2 billion by 2037. This is driving the need for more commercial aircraft and consequently more aircraft tires. Cargo traffic is also witnessing steady gains which needs support from fleets of cargo aircraft and their tires.

Key players are expanding globally to establish maintenance stations near major airports. This allows quicker turnaround of aircraft and reduces downtime for airlines. Goodyear and Michelin have been expanding in the Asia Pacific region which is a major aviation market. Dunlop also inaugurated a new facility in Ohio, US to cater to the American market.

Market Drivers

One of the key drivers of aircraft tire market is the growing demand for fuel efficient aircraft tires. With increasing crude oil prices, airlines are procure tires with advanced composites that reduce weight and improve fuel efficiency. Aircraft tires account for nearly 15% of total weight of an aircraft. Low rolling resistance tires along with designs optimized for lower weight are boosting demand. Manufacturers like Michelin and Goodyear have invested heavily in developing green aircraft tire technology.

Current geopolitical environment is impacting the growth of the aircraft tire market. Various political issues and territorial disputes are affecting international trade and travel. Many countries have imposed restrictions on travel and business activities, reducing demand for commercial air travel. Delays in aircraft deliveries and lower fleet utilization have led OEMs and airlines to scale back their procurement of new tires. The conflict between Russia and Ukraine is disrupting global supply chains and trade flows. Sanctions on Russia are limiting material availability for tire manufacturers. Also, aviation activities have reduced drastically in the affected regions,dampening short-term sales prospects. However, nations are negotiating for normalized relations and trade in the long run. Once political stability returns, pent up demand and fleet expansion plans of airlines will drive renewed growth in this market.

Looking ahead, manufacturers must focus on developing reliable supplier networks outside politically sensitive areas to ensure continuity of supply. They also need to work closely with airline customers to understand fleet modernization timelines and future procurement plans. Regional business development initiatives can help capture demand shifting from areas of conflict. Further, companies must invest in cyber security and data privacy mechanisms to address potential security threats from political adversaries. By building flexible, geographically diversified operations and forging cooperative industry-government relationships, participants can better navigate changing geopolitical situations.

In terms of value, North America is currently the largest regional market for aircraft tires, driven by strong commercial aviation activity in the US and Canada. The presence of leading global OEMs and tire manufacturers has made this region an innovation hub, attracting significant market investments. Asia Pacific is poised to become the fastest growing regional market during the forecast period due to rising passenger and cargo air traffic in China and other developing nations. India and Southeast Asian countries are aggressively expanding their airline fleets to meet passenger growth, representing promising future opportunities.

While North America leads the market currently, Asia Pacific region is projected to witness the highest gains. Growing middle class, rising incomes, improving regional connectivity and infrastructural developments are fueling air travel within and between Asia Pacific countries. Major global aircraft tire market manufacturers have established production facilities in China, Japan and India to capture this high-potential market. Local component suppliers are also enhancing capabilities to gain from rising indigenous fleet production and MRO activities. Further investments in modernizing airports and expansion of low-cost carrier networks will support ongoing market expansion across the Asia Pacific region.