Northbrook, IL 60062 -- (SBWIRE) -- 09/05/2023 -- The Aircraft Tires Market size is projected to reach USD 1.6 Billion by 2027, it is expected to grow at a CAGR of 2.9% during the forecast period.Aircraft Tires comprises of the rubber components on an aircraft wheel and landing gear that manage taxiing, landing and take-off operations and secure passenger safety.
Advanced aircraft tires are being developed to increase the aircraft's efficiency and safety by enhancing situational awareness through wireless sensing. The adoption of aircraft tires is driven by the demand for integration of light-weight and fuel-efficient tires onboard an aircraft, thereby saving weight and reducing operational and maintenance costs for end users.
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The radial-ply tire segment is estimated to account for the largest share of the Aircraft Tires market during the forecast period
Based on type, the aircraft tires market is segmented into radial-ply and bias-ply tires. The radial-ply segment is estimated to lead the aircraft tires industry during the forecast period due to the superior technical and design advancements in terms of light-weight and durability, enhanced traction and cut-resistance properties and overall increased fuel-efficiency with reduced carbon emissions. Owing to these properties, many airlines have shifted to radial-ply tires instead of bias-ply. Although, bias-ply tires still are a popular choice in the military aircrafts owing to their hard-casing and durability properties.
The commercial aviation segment is estimated to account for the largest share of the Aircraft Tires market during the forecast period
Based on aircraft type, the aircraft tires market is segmented into commercial aviation, business and regional aviation and military aviation. The Commercial Aviation segment is estimated to lead the aircraft tires market during the forecast period due to the expansion of the existing aircraft fleet by major airline players with light-weight and durable tires for better safety and fuel efficiency. The rise in domestic and international passenger levels will be a key contributor to the aircraft tires market.
Fixed-wing segment projected to lead Aircraft Tires market during the forecast period
Based on platform, the aircraft tires market has been segmented into fixed-wing and rotary-wing aircraft. An increase in international air travel and global air passenger traffic is expected to lead to increased demand for fixed-wing aircraft, thereby contributing to the growth of the aircraft tires market. Fixed-wing aircrafts have the capability of conducting flight operations at high altitudes and long-range distances without the need of frequent refuelling. This particular aspect proves essential in conducting aircraft operations for long-hauls.
Top Aircraft Tires Companies - Key Market Players
The Aircraft Tires Companies are dominated by a few globally established players such as Michelin (France), Goodyear Tire and Rubber Company (US), Bridgestone Corporation (Japan), Dunlop Aircraft Tyres Ltd. (UK), and Qingdao Sentury Tires Company Limited (China).