September 07, 2020
According to the research report titled ‘Aircraft Tires Market Size By Construction, By Product, By Aircraft, By Platform, By End-user, By Position, Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global aircraft tires market estimated to generate significant revenues and expand at a strong CAGR during 2020-2026.
Rising production of commercial aircrafts coupled with technological advancements in aircraft tires are prime factors fueling the market growth. It is to be noted that aircraft tires play an important role in supporting the weight of the airplane during landing or when on the ground. These tires offer the traction required to stop or brake the aircraft.
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Aircraft tires absorb substantial shock while landing, or during taxi operations and helps in smooth takeoffs. These tires are developed to withstand a wide range of static stresses under numerous operation conditions. Thus, focus towards modernizing ageing fleet is further augmenting the demand for aircraft tires.
As per construction type, bias/ply tires segment is expected to grow with a of CAGR of 3.9% through 2026, primarily driven by their exceptional re-treadability and durability.
By product type, the report states that tubeless tires segment captured 75% market share in the year 2019 and is expected to showcase similar growth in the ensuing years. Tubeless tires are made using low permeable rubber and are relatively thicker than its counterparts.
Moving on to platform type, the report cites that fixed wing aircrafts segment is anticipated to showcase a y-o-y growth rate of 2.9% and amass revenues worth USD 3.4 billion by 2026.
Citing the end-use landscape, the report claims that OEM segment is anticipated to grow with a CAGR of 2.1% during 2020-2026.
Key manufacturers in global aircraft tires market are Dunlop Tires, Michelin, Specialty Tires of America, Bridgestone and Goodyear among other. Meanwhile, key distributors and suppliers of the overall market are Desser Aerospace, Sofema, KADEX Aero Supply, Safari Aviation Services, DMI Aviation Sales Corp., Aircraft Spruce & Specialty Co., Martin Industries, Airline Management Support Ltd., Avioparts, and Wilkerson Co. Inc.