Worldwide Commercial Aviation Aircraft Tires Industry to 2025 - Key Drivers and Restraints
DUBLIN, Oct. 28, 2020 /PRNewswire/ -- The "Global Commercial Aviation Aircraft Tires Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global commercial aviation aircraft tires market is evaluated at US$1.459 billion for the year 2019 growing at a CAGR of 2.64% reaching the market size of US$1.706 billion by the year 2025. An aircraft tire is a special kind of tire specially designed for different types of aircraft ranging from military jets, private jets, cargo planes, and commercial jets among others. These tires are made of rubber are designed in such a manner that offers high stability in crosswind conditions and also to channel away from the water primarily to prevent hydroplaning and also to enhance the braking effect.
The primary factor driving the commercial aviation aircraft tires market growth includes the growing aviation industry globally and the growing investments by major airline companies in the procurement of new generation aircraft. Air travel globally is growing which may be a fact due to the growing tourism sector, growing disposable income, growth in business travel and medical tourism, and others. The market is also poised to show significant growth on account of the presence of stricter regulations regarding the maintenance and operations of aircraft tires by several government organizations across the different countries of the world. However, the outbreak of COVID-19 is expected to hamper the market growth to some extent especially during the short run.
Growing air passenger traffic
The primary factor that is supplementing the market growth for commercial aviation aircraft tires is the constantly growing air passenger traffic around the globe. This, in turn, has further led to an upsurge in the frequency of flights from one destination to another. Also, the growing participation of airline companies with an aim to the expansion of their flight routes to new countries is also expected to increase air travel. All such factors have led to an increased frequency of tire replacement owing to the fact that the lifespan of these tires is limited to a number of landings.
Furthermore, there has been a constant increase in the number of passengers who travelled through air transport. This can be backed up by the fact that the number of air passengers (domestic and international) rose from 2.628 billion in 2010 to 4.233 billion by 2018 (Source: The World Bank Group). This has further led to an increase in the spending done on airports, which has further propelled the frequency of air travel in many parts of the world. Also, the growth of air transport services as well in order to achieve more efficient, and safe airport operations emanating the market growth in the forecast period. The booming tourism sector around the globe which is primarily attributed to the rising disposable income and adopting high living standards especially in emerging economies like China and India in comparison to the developed economies of the world. In addition to this, the availability of cheap air tickets is propelling the increasing use of flights as a regular means of transport.
Moreover, globalization has further led to an increase in the frequency of business travel globally. Thus, all the factors mentioned above are anticipated to positively impact the market growth due to the fact that there has been an increase in the frequency of air travel which further leads to an increase in the frequency of tire replacements, thus playing a significant role in shaping up the commercial aviation aircraft tires market growth during the course of the next five years.
Outbreak of COVID-19
The recent outbreak of the novel coronavirus disease is anticipated to be one of the major factors that is expected to hamper the market growth to some extent owing to the fact that the outbreak led to a suspension as well as a slow down of the activities across the commercial aviation sector globally. Thus, the frequency in air travel decreased significantly since the outbreak has been declared as a pandemic by the World Health Organization which is difficult to contain even. Several government measures such as nationwide lockdowns led to a ban in the traveling activities in many parts of the world. Also, the trade restrictions further led to a ban on exports which also led to a decline in the logistics industry.
Due to the outbreak, there has been a dramatic decline in the active fleet by the airlines further shows the negative impact of the outbreak on the commercial aviation aircraft tires market. The graph above clearly represents the sharp decline in the active fleet after before and after the outbreak. Since the duration of the pandemic is still unclear, the commercial aviation sector is expected to slowly recover as the outlook looks positive after a short period of eight to ten months.
Participation by market players
There is a significant volume of companies working in the commercial aviation aircraft tires market, however, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments, product launches, and R&D as a part of their growth strategies to further strengthen their position and provide better products and services to their customers worldwide, which is further expected to propel the growth of the market in the coming years. For example, in June 2019, the Goodyear Tire & Rubber Company, one of the prominent market players in the tire industry announced its partnership with Airbus for the supply of its Flight Radial tires as main and nose landing gear for the new aircraft A321XLR by Airbus. Similarly, in July 2018, Michelin announced the launch of its Michelin Pilot, a tire designed for the propeller-driven aircraft with enhanced life and outstanding tread life with weather protection.
The commercial aviation aircraft tires market has been segmented into type, aircraft type, position, end-user, and geography. By type, the segmentation of the market has been done into radial and bias. By aircraft type, the classification of the market has been done into a single-aisle and wide body. By position, the segmentation of the market has been done as front landing gear and main landing gear. By the end-user, the classification of the market has been done as OEM and aftermarket. Geographically, the distribution of the commercial aviation aircraft tires market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Radial tires to witness good growth
By type, the radial tires are expected to witness a healthy growth in the market primarily due to the fact that these tires offer a considerable more number of landings due to their high durability and lower rolling resistance. Due to its advanced construction, these this tire offers longevity as it runs a bit cooler. The bias tire is expected to hold a significant market share throughout the forecast period due to the fact that these tires are constructed by casing up of piles which further offers enhanced speed and stability and is often retreadable.
Single-Aisle to grow substantially
By aircraft type, the single-aisle segmented is expected to show healthy growth over the course of the next five years. The growth may be attributed to the rising demand of small size aircraft owing to the low operational cost, ease of maintenance, and the economical purchase. The requirement for training of pilots along with the proliferation of flying certification courses will also lead to the rising demand of the single-aisle aircraft, thus, augmenting the growth of this segment during the forecast period. Also, rising demand for air taxis and chartered services have also bolstered the tire demand for such aircraft. However, the aircraft tires market for wide-body aircraft is expected to hold a considerable market share and is expected to show promising growth due to the fact that the growing demand for the passenger flights has led the airlines to expand their fleet with large-size aircraft. For example, Turkish Airlines announced the purchase of 60 wide-body planes from both Airbus and Boeing in 2017. The need for new aircraft to replace the old ones will also have a significant positive impact on the market. As per data by Boeing, about 100 aircraft retire every year globally, and by 2021 to 2022, there will be about 200 aircraft retiring every year creating the business opportunities for the tire manufacturers over the next five years.
Competitive Insights
Prominent/major key market players in the commercial aviation aircraft tires market include Dunlop, Goodyear, and Michelin among others. The players in the commercial aviation aircraft tires market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive position and strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Aircraft Tires market.
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Commercial Aviation Aircraft Tires Market Analysis, by Type
5.1. Introduction
5.2. Radial
5.3. Bias
6. Commercial Aviation Aircraft Tires Market Analysis, by Aircraft Type
6.1. Introduction
6.2. Single-Aisle
6.3. Wide Body
7. Commercial Aviation Aircraft Tires Market Analysis, by Position
7.1. Introduction
7.2. Nose Landing Gear
7.3. Main Landing Gear
8. Commercial Aviation Aircraft Tires Market Analysis, by End-User
8.1. Introduction
8.2. OEM
8.3. Aftermarket
9. Commercial Aviation Aircraft Tires Market Analysis, by Geography
9.1. Introduction
9.2. North America
9.3. South America
9.4. Europe
9.5. Middle East and Africa
9.6. Asia Pacific
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.1. Bridgestone Corporation
11.2. MICHELIN
11.3. The Goodyear Tire & Rubber Company
11.4. Dunlop Aircraft Tyres Limited
11.5. Specialty Tires of America Inc..
11.6. Wilkerson company, Inc.
11.7. Sentury Tire
11.8. Desser Holdings LLC
11.9. Aviation Tires & Treads LLC
For more information about this report visit https://www.researchandmarkets.com/r/swvi1s
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