According to a research report, aircraft tires market is likely to exceed $3.5 billion through 2026.
APAC is anticipated to register a substantial growth in the aircraft tires market owing to the growing investment towards building new aircraft MRO facilities in the region. In addition, the region is also expected to witness increasing penetration of low-cost airliners along with increasing number of air travel passengers.
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Once the spread of COVID-19 is under control, air traffic is expected to pick up significantly across the world, which will lead to substantial aircraft tires market growth in the estimated time period. The number of air passengers carried globally by air transport registered nearly 4 billion in 2018 and will continue to grow in the coming years. These patterns will fuel the need for additional airplanes in the coming years, thereby leading to increase in product demand.
The radial tires segment is anticipated to grow at 3.9% during the forecast time period because of the growing requirement for extending the tire substitution cycles and demand for lightweight and durable components. Radial tires are built by using fiber strands that are inclined at an angle of 90° in relation to the sidewalls of the tires.
Rising expenditure regarding MRO activities are expected to propel the aircraft tires market in the coming years. While it is noted that commercial air travel has slowed down due to COVID-19 pandemic, the industry is expected to bounce back considerably as soon as the situation is under control. This would further lead to continuation of the air travel passenger number growth trend, thereby leading to market growth.
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Meanwhile, tube tires segment will hold a minimal share of the total market during the estimated time frame owing to their higher weight as compared to tubeless tires. Tube tires have been used in small and medium airplanes in the past years. But, due to modernization in the tire construction and benefits regarding tubeless products, a shift in the focus of manufacturers is expected in the coming years.
Once the COVID-19 outbreak situation is under control globally, the regional aircrafts are expected to have a substantial share of the aircraft tires market in the forthcoming years. With this, the demand international and domestic air passengers will be impelling growth of regional aircrafts by the end of the forecast time frame.
The rotary wings segment, owing to lower penetration of wheeled helicopters globally, may result in lower share. But, owing to concerns pertaining to fuel-saving and the requirement for aircrafts with higher speed will further drive the demand for wheeled rotary wing aircrafts in the coming years.
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Meanwhile, the aftermarket is likely to record the highest share of the whole aircraft tires market owing to the high tire replacement cycles of narrow and wide body commercial segment.
As per position, the main position segment will hold a highest share of the aircraft tires market, once the industry bounces back owing to the growing need for replacement of airplanes and tire retreading across the globe.
Overall, the aforementioned trends are likely to offer an array of business growth opportunities for aircraft tires market. Some of the prominent players majorly contributing to the market landscape include Dunlop, Goodyear, Bridgestone, Michelin, and Specialty Tires of America among others.
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