Commercial Aviation Aircraft Tires Soaring High
The global commercial aviation aircraft tires market was valued at US$1.232 billion in the year 2020, while growing at a CAGR of 3.14%, and is estimated to reach a market size of US$1.531 billion by 2027. An aircraft tire is a unique kind of tire, which is specially designed for different types of aircraft that range from military jets to private jets, commercial jets, and cargo planes, among many others. These tires are made out of rubber and are designed in a way that offers good stability in crosswind conditions and also offers a way to channel away from the water, which is primarily done to prevent hydroplaning and also to make the braking effect more efficient.
The primary factor which drives the growth of the commercial aviation aircraft tires market is the globally growing aviation industry, despite a slip up by the pandemic, and the inclining number of investments by numerous major airline companies for the procurement of new generation aircraft. Air travel is growing across the globe, which can be attributed to factors like the rise of the tourism sector, inclining disposable income, a rise in business travel, as well as medical tourism, among others. The market is also expected to show substantial growth due to the presence of even more stringent regulations when it comes to the maintenance and operations of commercial aircraft tires by numerous government organizations across various countries in the world. However, the outbreak of the COVID-19 pandemic caused a major slowdown in market growth to an extent, especially during the initial phases of the pandemic that resulted in nationwide lockdowns in many countries.
Single-aisle aircraft to witness substantial growth
On the basis of aircraft type, the commercial aviation aircraft tires market is segmented into Single-aisle and wide-body. During the forecast period, the single-aisle segment is expected to show robust growth. The neck-to-neck competition between major single-aisle commercial aircraft market players has propelled the market for single-aisle aircraft to a great degree. For instance, Bahamas Trade Info reported in July 2022 that Airbus had climbed past Boeing in single-aisle market share. Such tough competition among the market players is the prime reason for the growth of this market segment. Further, due to the benefits such as low operational cost, ease of maintenance, and economical purchase. The demand for small-size aircraft has witnessed a surge in the past years which has been supporting the demand for commercial aviation aircraft tires in this segment. However, it is anticipated that wide-body aircraft are expected to hold a considerable market share. Owing to the growing air passenger traffic the companies are expanding their fleet capacity with large-size aircraft, because of which, this segment is expected to show substantial growth during the forecast period. For instance, in September 2022, Air India announced the signing of a lease agreement with Boeing to progressively induct five wide-body aircraft from December 2022 to boost its domestic and international operations over the next 15 months. Such developments are expected to create opportunities in the commercial aircraft tires market during the forecast period.
Participation by key players to augment market size
There is a significant number of companies that are working in the commercial aviation aircraft tires market and some of them have solidified their position in this industry as the leading providers. These players are involved in a broad range of product launches, investments, and R&D, which form a part of their growth strategies, in order to strengthen their positions even further and aid their con summers with better products and services worldwide. This factor is expected to augment the growth of the market in the analyzed period. For instance, in June 2019, a major market player, Goodyear Tire & Rubber Company, announced a partnership with Airbus in order to supply its Flight Radial tires as the main and nose landing gear for the new Airbus aircraft, A321XLR.
The stir caused by COVID-19
The outbreak of the coronavirus pandemic is one of the major factors that has caused a restraint to the growth of the market, due to the slowdown of activities by the commercial aviation sector on a global level. The COVID-19 scenario resulted in a reduction in the volume of production of commercial aircraft, owing to which, the demand for aviation tires market was very negatively affected. Furthermore, there was also a halt in the overall commercial flights across the globe which also led to a decrease in the demand in the market. The IRBD (International Bank for Reconstruction and Development) reported that the spread of the virus affected the aviation industry as it recorded very less air passengers in 2020 as compared to 4,3 million in 2019. Major aircraft manufacturers in the industry, like Boeing and Airbus, were reported to have reduced their production forecasts by approximately 50%. The airline industry reported a drop in their revenue by about 40% to a figure of $328 billion in 2020 due to the declining demand for air travel and a wide-scale cancellation of flights. Thus owing to the pandemic, there has been a drastic decline in the active fleet by airlines, further adding to the negative impact on the commercial aviation aircraft tires market.
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