Commercial Aviation Aircraft Tires: Carrying the Heavy Loads and Frictions
The global commercial aviation aircraft tires market was evaluated at US$1.232 billion for the year 2020 and will reach a market size of US$1.531 billion by the year 2027. Over the forecast period, this market is estimated to grow at a CAGR of 3.14%.
Commercial aviation aircraft tires are different from cars, trucks, or any other normal vehicle tires. Aircraft tires are made to support the overall weight of the airplane and all the passengers in it. Commercial aircraft tires must deal with enormous forces and friction while landing. In order to land safely, the aircraft tires are reinforced with strong, flexible materials. Thus, the commercial aircraft tire is specially designed to offer high stability for different types of aircraft ranging from military jets, cargo planes, commercial, etc. The aircraft tire market is expected to expand significantly over the future years despite the difficulties it has faced in the past, such as complex production requirements, restrictions on industrial use, and rubber disposal.
Analysts anticipate that the market will expand at an exponential rate owing to the growing air passenger traffic
According to analysts, the key factor supporting the growth of the commercial aviation aircraft tires market is the growing air passenger traffic around the globe. The major factor aiding the growth of air passenger traffic is economic and demographic growth. The progress in the civil aviation industry is one of the most distinguished improvements of the 21st century, aiding the rapid growth of air transport. For instance, the growing safety requirements for air transport have strengthened the trust of passengers in the aviation industry. Furthermore, the prevalence of organizations such as ICAO (International Civil Aviation Organization) and government regulations to ensure the safety of passengers has further increased air passenger traffic in the past few years. Moreover, the growing middle-class population is stimulating airline activity globally. Furthermore, the availability of low-cost airlines to facilitate the middle-income population has experienced significant growth in the past years. Consequently, the growing number of air passengers is creating a need for higher flight frequency, which is expected to increase the frequency of tire replacements for commercial aircraft. As a result, the overall commercial aviation aircraft tire market is expecting growth. Additionally, globalization has made business travel more prevalent.
During the forecast period, the radial tires segment is expected to witness a significant growth
There are two types of commercial aviation aircraft tires in the market: Radial and Bias. According to analysts, radial tires are expected to witness healthy growth in the market during the forecast period. Radial tires offer more resistance to penetrations and cuts as compared to bias. Further, the radial tires help in even weight distribution with the assistance of stiffer tread. With the even distribution of weight, the tires can get the benefit of longer tread life and less wear. Radial tires are a newer design that can bestow a lower lifecycle cost and long-term value. Lastly, owing to their advanced construction, radial tires offer longevity as they run a bit cooler. On the other hand, the bias tire offers an enhanced speed and stability.
Based on aircraft type, the single-aisle segment is expected to grow substantially during the forecast period
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 reflect healthy growth. Owing to the neck-to-neck competition between major single-aisle commercial aircraft market players has propelled the market for single-aisle aircraft. For instance, Bahamas Trade Info reported in July 2022 that Airbus had climbed past Boeing in single-aisle market share. Such tough competitions among the market players are the prime reason for the growth of this market segment. Furthermore, due to the benefits such as low operational cost, ease of maintenance and economical purchase, etc. The demand for small-size aircraft has risen in the past years which is supporting the demand for commercial aviation aircraft tires in this segment.
However, analysts anticipate that the wide-body aircraft is 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 this segment is expected to display promising 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 recent developments are expected to create opportunities in the commercial aircraft tires market during the forecast period.
Geographically, the Asia-Pacific region is witnessing an increase in share in the global commercial aviation aircraft tires market.
The Asia-Pacific and North America regions are expected to hold a significant share of the market due to the growing international passenger market of the respective regions. As per the IATA’s passenger data for the month of August, released in October 2022, Asia-pacific airlines has a 449.2% rise in traffic compared to August 2021. These certain growth factors are expected to have a positive impact on the overall aviation sector in this region. Consequently, the growing aviation sector is predicted to propel the market for commercial aviation aircraft tires market in this region. Additionally, the European Carriers witnessed a traffic rise of 78.8% in comparison with August 2021. This lucrative growth in the Europe region is expected to propel the market during the forecast period.
The outbreak of COVID-19 had an adverse impact on the global aviation industry. Due to the restrictions on domestic and international travel during the pandemic, the overall number of flights was reduced. For instance, as per the ICAO’s The World of Air Transport in 2020, the overall number of passengers was 4,494 million in 2019 which was reduced to 1,792 million. This data reflected a total annual decrease of 60.1% from 2019 to 2020. Furthermore, the global lockdowns and suspension of flights led to a slowdown in the commercial aviation sector’s activities. In order to contain the spread of the virus, governments across the globe imposed nationwide lockdowns and advised the general public to stay at home. Additionally, the trade restrictions to combat the pandemic further led to a ban on exports consequently affecting the overall aviation logistics industry.
However, the recovery from the pandemic has also paved the path for the future growth of the aviation industry and the growing number of air passengers. For instance, in October 2022, the IATA announced that the total traffic in August 2022 was up 67.7% compared to August 2021. Moreover, IATA also reports that global air traffic is not at 73.7% of pre-crisis levels. Consequently, these recovery statistics are reflecting positive increments in the aviation industry, and as a result, the market for commercial aviation aircraft tires will also experience lucrative growth in the forthcoming years.
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