Aircraft Tires Market Expected to Reach $2.85 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Aircraft Tires market by Type, Application, and Distribution: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The global aircraft tires market was valued at $1.52 billion in 2020, and is projected to reach $2.85 billion by 2030, registering a CAGR of 6.7%.

Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. U.S. dominated the global aircraft tires market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; and rapid adoption of innovative technologies in making durable and long-lasting aircraft tires. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in air passenger traffic across different nations in the region along with huge defense spending by prominent countries such as China, India, and Japan.

By type, the aircraft tires market is segregated into radial and bias. The bias segment accounted for the highest revenue in 2020, as it offers high-speed stability, reduces tread distortion under load, protects the tire casing plies from damage.

On the basis of application, the market is divided into commercial aviation and military aviation. The commercial aviation segment garnered highest revenue in 2020, owing to considerable rise in global commercial aviation air traffic over the years.

COVID-19 Impact Analysis

• The COVID-19 impact on the aircraft tires market is unpredictable and is expected to remain in force till the second quarter of 2021.
• The COVID-19 outbreak forced governments to impose strict lockdown measures that resulted in flight cancellations and ban on e-commerce services, which led to massive decline in commercial aviation and logistics activities across the world.
• Moreover, nationwide lockdowns disrupted the supply chains as several manufacturing facilities across the globe had to partially or fully shut down their operations.
• The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues and resulted in long delays in activities of aircraft tires operations globally.

Key Findings Of The Study

• By type, the bias segment is expected to register a significant growth during the forecast period.
• On the basis of application, the commercial aviation segment is anticipated to exhibit significant growth in future.
• Depending on distribution, the OEM segment is projected to lead the global aircraft tires market.
• Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

The key players operating in the global aircraft tires market include Aviation Tires & Treads, LLC, Bridgestone Corporation, Desser Holdings LLC, Dunlop Aircraft Tires Limited, the Goodyear Tire and Rubber Company, Compagnie Generale Des Etablissements Michelin, Petlas, Sentury Tire Co. Ltd., Specialty Tires of America, and Wilkerson Company, Inc