Market Trends of Aircraft Tires Industry
Commercial Aviation Segment Will Showcase Remarkable Growth During the Forecast Period
By end user, the commercial aviation market is expected to witness significant growth during the forecast period. The increasing number of commercial aircraft deliveries in various countries owing to the growing air passenger traffic is the main reason for the growth of the market during the forecast period. In 2023, Boeing delivered 528, and Airbus delivered 735 aircraft compared to 480 and 663, respectively. In December 2022, Airbus received orders for 807 aircraft (gross orders) from 16 different customers. Airbus reported a new industry backlog record of 8,598 jets in December 2023, of which 7,797 were A220 and A320ceo/neo narrowbodies. Airbus’ old record was set in August 2023, when the company reported a backlog of 8,024 jets.
On the other hand, the fleet modernization plans of airlines led to a surge in the number of aircraft orders. With the higher flight activity of commercial aircraft, the wear and tear of tires are higher, thereby generating demand for aftermarket tires. Various global airlines are partnering with aircraft tire manufacturers to support the regular tire replacement demand. It will lead to a growth in aircraft tires for commercial aviation during the forecast period.
Asia-Pacific is Expected to Grow with the Highest CAGR During the Forecast Period
Over the past few years, major countries like China, India, and Japan witnessed a rapid increase in passenger traffic, resulting in large orders for new aircraft from airlines operating in the region. According to the International Air Transport Association (IATA), air travel in Asia will be greater than the next two biggest markets, North America and Europe, by 2030. With such a high rate of growth in terms of passenger traffic, the airlines in the region need to procure new aircraft to cater to the increasing demand.
The countries in the Asia-Pacific region are procuring aircraft on a large scale, even for military activities. As of November 2022, India witnessed an increase in the number of daily air passenger traffic and departures. For November 2022, the daily passenger traffic recorded in India accounted for 409,831 passengers and 2739 departures. The increasing passenger traffic in the Asia-Pacific region also led to various airline companies acquiring new aircraft with advanced features to cater to such rising demands.
In addition, various aviation tire manufacturers, such as Dunlop and Bridgestone, amongst others, are now engaged in manufacturing advanced aircraft tires. These products will be more durable and can withstand longer airplane take-offs and departures before needing to be replaced. Thus, such developments will lead to the market witnessing growth during the forecast period.
