Market Trends of Europe Aircraft Tires Industry
Commercial Aviation Segment to Experience the Highest Growth During the Forecast Period
Commercial aviation dominates the market, and it is projected to retain its market share during the forecast period. Airlines are expanding and introducing new routes to increase their market dominance, thus generating demand for new aircraft. The increasing success of LCC in emerging economies has also increased the sales of single-aisle aircraft over the years. The demand for wide-body aircraft for longer routes has also been increasing. The procurement of new aircraft is expected to generate demand for new tires simultaneously.
The market for narrow-body aircraft is anticipated to rebound faster than for wide-body aircraft. The B737 MAX's return to service may also support the expansion of the narrow-body market. Such developments are expected to drive market demand. During the forecast period, more than 13,000 passenger aircraft and 260 freighter aircraft are expected to be delivered globally.
In June 2023, Goodyear announced that Airbus selected it to supply tires for the new A321XLR, which is set to carry passengers in 2024. Airbus A321XLR will be fitted with Goodyear’s flight radial tires. Such developments will drive the demand for aircraft tires in the commercial aviation segment during the forecast period.
The United Kingdom is Anticipated to Dominate the Market During the Forecast Period
The United Kingdom has a mature aerospace industry with robust technological and production capabilities. The dominance of the United Kingdom in the market is attributed to the consistent R&D investments in the aerospace domain, which has enabled some other partnering countries to emerge as vital suppliers of aircraft and related parts, materials, components, and systems worldwide. The country has also initiated procurement and modernization of aircraft on both commercial and military fronts.
For instance, in July 2022, the UK's IAG ordered 37 Airbus A320neo family aircraft. The orders will be delivered between 2025 and 2028 to replace A320ceo family aircraft in its short-haul fleet.
The United Kingdom is also procuring 54 helicopters, including 40 AH-64E multi-mission rotorcraft and 14 CH-47 transport helicopters. All the rotorcrafts are scheduled to be delivered by 2028. Such developments are expected to drive the demand for aircraft tires in the country during the forecast period.
