Cleveland, Ohio – Aircraft tire suppliers are likely to suffer ‘major setback’ in growth due to the global Covid-19 pandemic and the subsequent grounding of aviation business, a recent research by US-based Global Market Insights suggests.
According to the research, the aircraft tires market crossed $2.89 billion (€2.5 billion) in the year 2019 and is predicted to reach $3.5 billion by 2026, despite the pandemic effects.
This will represent a growth of 2.1% between the years 2020 and 2026, reflecting an expansion in aircraft fleet for passenger planes and increased spending on maintenance, repair and overhaul (MRO).
The report classified the market into radial tires and bias/ply tires. The bias/ply tires, it noted, will be growing at a compound annual growth rate (CAGR) of 3.9% over the forecast timeframe. These tires, it said, are an ideal choice owing to their re-treadability and durability.
With respect to product, the report divided the market into tubeless tires, and tube tires. Tubeless tires, it noted, held more than 75% share of the global market in 2019, and is set for furter growth.
According to the report, an “exponential rise” has been witnessed in air traffic around the globe over the past decade, with 2018 seeing over 4 billion passengers using air travel.
Shifting trends towards flights over train journeys in developing nations is expected to particularly drive the expansion of air fleets, creating robust demand for aircraft tires.
In addition, the increased level of air travel has led to short maintenance cycles of aircrafts globally, which positively impact aircraft tires businesses in the long run.
In terms of regions, the report predicted that Asia Pacific is expected to witness significant growth in the market, due to rising number of passengers, low-cost airliners, and increased number of MRO facilities in the region.
Based on end-use, the report estimated that the OEM segment will have a growth rate of 2.1% over the period under study.