Aircraft Tires Market Size, Share, Growth Analysis, By Construction(Bias/Ply tires, and Radial tires), By Aircraft(Commercial, Narrow-body) - Industry Forecast 2024-2031

Aircraft Tires Market size was valued at USD 2.33 billion in 2021 and is poised to grow from USD billion 2.46 in 2022 to USD 3.77 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

The Aircraft Tires market experiences growth due to the expansion of the global economy, which resulted in a notable increase in the preference for air travel as a mode of transportation. Consequently, the demand for low-cost air travel has surged, leading to a rise in the number of daily flights operated by most airlines. This, in turn, has driven the international demand for aircraft tires. Moreover, with growing concerns about passenger safety and the steady growth of passenger air travel, the replacement rate of current aircraft tires has witnessed a significant upswing over the past year. As a result, the global aircraft tire industry has experienced remarkable and rapid growth. The commercial aviation market is witnessing a surge in new airlines joining the global arena, alongside the existing ones, further boosting the need for aviation tires and the retread tire business. In addition to generous government funding and support for the aircraft tire industry, there is a substantial demand for military aircraft in the defense sector, including UAVs and aircraft equipped with armaments. This diverse demand for airplanes from various markets serves as a key driving force for the industry. Recognizing the potential for continued growth, major corporations are making strategic investments to expand their production capacities for airplane tires to meet the escalating demand. As a result of these factors, it is anticipated that the expansion of the aircraft tire industry will intensify in the forthcoming years.

US Aircraft Tires Market is poised to grow at a sustainable CAGR for the next forecast year.