The aircraft tires market is projected to register substantial gains by 2028 on account of mounting expenditure on maintenance, repair, and overhaul of airplanes around the world.
The airline industry is rapidly recuperating from the initial loss due to the COVID-19 pandemic by incorporating crisis-inspired innovation in the sector, such as PPE kits, disinfection of aircraft using ultraviolet technology, biometric check-in, touchless technologies, and inflight social distancing, among others. The recovering air travel demand has augmented industry development in recent years.
Notably, industry players have been adopting lucrative strategies to tap into the evolving marketplace, which has positively impacted the overall business scenario. For instance, in September 2021, Michelin North America, Inc., a leading manufacturer of aircraft tires, obtained a new agreement for Flair Airlines, a Canadian airline, in collaboration with Hope Aero, an aircraft component maintenance expert. The deal entailed the collaboration of Hope Aero, with offices in Mississauga, Ontario, and Winnipeg, Manitoba, with Michelin to provide a streamlined wheel and brake maintenance, repair, and operations package to Flair Airlines.
The aircraft tires market has been segmented on the basis of position, construction, end-user, product, platform, aircraft, and region. With respect to aircraft, the market has further been divided into military, commercial, helicopters, regional, and business. Under commercial, the market has been categorized into wide-body and narrow-body. The narrow-body commercial aircraft segment is speculated to progress at a CAGR of around 2.5% over the analysis period.
In 2021, the regional aircraft segment accounted for about 4.78% market share and is set to observe steady expansion through the assessment period. The helicopters aircraft segment is projected to reach a notable valuation by 2027, progressing at a CAGR of approximately 2.2% over the study timeline.
In terms of platform, the aircraft tires market has been segregated into rotary wing and fixed wing. The fixed wing segment held a staggering market share of nearly 98.95% in 2021 and is expected to grow at a robust pace through the review period. The rotary wing segment is projected to expand at nearly 2.2% CAGR over the estimated timeframe.
From the end-user perspective, the market has been classified into aftermarket and OEM. The aircraft tires market size from the OEM segment is set to grow at approximately 1.4% CAGR over the stipulated timeline.
Based on position, the aircraft tires market has been bifurcated into nose and main. In 2021, the nose segment garnered a market share of over 2.14% and is slated to attain a considerable revenue by the end of 2028.
On the regional front, the Latin America aircraft tires market accounted for around 2.07% of the overall industry revenue in 2021 and is anticipated to develop at a CAGR of above 3.3% through the analysis timeline. Meanwhile, the Middle East & Africa aircraft tires industry is estimated to showcase sturdy progress to reach a substantial valuation by the end of the forecast period owing to soaring demand for air travel in the MEA region.