According to Rubber World, the major players in the global aviation tires include Bridgestone, Goodyear, Michelin, Dunlop, Petlas Tires, Aviation Tires & Treads, Polymer Enterprises Inc, Maxam Tire International, Specialty Tires of America.
The data states that the global aircraft tires market is expected to reach a valuation of USD 1.8 billion by 2023 and USD 3.3 billion by 2033, which is expected to grow at a CAGR of 6.2% during the forecast period.
Increasing demand for next-generation aircraft in the commercial and military sectors, coupled with rising aircraft purchases, is expected to drive the market growth. Increasing number of air travelers is also driving the demand for new aircraft, which in turn is driving the demand for aircraft tires.
The current global aviation market is experiencing a surge in demand for air travel, leading to an increase in the production of new aircraft to meet the growing demand from passengers. As a result, this is expected to rapidly drive the demand for aircraft tires.
In addition, increased military spending on the procurement of advanced military aircraft in developed and developing regions is leading to increased demand for aircraft tires.
The demand for cost-effective aircraft tires is expected to drive the overall market growth during the forecast period.
During the forecast period, the U.S. aircraft tires market is expected to grow at a CAGR of 6.1% to reach a valuation of $1.8 billion in 2023 and is projected to reach $3.3 billion by 2033; the German market is expected to grow at a CAGR of 6% and the Chinese market is expected to grow at a significant CAGR of 6.3%.