CLEVELAND—Aircraft tire suppliers are likely to suffer a "major setback" in growth due to the global COVID-19 pandemic and the subsequent grounding of aviation business, recent research by Global Market Insights suggests.
According to the research, the aircraft tires market crossed $2.89 billion in 2019 and is predicted to reach $3.5 billion by 2026, despite the pandemic effects.
This will represent a growth of 2.1 percent between the years 2020 and 2026, reflecting an expansion in aircraft fleet for passenger planes and increased spending on maintenance, repair and overhaul.
The report classified the market into radial tires and bias/ply tires. The bias/ply tires, it noted, will grow at a compound annual growth rate of 3.9 percent over the forecast timeframe. These tires, it said, are an ideal choice owing to their retreadability and durability.
The report divided the market into tubeless tires and tube tires. Tubeless tires, it noted, had more than 75 percent share of the global market in 2019, and are set for further growth.
According to the report, global air traffic has risen significantly during the past decade, with 2018 seeing more than 4 billion passengers using air travel. Developing nations are likely to push this trend further as they transition from train travel to air travel, ultimately creating a more robust demand for aircraft tires.
In addition, the increased level of air travel has led to short maintenance cycles of aircraft globally, which positively impacts the aircraft tires businesses in the long run.
The report predicted that the Asia Pacific region is expected to witness the most significant growth in the market, due to rising number of passengers, low-cost airliners and the increased number of MRO facilities in the region.
Based on end-use, the report estimated that the OEM segment will experience a growth rate of 2.1 percent during the period under study.