The Europe aircraft tires market is projected to grow with a CAGR of more than 3% during the forecast period.
– The European aviation industry is evolving rapidly and the airlines are enlarging their aircraft fleet size to catch up with the demand for air travel. The procurement of new-generation aircraft in the commercial and military sectors is one of the major reasons for the growth of the aircraft tires market in the region.
– Raw materials of aircraft tires are witnessing rapid transformation as the focus is to have low material consumption and enhanced environmental performance. Aircraft tires manufacturers are leveraging various technologies, materials, and improved business models to substantially reduce the volume of raw materials for attaining weight reductions light and thin tires will result in improved fuel economy.
– However, the COVID-19 pandemic has deleteriously affected the commercial and general aviation segments of the market. With most airline operators deferring procurement orders and the temporary grounding of the regional fleet is envisioned to restrict the growth of the market in focus during the first half of the forecast period.
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Key Market Trends
Commercial Aviation Segment to Experience the Highest Growth During the Forecast Period
The commercial aviation end-user segment of the market has the highest market share, and it is expected to register the highest CAGR during the forecast period. There is a steep rise in air travel in the past five years. The airlines are expanding and introducing new routes to increase their market dominance, which has generated the demand for new aircraft. Additionally, the increasing success of LCC in emerging economies has also increased the sales of single-aisle aircraft over the years. In addition to these, the demand for wide-body aircraft has been increasing for longer routes. The procurement of new aircraft will simultaneously generate the demand for new tires. Also, aircraft tires are subjected to a high amount of impact force on landing, as they, unlike the other land vehicle tires, are prone to high impact velocities. The tire also has to bear the whole weight of the aircraft, during contact with the land surface, making them more susceptible to wear and tear. This generates the need for replacing the tires of commercial aircraft, after more than 200 landings, to avoid accidents due to wear and tear of tires, which will further strengthen the growth of the aftermarket segment of commercial aircraft tires.
The United Kingdom is Anticipated to Dominate the Market
The UK has a mature aerospace industry with robust technological and production capabilities. The dominance of the UK in the market is attributed to the consistent R&D investments in the aerospace domain, which has enabled some other partnering countries to emerge as vital suppliers of aircraft and related parts, materials, components, and systems across the globe. The country has also initiated procurement and modernization of aircraft on both commercial and military fronts. For instance, in November 2018, the UK Ministry of Defence disclosed its plans to induct 17 new F-35s by the end of 2022. Also, in February 2019, UK based commercial airline, International Airlines Group announced plans to purchase up to 42 B777x aircraft, including 18 orders and 24 options. Such procurement plans are envisioned to drive the growth prospects of the market in focus in the UK during the forecast period.
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Some of the prominent companies in the European aircraft tires market are Bridgestone Corporation, Michelin, Goodyear Tire and Rubber Company, Specialty Tires of America Inc., and Dunlop Aircraft Tyres Limited. In the commercial and military segments, Michelin and Goodyear Tire and Rubber Company are the major players in the market. These companies are investing heavily in research and development of advanced products and technologies that may be used in present and upcoming aircraft. Long term contracts are generally favored by the tire manufacturing companies and the aircraft OEMs. In 2019, Airbus selected Goodyear Tire & Rubber Company flight radial tires for its new A321XLR aircraft main and nose landing gear. These tires have Goodyear featherweight alloy core bead technology and strong, rigid tread belts with enhanced rubber that offer dimensional stability, longer service life and increased cut resistance. A deferral of contracts due to the ongoing COVID-19 pandemic is expected to dampen the growth of the market for a short period of time.
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