Market Share of Aircraft Tires Industry
The aircraft tires market is consolidated, with few players accounting for the majority share in OEM and aftermarket segments. The prominent players in the market include Bridgestone Corporation, Goodyear Tire and Rubber Company, Specialty Tires of America Inc., Dunlop Aircraft Tyres Ltd, and Michelin, amongst others.
These market players dominate market share due to their high brand value and long-term agreements with aircraft OEMs. For instance, besides commercial aircraft sales, Goodyear is a major tire supplier to the US Department of Defense (DoD). It provides approximately 90,000 aircraft and ground vehicle tires every year. The tires are delivered under the DoD Global Tire Program (GTP) with an average annual contract worth USD 48 million.
The aircraft tire manufacturers are investing in rubber with new compositions that make them lighter (decrease fuel consumption) and further enhance heat and pressure-bearing properties. Also, the development of new tires for electric VTOL air taxis is anticipated to open new market opportunities for tire manufacturers. In addition to this, due to increasing demand for local manufacturing, players are setting up new manufacturing plants to increase the production of tires at local levels.
On this note, in July 2022, Bridgestone announced plans to consolidate some of its manufacturing for aircraft tire retreading in the Asia-Pacific region. To optimize the manufacturing of retreaded aircraft tires in the Asia-Pacific region, Bridgestone consolidated production at BAA (Bridgestone Aircraft Tire Company Asia) into its Chonburi, Thailand, facility (BAMT). It currently manufactures retreaded aircraft tires. Such developments are anticipated to help the companies increase their geographical presence over the coming years.
Aircraft Tire Market Leaders
Bridgestone Corporation
Goodyear Tire and Rubber Company
Specialty Tires of America Inc.
Michelin
Dunlop Aircraft Tyres Ltd
*Disclaimer: Major Players sorted in no particular order
