Market Size of Asia-Pacific Aircraft Tires Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 588.36 Million |
| Market Size (2029) | USD 800.43 Million |
| CAGR (2024 - 2029) | 6.35 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Aircraft Tires Market Analysis
The Asia-Pacific Aircraft Tires Market size is estimated at USD 588.36 million in 2024, and is expected to reach USD 800.43 million by 2029, growing at a CAGR of 6.35% during the forecast period (2024-2029).
The Asia-Pacific aircraft tires market is expected to witness significant growth in the coming years, owing to the increasing demand for air travel, rising defense expenditures, and increased business aviation activity in the region. The region is witnessing a surge in the demand for air travel, particularly from emerging markets like China and India, with a significant population with increasing disposable income.
Various airlines are procuring new aircraft to cater to the demand driven by air travel, thus creating a demand for aircraft tires in Asia-Pacific. For instance, in the next 20 years, Asia-Pacific is expected to require 17,620 new passenger and freighter aircraft. This growth will support commercial aviation in the region to grow positively.
However, the high cost of raw materials and production of aircraft tires, which are subject to fluctuations in global oil prices, exchange rates, tariffs, and environmental regulations, may challenge the growth of the market.
Aircraft tire manufacturers are investing in rubber with new compositions that make the tires lighter, reducing fuel consumption and improving the tires' heat and pressure-bearing properties. Tire manufacturers are expected to benefit from the development of new tires for electric VTOL air taxis, which is anticipated to create new market opportunities for them.
