The Asia-Pacific aircraft tires market is expected to exhibit a growth rate of more than 4% during the forecast period.
– The rise in air passenger traffic in the Asia-Pacific region is leading to growth in the operating routes of the airlines for new destinations. Airlines now cover more destinations with the limited aircraft fleet. This is propelling the demand for new aircraft and modernisation of existing fleet for operational readiness. This is driving the demand for new aircraft tires in the Asia-Pacific region.
– The increase in defense expenditure by countries such as India, China, Japan, and South Korea, among others is driving the development and acquisition of military transport, unmanned air vehicles (UAVs) and fighter aircraft. This factor is significantly propelling the market growth for aircraft tires in the Asia-Pacific region.
– The growth and development of the business ecosystem and rise in the disposable income of people in the region is propelling the demand for business jets and light private aircraft in the region. This factor is fueling the demand for aircraft tires for general aviation industry in the region.
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Key Market Trends
Commercial Aviation Segment To Exhibit The Highest Growth Rate
The commercial aviation industry in the Asia-Pacific region is rising owing to the increasing air passenger traffic and a rise in air travel affordability, etc. In the past few years, many low-cost carriers (LCC) in countries such as India, Malaysia, Philippines, etc. have witnessed healthy growth in terms of market capitalization and total seating capacity share. The number of LCC aircraft grew from 400 in 2009 to nearly 1900 in 2019 and an order of further 2400 aircraft is awaited by LCC airlines in Asia-Pacific region. Also, the high aircraft movements in the region will increase the wear and tear of the tires, which in turn will generate demand for retrofit tires. Further to capture the growth opportunities in the region, MRO players and retrofit providers are opening new facilities in the region. In 2019, GMF AeroAsia and Batam Aero Technic agreed to work with Michelin on the construction of new aircraft tire retreading facility. The rise in safety standards and recent advancements in technology is propelling the rise of commercial aircraft tire market in the Asia-Pacific region. Such factors are driving the growth of commercial aircraft tires in the region.
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China Holds the Highest Share in 2019
China’s aviation industry is one of the fastest-growing industry in the world owing to the heavy investments in aviation infrastructure development and is expected to become the largest aviation industry by mid-2020s. According to Boeing, China will require more than 8,000 aircraft in the next 20 years to cater to the rising demand from the commercial aviation industry. With the growing emphasis of local manufacturing in China, currently, the country is developing new commercial airliner, COMAC C919, which is planned to enter service during the 2021-2022 period. In June 2020, COMAC signed a strategic partnership agreement with China Express Air to deliver 100 ARJ21 and C919 aircraft. Also, China has the second-largest defence budget in the world and a large part of it is dedicated to the modernization of its air force. The country has plans to develop and deploy new combat and non-combat aircraft in the coming years to enhance its air superiority. The modernisation plans to replacement of ageing aircraft in commercial and military sectors are anticipated to bolster the growth of the aircraft tires market during the forecast period.
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Competitive Landscape
The aircraft tire market in Asia-Pacific is a consolidated one with players such as Bridgestone Corporation, Michelin Group, Goodyear Tire And Rubber Company and Dunlop Aircraft Tyres Limited dominating the market. The aforementioned players provide aircraft tires to major commercial, military and general aviation aircraft programs of aircraft OEMs like Airbus, Boeing, and Lockheed Martin Corporation among others. However, companies like Honeywell International Inc. and MRF Limited are expected to increase their share in the market due to an increase in demand new-generation aircraft like COMAC C919 and Tejas aircraft programs in the coming years. Also, there are retreated aircraft tire manufacturers in the market that cater to the retrofit requirement of the airlines and charter service providers in the region. In addition to this, the implementation of advance technologies such as monitoring through sensors, predictive maintenance using artificial intelligence and digitalization, etc. is help the companies increase their presence in the region.
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