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Tire Machinery Market to Surge at a Robust Pace In Terms Of Revenue Over 2031 | TMR Study
The global tire machinery market was valued at US$ 2.47 Bn in 2021. It is estimated to grow at a CAGR of 4.0% from 2022 to 2031. The global tire machinery market is expected to reach US$ 3.51 Bn by the end of 2031.Access Complete Report of Tire Machinery Market @ https://www.transparencymarketresearch.com/tire-machinery-market.html
Tire machinery is the equipment used in the process of manufacturing tires. Tire machinery is used to assemble different tire parts such as body ply, sidewall, bead, tread, and inner liner into one single tire unit. The global tire machinery market is projected to grow during the forecast period, owing to the rise in automobile sales and increase in production of tires to cater to the rising demand for automobiles. Furthermore, the market is estimated to expand due to the acceleration in digitization led by the increase in adoption of Industry 4.0 application in the tire manufacturing process.
Regional Outlook of Global Tire Machinery Market
In terms of volume, Asia Pacific held 49.11% share of the global tire machinery market in 2021. High share of the region was primarily ascribed to the significant demand for automobiles, presence of large numbers of tire manufacturers, easy availability of natural rubber due to numerous plantations, and presence of major OEMs, such as Larsen & Toubro Ltd., Nakata Engineering, Guilin Zhonghao Mechl & Elec Equipment Co. Ltd., Tianjin Saixiang Technology Co., Ltd., and Mitsubishi Heavy Industries Ltd., in the region. China, India, and ASEAN accounted for 48.95%, 16.08% and 20.67% share, respectively, of the market in Asia Pacific in 2021. North America and Europe are also prominent markets for tire machinery. These regions held 16.64% and 27.33% share, respectively, of the global market in 2021. Passenger vehicles is a rapidly growing application segment of the tire machinery market in North America, while off-road equipment is a rapidly expanding segment in Europe.
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Analysis of Key Players in Global Tire Machinery Market
The global tire machinery market is fairly consolidated with large vendors controlling a majority of the share. Most of the firms are spending significantly on comprehensive research and development activities, primarily to develop highly advanced products. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players.
All Well Industry Co., Ltd., AS Tyre Machines, Bartell Machinery Systems Llc., Double Star Machinery, Erhardt+Leimer GmbH, Guilin Zhonghao Mechl & Elec Equipment Co. Ltd., Herbert Maschinenbau Gmbh & Co., HF Tire Tech, KONŠTRUKTA, TireTech, a.s., Larsen & Toubro Limited (L&T Rubber Processing Machinery), Marangoni, MERTC, MESNAC, Mitsubishi Heavy Industries, Ltd, Nakata Engineering Co. Ltd, Pelmar Group Ltd., Plastea Group, Samson Machinery, Shenyang Blue Silver Industry Automatic Equipment Co., Ltd., Suzhou Safe Run, Tianjin Saixiang Technology Co., Ltd., and TKH Group NV are the prominent entities operating in the market.
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Key Developments in Global Tire Machinery Market
On June 07, 2021, Linglong and Safe-Run signed a comprehensive strategic cooperation agreement on intelligent manufacturing. According to the agreement, the two parties will provide full play to their respective advantages and jointly carry out all-round cooperation in technological innovation, industrial aggregation, smart manufacturing, and smart logistics to enhance the overall comprehensive strength of both parties and achieve win-win development.
On May 15, 2021, MESNAC and TÜV SÜD formally signed a strategic cooperation agreement. According to the agreement, the two parties will continue to cooperate in the field of product certification and are likely to strengthen technical exchanges, carry out research and testing in various fields, and lead the development of the industry.
On January 07, 2020, SAR Elektronic GmbH and Pelmar Engineering Ltd. signed a Memorandum of Understanding (MoU) between the companies for the sale and distribution to the tire industry worldwide. SAR manufactures advanced machinery for applications of glue and foam into radial passenger tires to enhance puncture protection and noise reduction.
On July 6, 2018, Double Star Machinery acquired Kumho Tire for approximately RMB 3.9 Bn. Double Star has been a controlling shareholder of Kumho Tire. It has become the world's top 10 and China's largest tire company.
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Segmentation
By Tire Type
Radial Tire
Bias Tire
By Application
Two-wheeler tires
Passenger Vehicle Tires
Hatchback
Sedan
Utility Vehicles
Light Commercial Vehicle Tires
Medium & Heavy Commercial Vehicle Tires
Off-road Vehicle Tires
Agriculture Equipment
Construction & Mining Equipment
Others (ATVs, UTVs, etc.)
Aircraft Tires
Regions Covered
North America
Europe
Asia Pacific
Middle East & Africa
South America
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