Press release
2024 Tire Machinery Market In-Depth Qualitative Insights And Future Growth Analysis
Tire Machinery Market
The Business Research Company offers in-depth market insights through Tire Machinery Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The tire machinery market size has grown steadily in recent years. It will grow from $2.51 billion in 2023 to $2.62 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to automotive industry growth, globalization of trade and supply chains, replacement tire market, advancements in tire technology, tire retreading practices.
The tire machinery market size is expected to see steady growth in the next few years. It will grow to $3.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to electric vehicles (EVs) and sustainable tires, smart manufacturing and industry 4.0, focus on circular economy, rise in commercial fleets, global infrastructure development. Major trends in the forecast period include integration of robotics and automation in tire production, focus on tire testing and quality control systems, introduction of intelligent tire manufacturing platforms, adoption of 3D printing technology in tire prototyping, development of tire recycling and retreading equipment.
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Market Segmentation:
The tire machinery market covered in this report is segmented -
1) By Machine Type: Mixing Machine or Rubber mixers, Calendaring Machine, Extrusion Machine, Multi Extrusion Lines, Inner Liner Lines, Extruders, Cooling Units, Cutting Machines, Textile Cord Cutting Lines, Other Machinery Types
2) By Tire Type: Radial Tire, Bias Tire
3) By Industry Vertical: Automotive, Agriculture, Aircraft, Other Verticals
Major Driver - The Impact Of Surging Automotive Demand On The Tire Machinery Market
The rising demand for automobiles is expected to propel the growth of the tire machinery market going forward. Automotive manufacturing refers to the industry that includes designing, building, supplying, and selling automobiles. The automobile would require tires that provide increased durability, strength, and longevity, thus tire machinery helps businesses to manufacture the required tires with greater efficiency and lower investments. For instance, in January 2023, according to Statistics Canada, a Government agency, the total number of registered road motor vehicles in Canada climbed to 26.2 million in 2021. Furthermore, in Canada motor vehicle manufacturing increased from 3,973,874 in August 2022 to 4,123,572 in December 2022. Therefore, the rising demand for autonomous vehicles is driving the growth of the tire machinery market.
Competitive Landscape:
Major companies operating in the tire machinery market report are Guilin Zhonghao Mechanical & Electrical Equipment Co Ltd., All Well Industry Co Ltd., Larsen & Toubro Limited, Kobe Steel Ltd. (Kobelco), Harburg-Freudenberger Maschinenbau GmbH, Ametek Inc., MESNAC Co Ltd., Davis Standard LLC, Erhardt+Leimer GmbH, Troester GmbH & Co KG, VMI Holland BV., NFM Welding Engineers Inc., KONŠTRUKTA-TireTech a.s., Bartell Machinery Systems LLC, Farrel Corporation, Shun Cheong Machinery Co Ltd., Pelmar Group, Nakata Engineering Co Ltd., HERBERT Maschinenbau GmbH & Co KG, Jing Day Machinery Industrial Co Ltd., AS Tyre Machines, HF Tire Tech Group, Krupp GmbH, Qingdao Guangyue Rubber Machinery Manufacturing Co Ltd., Slach Hydratecs Equipment Pvt Ltd., Yiyang Rubber & Plastics Machinery Group Co Ltd., Zhangjiagang Carenovo Technology Co Ltd., Nanjing Mixer Industrial Co Ltd., Goldhawk Forming Machinery Co Ltd., Santosh Rubber Machinery Pvt Ltd., Wuxi Double Elephant Rubber & Plastics Machinery Co Ltd.
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Top Trend - Revolutionizing Tire Testing With The Launch Of High-Speed Tirescan
Major companies operating in the tire machinery market are developing new products such as high-speed tire pressure testing systems to gain a competitive edge in the market. A high-speed tire pressure testing system is a specialized equipment designed to assess and measure the pressure of tires at high speeds. For instance, in March 2023, Tekscan Inc., a US-based company specializing in thin-film pressure and force sensors, launched a high-speed tirescan. This system measures dynamic contact patch pressure (DCPP) information from a tire running on a flat track or drum test machine precisely, consistently, and efficiently. It does this by capturing the impact of speed, motion, and inertial forces on a tire at speeds up to 265 km/h (165 mph). It is intended to record and examine tire behavior at fast speeds, offering insightful information for the automotive industry's research, manufacturing, quality assurance, and product design.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tire Machinery Market Characteristics
3. Tire Machinery Market Trends And Strategies
4. Tire Machinery Market - Macro Economic Scenario
5. Tire Machinery Market Size And Growth
…..
27. Tire Machinery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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