Press release
Tire Machinery Market to Reach $3.15 Billion by 2028 at CAGR of 4.7%, Driven by Automotive Demand
Tire Machinery Market Report
As per the report, 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 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%.
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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.
Strategic Collaborations Driving Innovation In The Tire Machinery Market
Strategic partnerships are a key trend gaining popularity in the tire machinery market. Major companies operating in tire machinery are undergoing partnerships to develop manufacturing machinery for tires. For instance, in April 2022, ELDAN, a Denmark-based end-of-life tires (ELT) recycling equipment recycling company collaborated with Pyrum, a Germany-based company operating in tire machinery to undergo ELT recycling and tire pyrolysis in Europe. Further, in November 2021, Apollo Tires, an India-based tire company partnered with Amazon Web Services to develop smart tire factories making use of the Internet of Things (IoT), data and analytics, and machine learning to produce machines, such as tire rubber mixer machines.
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
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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.
Contents of the report:
1. Executive Summary
2. Tire Machinery Market Report Structure
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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