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Tire Machinery Global Market Report 2024 Market Segments, Analysis, Overview, Outlook Report 2024-2033"
Tire Machinery Global Market Report
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According to The Business Research Company's, 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 Drivers and Trends:
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 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Tire Machinery Market 2024 Key Insights:
• 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 Impact Of Surging Automotive Demand On The Tire Machinery Market
• Strategic Collaborations Driving Innovation In The Tire Machinery Market
• Asia-Pacific was the largest region in the tire machinery market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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