Tire Machinery Market worth $3.15 Billion by 2028

Overview and Scope

Tire machinery refers to equipment and machinery used in the manufacturing and production of various types of tires for vehicles. The primary function of tire machinery is to bring all tires components together in the tire building machine, which produces raw tire.

 

Sizing and 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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Segmentation & Regional Insights

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

 

Asia-Pacific was the largest region in the tire machinery market in 2023. The regions covered in the tire machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

 

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Major Driver Impacting Market Growth

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.

 

Key Industry Players

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.

 

The tire machinery market report table of contents includes:

1. Executive Summary
2. Tire Machinery Market Characteristics
3. Tire Machinery Market Trends And Strategies
4. Tire Machinery Market – Macro Economic Scenario
5. Global Tire Machinery Market Size and Growth
6. Tire Machinery Market Segmentation
7. Tire Machinery Market Regional And Country Analysis

…………….

34. Key Mergers And Acquisitions In The Tire Machinery Market
35. Tire Machinery Market Future Outlook and Potential Analysis
36. Appendix

 

List Of Tables:

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Tire Machinery Market, Segmentation By Machine Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Tire Machinery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Tire Machinery Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: Guilin Zhonghao Mechanical & Electrical Equipment Co. Ltd. Financial Performance

Table 75: All Well Industry Co. Ltd. Financial Performance

Table 76: Larsen & Toubro Limited Financial Performance

Table 77: Kobe Steel Ltd. (Kobelco) Financial Performance

Table 78: Harburg-Freudenberger Maschinenbau GmbH Financial Performance

 

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