The Tire Machinery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tire Machinery Global Market Report 2024, 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.
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.
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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 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 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 analysis
5.Tire Machinery Market Size And Growth
6.Tire Machinery Segmentation
7.Tire Machinery Regional And Country Analysis
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27.Tire Machinery Competitive Landscape And Company Profiles
28.Tire Machinery Key Mergers And Acquisitions
29.Tire Machinery Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Guilin Zhonghao Mechanical & Electrical Equipment Co Ltd.
- All Well Industry Co Ltd.
- Larsen & Toubro Limited
- Kobe Steel Ltd. (Kobelco)
- Harburg-Freudenberger Maschinenbau GmbH
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