Transparency Market Research delivers key insights on the global tire machinery market. In terms of revenue, the global tire machinery market is estimated to expand at a CAGR of ~ 4% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the tire machinery market report.
Tire machinery comprises several equipment such as belt building machines, belt building drums, automatic belt servers, automatic ply servers, transfer stations, bead setting & pushing, tire building drums & units, reel tread servers, and automatic reel treads. The machinery can make two types of tires, i.e. radial tires and bias tires, which are produced for various vehicles. The tires include passenger car tires, light truck tires, truck & bus tires, agriculture tires, off road tires, industrial truck tires, aircraft carrier tires, motorcycle tires, etc.
In this market report, TMR predicts that, the cutting machineries segment is estimated to outpace other product types by the end of 2027 in the tire machinery market. Increasing networks of public transport in numerous geographies is the primary reason for the growth in the demand for tire machinery across the globe. Increasing support from governments to increase public transport infrastructure is expected to drive the growth of the tire machinery market during the period 2019 to 2027. For instance, over the last decade, prominent countries in Asia Pacific have witnessed growth of population. To provide better public transport, various governments have procured buses and other vehicles. All these factors are giving rise to the demand for tire machinery. The use of tubeless tires has increased over the years, which is expected to increase the demand for tires, and eventually the demand for tire machinery during the forecast period. In addition, the adoption of tire machinery in passenger cars, aircraft, and industrial machinery applications is rising considerably, which tends to further drive the growth of the tire machinery market, globally.
Tire manufacturers prefer to use high production capacity machinery in order to meet customer requirements. Continuous repair and maintenance of the machinery is expected to hamper the growth of the tire machinery market over the forecast period.
Tire Machinery Market: Prominent Regions
Asia Pacific is estimated to witness prominent growth in the tire machinery market, owing to its growing aircraft, industrial, and agricultural sectors. Also, the growing public transport network in the region is boosting the growth of the tire machinery market. In developing countries of Asia Pacific, the growing automotive industry plays a significant factor in driving the sales of tire machinery. This scenario has led to tremendous growth in the demand for multi extrusion lines, inner liner lines, extruders, cooling units etc., due to their high durability and reliability.The Middle East and Latin America markets are expected to represent moderate growth rates in the tire machinery market in the near future.
Key manufacturers in the tire machinery market are sharpening their competitive edge in the market to display synergies through close cooperation and collaborations in the areas of sales, marketing, and production. Manufacturers in the tire machinery market are also expanding through organic methods such as increasing production capacity, so as to meet the growing demand.