GLobal Tire Building Machinery Market to Face a Significant Slowdown in 2024, as COVID-19 Sets a Negative Tone for Investors

Tire Building Machinery Market: Introduction

  • Tire manufacturers are increasingly adopting automation solutions in their production process to enhance their production capacity and product quality.
  • Leading vendors are looking for tire manufacturing machines which come with high production output and low maintenance cost as well as low manpower requirement.
  • With technological advancement, tire building machinery is enable to produce large tire dimensions and new tires with sophisticated designs. Therefore, integration of automation solutions in tire building machinery is expected to drive the market in the next few years.

Tire Building Machinery Market: Dynamics

  • Increase in demand for replacement tires in passenger and commercial vehicles due to various factors such as constant exposure to wear and tear, harsh road conditions, need for seasonal tires, and changing consumer perspective, is expected to drive the market. In commercial vehicles, tires have a short life span and they need to be replaced after completion of five years of service period. Both developed and developing countries are witnessing a rising demand for replacement tires and this encourages manufacturers to enhance the production capacity of tire plants. Hence, rise in demand for replacement tires is expected to drive the market in the near future.
  • The building machinery companies are increasingly adopting automation solutions in their manufacturing process to increase its productivity and decrease their maintenance cost, which is likely to supplement the growth of tire building machinery market
  • Adoption of IoT in tire manufacturing is projected to advance the growth of the tire building industry.
  • Automotive industry is expanding significantly and it leads to increase in number of newly designed car models. Different car models require tires of different patterns and sizes. However, tire manufacturers find it difficult to manufacture specific tires as per requirement, as it results in changing the entire tire-building process. Thus, frequent changes in tire specifications are likely to hinder the tire building machinery market.

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Tire Building Machinery Market: Segmentation Analysis

  • Based on structure, the global tire building machinery market can be divided into bias tire and radial tire.
  • Based on application, the global tire building machinery market can be divided into commercial vehicle and passenger vehicle. The passenger vehicle segment accounted for leading share of the tire building machinery market in 2018. This application segment is expected to maintain its dominance in the global tire building machinery market throughout the forecast period.

Asia Pacific to Lead the Global Market for Tire Building Machinery

  • In terms of region, the global tire building machinery market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is likely to witness the maximum demand for tire building machinery from 2019 to 2027, followed by EMEA and America. Major manufacturers of tire building machinery have been investing heavily in emerging countries including China and India, especially in the passenger vehicle
  • APAC region is expected to maintain its leading position over the forecast period in global tire building machinery market.

Key Manufacturers Operating in Market

The global tire building machinery market was highly competitive in 2018. Key manufacturers operating in the global market are:

  • Harburg-Freudenberger Maschinenbau GmbH
  • Larsen & Toubro Limited
  • Mitsubishi Heavy Industries Ltd.
  • TKH Group NV
  • Shenyang Blue Silver Industry Automatic Equipment Co Ltd.

Tire Building Machinery Market: Competitive Landscape

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