Searching for your content…
In-Language News
Contact Us
888-776-0942
from 8 AM – 10 PM ET
News provided by
Aug 30, 2022, 03:15 ET
Share this article
NEW YORK, Aug. 30, 2022 /PRNewswire/ — The global tire building machinery market is driven by factors such as the increasing demand for replaced tires globally. Tires are some of the most replaced components of vehicles due to constant exposure to wear and tear. Various factors such as harsh road conditions, demand for seasonal tires, and changing consumer behavior compel consumers to change tires. Thus, the demand for replacement tires is increasing in the market. In addition, several commercial tires are expected to reach the end of their product life cycles during the forecast period, especially in developed countries. Moreover, commercial vehicles with more than five years of service require the replacement of parts or the entire vehicle. The increasing replacement demand for tires is creating a demand for new tires, which is encouraging tire manufacturers to increase the production of tires.
The tire building machinery market size is expected to grow by USD 111.55 million from 2021 to 2026. Moreover, the growth momentum of the market will accelerate at a CAGR of 3.34% during the forecast period.
Use the analysis and competitive benchmarking insights by Technavio for effective decision making. Download a FREE PDF Sample Report
The tire building machinery market is fragmented and is characterized by the presence of well-diversified international, regional, and local vendors. The vendors are deploying growth strategies such as technological innovations to compete in the market. Several local and regional vendors, especially in Asia, are offering tire building machinery at competitive prices when compared to established players. Hence, the market is competitive for new entrants. Though many local vendors are emerging in this market, they find it difficult to compete with international vendors in terms of quality, durability, reliability, and technological innovations.
Get lifetime access to our Technavio Insights! Subscribe to our “Basic Plan” billed annually at USD 5000
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report
The passenger vehicles segment will be the largest contributor to market growth during the forecast period. Factors such as improving the economy, evolving lifestyles, and increasing incomes have led to a rise in the demand for new, safe, fuel-efficient, and technologically advanced cars. These factors are fueling the demand for passenger vehicles, which will drive the market growth during the forecast period.
Automotive Die-Stamping Equipment Market by End-user and Geography – Forecast and Analysis 2022-2026
Automation Market in Automotive Industry by Technology and Geography – Forecast and Analysis 2022-2026
Tire Building Machinery Market Scope
Report Coverage
Details
Page number
120
Base year
2021
Forecast period
2022-2026
Growth momentum & CAGR
Accelerate at a CAGR of 3.34%
Market growth 2022-2026
USD 111.55 million
Market structure
Fragmented
YoY growth (%)
2.6
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
Europe at 39%
Key consumer countries
US, China, Japan, India, and Germany
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Balluff GmbH, BST GmbH, Emerald Resilient Tyre Manufacturers Pvt. Ltd., Erdemtas Makine Elekt.San.Tic. Ltd., Harburg Freudenberger Maschinenbau GmbH, Herbert Tire Tooling GmbH and Co. KG, INTEREUROPEAN Srl, Larsen and Toubro Ltd., MARANGONI Group, Mesnac Co. Ltd., Mitsubishi Heavy Industries Ltd., Pelmar Engineering Ltd., RRR Development Co. Inc., SAMSON MACHINERY INC., SHYR CHIUANN MACHINERY INDUSTRY CO. LTD., Siemens AG, Sumitomo Rubber Industries Ltd., TA KU MACHINERY CO. LTD., TKH Group NV, and YANTAI FRIEND MACHINERY CO. LTD.
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse Industrials Market Reports
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
More news releases in similar topics
Cision Distribution 888-776-0942
from 8 AM – 9 PM ET