Global tire machinery market forecast at $3.5 billion by 2031
Pune, India – The global tire machinery market was valued at US$ 2.47 Bn in 2021. It is estimated to grow at a CAGR of 4.0% from 2022 to 2031. The global tire machinery market is expected to reach US$ 3.51 Bn by the end of 2031 according to Transparency Market Research.
Tire machinery is the equipment used in the process of manufacturing tires. Tire machinery is used to assemble different tire parts such as body ply, sidewall, bead, tread, and inner liner into one single tire unit. The global tire machinery market is projected to grow during the forecast period, owing to the rise in automobile sales and increase in production of tires to cater to the rising demand for automobiles. Furthermore, the market is estimated to expand due to the acceleration in digitization led by the increase in adoption of Industry 4.0 application in the tire manufacturing process.
In terms of volume, Asia Pacific held 49.11% share of the global tire machinery market in 2021. High share of the region was primarily ascribed to the significant demand for automobiles, presence of large numbers of tire manufacturers, easy availability of natural rubber due to numerous plantations, and presence of major OEMs, such as Larsen & Toubro Ltd., Nakata Engineering, Guilin Zhonghao Mechl & Elec Equipment Co. Ltd., Tianjin Saixiang Technology Co., Ltd., and Mitsubishi Heavy Industries Ltd., in the region. China, India, and ASEAN accounted for 48.95%, 16.08% and 20.67% share, respectively, of the market in Asia Pacific in 2021. North America and Europe are also prominent markets for tire machinery. These regions held 16.64% and 27.33% share, respectively, of the global market in 2021. Passenger vehicles is a rapidly growing application segment of the tire machinery market in North America, while off-road equipment is a rapidly expanding segment in Europe.
The global tire machinery market is fairly consolidated with large vendors controlling a majority of the share. Most of the firms are spending significantly on comprehensive research and development activities, primarily to develop highly advanced products. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players.
All Well Industry Co., Ltd., AS Tyre Machines, Bartell Machinery Systems Llc., Double Star Machinery, Erhardt+Leimer GmbH, Guilin Zhonghao Mechl & Elec Equipment Co. Ltd., Herbert Maschinenbau Gmbh & Co., HF Tire Tech, KONŠTRUKTA, TireTech, a.s., Larsen & Toubro Limited (L&T Rubber Processing Machinery), Marangoni, MERTC, MESNAC, Mitsubishi Heavy Industries, Ltd, Nakata Engineering Co. Ltd, Pelmar Group Ltd., Plastea Group, Samson Machinery, Shenyang Blue Silver Industry Automatic Equipment Co., Ltd., Suzhou Safe Run, Tianjin Saixiang Technology Co., Ltd., and TKH Group NV are the prominent entities operating in the market.