The tire testing machine market to reach $730 million by 2031

Pune, India – The tire testing machine market to reach US$ 730.8 Mn by the end of 2031, growing at a CAGR of 4.6% over the forecast years (2021-2031). Their increasing application in testing tires for four wheelers will continue supporting growth. As per market intelligence study, four-wheelers account for above 30% of sales in market.

Expansion of the tire industry and increasing automotive sales are anticipated to drive the tire testing machine market. The increasing rate in tire production will remain a chief growth driver.

Tire testing machines have dynamic abilities to notify the extent of wear and tear on tires. The rising focus on efficient tire performance, rigid regulatory framework for tire testing and mandate on safety on highways, and other forms of safety requirements have cumulatively propelled the market growth. These machines also are used across aerospace and defense facilities.

The COVID-19 pandemic outbreak has impacted the global economy at various levels and electronics industry has not been spared. The tire testing machine market growth is projected to be affected by the COVID-19 pandemic crisis and is expected to witness a significant drop in demand in 2021. With a number of end-use industries affected in regions like North America, Europe and Asia-Pacific, the oversupply and shortage in demand are expected to result in a significant drop in Y-O-Y growth.

North America is expected to exhibit high demand for tire testing machine. Increasing vehicle production in the region has and focus on product innovations by some of the leading market participants have been driving growth in North America. In Asia-Pacific, the increasing demand from applications such as including passenger cars and heavy commercial vehicles, is likely to favor the expansion of tire testing machine market.

The key players operating in the global tire testing machine market include MTS Systems Corp, A&D Co. Ltd, Ametek Inc, ZF AG, Kobelco Corporation, Kokusai Co. Ltd and TMSI LLC. The market is highly competitive, and it is driven majorly by supplier side and influenced by demand side trends. Both global and regional players play pivotal role to provide the most cost competitive solution for various end users including automotive, aerospace and largely tire manufacturers.