A report by Transparency Market Research states that global tire machinery market is expected to grow with a rapid pace in the forecast period of 2019 to 2027. The market is projected to experience a substantial 4% CAGR in the projected duration. This growth of the market is the result of the growing number of vehicles across the globe. Moreover, growing industrialization across the globe is also one of the drivers that boosts the growth of the global tire machinery market in the projected period of 2019 to 2027. The experts at Transparency Market Research predict that the global tire machinery market shall bag major revenue showcase major growth potential for the players.
Stringent security Policies for Automotive Manufacturers
Security of the passenger is the most important parameter that every automotive manufacturers have to keep in mind. This parameter not only helps the vehicles to be secure but also helps the motor company to gain trust of the masses, which eventually helps them improve the growth of their business. In this pursuit to provide optimum security for customers, the tires that are being used in the vehicles have to clear certain stringent policies to be used commercially. These stringent policies ensures that the tires are of adequate width and diameter. These parameters can be efficiently full-filled by tire machinery. As a result of these requirements, the demand for machinery is steeply growing these days which is expected to boost the growth of the global tire machinery market from 2019 to 2027.
Motorcycle Tires Segment Projected to Dominate Market
Motorcycle is the fastest growing trend in several developing economies. These two-wheelers provide accomplishment of numerous purposes such as commutation, adventure, and luxuries. Moreover, the youth of these countries are also massively inclined toward riding motorcycles. Due to these demands, the demand for motorcycle tires have elevated extensively in these countries. As a result, the demand for tire machinery for building motorcycle tires has also skyrocketed in recent years. This as a result is the major factor that is boosting the growth of tire machinery market from 2019 to 2027.
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Automation –A Crucial Growth Driver
As Industry 4.0 is pacing forward, every business is implementing automation to optimize their business processes. Following this trait, the tire manufacturing industry is also welcoming automation for its growth. An automated tire machinery can manufacture tires of precise size and quality with a faster speed. It is because of this reason the tire machineries are now implementing technologies like AI and IoT. Due to this automation of the global tire machinery market is expected to witness a substantial growth from 2019 to 2027.
Asia Pacific to Experience Prominent Growth
Asia Pacific is projected to hold the lion’s share in the global tire machinery market. The dominance of the region is the result of growing demand for vehicles in countries like India and China. With these demands, Asia Pacific is anticipated to account for 35% of overall growth share of the global tire machinery market from 2019 to 2027.
The global tire machinery market is segmented on the basis of:
- Multi Extrusion Lines
- Inner Liner Lines
- Cooling Units
- Textile Cord Cutting Lines
- Steel Cord Cutting Lines
- Strip Winding Systems
- Passenger Cars
- Light Trucks
- Trucks & Buses
- Agriculture/ OTR
- North America
- Russia & CIS
- Rest of Europe
- North America