Global Tire Building Machinery Market 2019-2023
About this market
Tire building machinery manufacturers are using automation solutions to develop products with features such as high production output, high speed of production, consistent reliability, and flawless end-product quality. These machines can perform all these functions with minimal manpower and maintenance. Advancements in technology have also allowed the development of tire building machinery that are flexible to changes in market trends such as large tire dimensions and increase in sophistication of tire designs. Automation companies are expected to offer several automation solutions to tire building machinery vendors to increase their productivity and decrease their maintenance and supervision costs. Thus, the use of automation in ire building machinery will be a key trend driving market growth during the forecast period. Technavio’s analysts have predicted that the tire building machinery market will register a CAGR of almost 3% by 2023.
Increasing demand for replacement tires globally
Tires of passenger vehicles might have to be changed before the end of their life cycles due to factors such as changing consumer behavior, demand for seasonal tires, and tough road conditions. Tires of commercial vehicles have a short life span and must be replaced after the vehicle completes more than five years of service. Emerging markets as well as mature developed markets are witnessing an increasing demand for replacement tires. This have prompted tire manufacturers to increase the capacity of their existing plants to increase the tire production. This will create a demand for tire building machinery during the forecast period and thereby boost market growth.
Frequent changes in tire specifications
The increasing competition in the automotive industry have resulted in an increase in the total number of car models available in the market. Different automobile models use different sizes and pattern of automobile tires. Also, automobile manufacturers must follow stringent vehicular norms and changes tire specifications frequently to adhere to these rules. However, it is difficult for tire manufacturers to completely change tire building process to develop specific tires. Thus, the frequent changes in tire specifications acts as a roadblock to the growth of the tire building machinery market.
For the detailed list of factors that will drive and challenge the growth of the tire building machinery market during 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Harburg-Freudenberger Maschinenbau, and LARSEN & TOUBRO the competitive environment is quite intense. Factors such as the growing demand for replacement tires globally, will provide considerable growth opportunities to tire building machinery companies. Harburg-Freudenberger Maschinenbau, LARSEN & TOUBRO, MITSUBISHI HEAVY INDUSTRIES, Shenyang Blue Silver Industry Automation Equipment, and TKH Group are some of the major companies covered in this report.
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