Expansion of the tire industry and increasing automotive sales are anticipated to drive the tire testing machine market. According to a study by Future Market Insights (FMI), the tire testing machine market will reach US$ 467.7 Mn by 2021. 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.
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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.
Nonetheless, a study by FMI has projected 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 FMI, four-wheelers account for above 30% of sales in market.
Key Takeaways of Tire Testing Machine Market Study
- Despite significant drop in sales amid COVID-19, recovery is on card as FMI projects growth at positive pace 2021 onwards
- Rising vehicle production will support growth as U.S. continues to lead North America market with a dominant share of more than 78% in 2021
- Increasing focus on vehicular safety will stoke expansion in the U.K., enabling y-o-y growth at above 3% in 2021
- Germany and France will enjoy spotlight among leading markets in Europe
- Recovery of automotive sales post COVID-19 outbreak will support sales in China, as Japan and India remain other key markets in Asia Pacific
“Tire testing machines play a pivotal role in the global tire landscape. The market is expected to witness major transformations with automation and collaborative efforts from tire manufacturers and OEM technology.”
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.
Leading companies profiled in this study hold approximately half the market value share. There is a lot of product differentiation concerning the types of solutions which are offered to tire manufacturers, automotive OEMs and for contract and laboratory purposes. Drive for product positioning and aggressive marketing are some of the common behavioral trends in the global market.
About the Report
The research report analyzes the total sales of Tire Testing Machine on the basis of volume (Units) and value (US$ Mn). The market is projected on the basis of factors such as industrial growth, automotive industry growth, demands from tire industry, end-use industry demand, global GDP growth, industry value added, and government regulations. The scope of the research report includes only new sales of Tire Testing Machine.
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Scope of the Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for value and units for Volume|
|Key Regions Covered||North America, Latin America, Asia-Pacific and Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN countries, Australia, Turkey, Brazil|
|Key Segments Covered||Machine Type, Application, Operation, End-use and Region|
|Key Companies Profiled||
|Report Coverage||Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
- Which Is The Most Lucrative Market For Tire Testing Machine?
The U.S. currently leads the tire testing machine market. The country is leading due to a number of factors including the increasing production of tire testing machines backed by the rising demand from end-use sectors such as automotive and aerospace.
- Which Tire Testing Machine Type has the Spotlight?
The tire force and measurement machine type is vital for evaluating performance of tire under dynamic conditions and thus it is the most valued in the global market.
- Which Region will Exhibit High Demand for Tire Testing Machine?
Europe is expected to register a healthy CAGR over the forecast period in the global market. This is backed by the presence of tire manufacturing companies in Europe, with a large base for automotive manufacturing facilities.