Global Tire Manufacturing Machinery Market to Reach USD 915.7 Million, Globally, by 2032 at 3% CAGR: AMR

The tire manufacturing machinery market has seen consistent growth as major industry players focus on business expansion and product innovation to strengthen their market positions. By introducing advanced machinery and expanding their operations, these companies contribute to the consolidation of the tire manufacturing machinery sector.

Allied Market Research recently published a report titled "Tire Manufacturing Machinery Market by Tire Structure (Bias Tire and Radial Tire), Distribution Channel (OEM and Aftermarket), Application (Commercial Vehicle and Passenger Vehicle): Global Opportunity Analysis and Industry Forecast, 2024-2032," which highlights the potential and challenges facing this market. According to the report, the tire manufacturing machinery market was valued at $696.1 million in 2023 and is expected to reach $915.7 million by 2032, growing at a compound annual growth rate (CAGR) of 3% from 2024 to 2032.

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Key Growth Drivers
The tire manufacturing machinery market plays a vital role in producing tires for various types of vehicles, from passenger cars to commercial vehicles. The increasing demand for automobiles, advancements in manufacturing technologies, and evolving regulatory standards all contribute to the steady expansion of this market.

Rising Vehicle Production: The continuous growth of the global automotive industry, particularly in passenger cars, commercial vehicles, and electric vehicles, directly drives the demand for new and advanced tire manufacturing machinery. As more vehicles are produced, the need for efficient, high-performance machinery to meet tire production requirements grows as well.

Technological Advancements: Innovations in tire manufacturing processes, such as automation, improved material handling systems, and enhanced precision technologies, have further increased the efficiency and output of tire production. These technological advancements allow manufacturers to meet the increasing demand for tires while maintaining high quality standards and minimizing production costs.

Regulatory Influences: Environmental regulations and safety standards in the automotive sector push manufacturers to develop tires with better fuel efficiency, lower emissions, and improved safety features. These requirements are fueling investments in advanced tire manufacturing machinery, as producers seek to stay compliant and competitive in the market.

COVID-19 Impact on the Market
The outbreak of the COVID-19 pandemic in 2020 negatively impacted the tire manufacturing machinery market. The global lockdowns and restrictions temporarily halted manufacturing operations, leading to a decline in tire production. This was compounded by the disruption of global supply chains and decreased demand for vehicles during the pandemic's peak. The sale of tire manufacturing machinery was also affected as many factories were either closed or operated at reduced capacity. However, as economies recover and manufacturing operations return to pre-pandemic levels, the market is expected to regain momentum.

Full Report With TOC: https://www.alliedmarketresearch.com/tire-manufacturing-machinery-market-A238317

Segmentation of the Market
The tire manufacturing machinery market can be divided into three main categories based on tire structure, distribution channel, and application. Each segment plays a unique role in the overall growth of the market.

1. Tire Structure:
Radial Tire: The radial tire segment is projected to experience the highest growth rate during the forecast period. Radial tires offer superior performance characteristics, such as improved fuel efficiency, better traction, and longer lifespan compared to bias tires. These advantages, combined with increased vehicle production, are driving the demand for radial tire manufacturing machinery.

Bias Tire: Although bias tires are still in use, particularly in certain commercial and off-road vehicles, their demand has been gradually declining as radial tires become the preferred choice for most applications.

2. Distribution Channel:
OEM (Original Equipment Manufacturer): The OEM segment dominated the tire manufacturing machinery market in 2023, accounting for the largest market share. OEMs are responsible for producing equipment and machinery that are directly integrated into vehicle manufacturing processes. Their dominance is attributed to their strategic partnerships with automakers, technological innovations, and the global rise in vehicle production.

Aftermarket: The aftermarket segment provides machinery and equipment for tire production after the initial manufacturing phase. While smaller than the OEM segment, the aftermarket is still essential for maintaining and upgrading existing tire manufacturing systems.

3. Application:
Commercial Vehicle: In 2023, the commercial vehicle segment emerged as the leading application category in the tire manufacturing machinery market. This segment includes tires for trucks, buses, trailers, and heavy-duty vehicles used in sectors such as transportation, logistics, and construction. The growth of global logistics, transportation infrastructure, and industrial activities have all contributed to the increased demand for commercial vehicle tires, driving the need for advanced tire manufacturing machinery.

Passenger Vehicle: While the commercial vehicle segment dominates, passenger vehicle tire production remains a significant contributor to the market. As the global population continues to rise, so does the demand for passenger cars, leading to increased tire production and machinery requirements.

Regional Market Analysis
The tire manufacturing machinery market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific accounted for the largest market share in terms of revenue and is expected to grow at a notable CAGR throughout the forecast period. The region's dominance can be attributed to rapid industrialization, the growing automotive industry, and substantial investments in infrastructure, particularly in China, which holds the largest share in the Asia-Pacific tire manufacturing machinery market.

For More Information: https://www.globenewswire.com/en/news-release/2024/08/09/2927707/0/en/Tire-Manufacturing-Machinery-Market-to-Reach-915-7-Million-Globally-by-2032-at-3-CAGR-Allied-Market-Research.html

Key Players
Some of the major players in the tire manufacturing machinery market include Harburg-Freudenberger Maschinenbau GmbH, Larsen & Toubro Limited, Mitsubishi Heavy Industries Ltd., TKH Group NV, Shenyang Blue Silver Industry Automatic Equipment Co. Ltd., SAFE - Run Machinery (Suzhou) Co. Ltd., Erdemtas, Pelmar, Intereuropean Srl., and VMI Group. These companies are at the forefront of innovation and business expansion, offering new product launches, partnerships, and investments in advanced manufacturing technologies to maintain their competitive edge.

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This release was published on openPR.