Over 30% of Tire Testing Machines Sales Come from Four-wheelers Application: Study
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 Machine Market
A recent market study published by FMI on the Tire Testing Machine market includes global ...
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.
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.
About Testing Equipment Division at Future Market Insights
The Testing Equipment division of FMI is a specialized department catering to unique requirements in the industry. Exclusive coverage of the testing equipment market includes valuable information on regular, compliance, destructive, and non-destructive testing services and associated equipment. The team also executes several complex projects pertaining to the area of manufacturing and process industries, research and academia, testing and certification institutions, government agencies dealing into scientific and environmental research, and defense organizations. Our research studies are trusted and widely referred by stakeholders for gaining insights and developing cutting edge strategies.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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