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.
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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.
How the Future Outlook for Tire Testing Machine Market with Historical Sales?
Tires play a pivotal role in today’s vehicles. Given the conditions vehicles have to ride on, tires are required to perform under extreme conditions in terms of weather, driving characteristics, and serve longer miles before they wear out. Product innovations, patent filings, technical developments, research, and tire testing have paved way for the entry of many tire testing machine manufacturers. Most of the investments have been focused on the improvement of machine compatibility, its performance and its output. According to FMI’s analysis, on the back of these factors, tire testing machine will grow at 4.6% CAGR between 2021 and 2031.
- Flat Belt Tire Testing Machine
- Rolling Resistance Testing Machine
- Dynamic Contact Testing Machine
- Tire Balancing Machine
- Drum Tire Testing Machine
- Endurance Testing Machine
- 2 Position
- 4 Position
- Endurance + High Speed Testing Machine
- Tire Force & Moment Measurement Systems
- Plunger Test & Bead Unseating Test machine
- Tire Stiffness & Footprint Measurement machine
- Tire Tread Wear Simulation Systems
- Run Flat tire Durability Tester
- Load Tester
- Uniformity Tester
- Two Wheelers Tire Testing Machine
- Four Wheelers Tire Testing Machine
- Passenger Cars Tire Testing Machine
- Motorsports Tire Testing Machine
- Heavy Commercial Vehicles Tire Testing Machine
- Industrial & Off-road vehicles Tire Testing Machine
- Aircraft Tire Testing Machine
- Defence Vehicles Tire Testing Machine
- Automatic Tire Testing Machine
- Manual Tire Testing Machine
- Repair & Maintenance Service Stations
- Tire Dealers & Specialty Shops
- Tire Manufacturers
- Other Testing, Research & Certification Agencies
- North America
- Latin America
- Middle East & Africa
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Key Questions Answered in the Report
- Which Is The Most Lucrative Market For Tire Testing Machine?
- Which Tire Testing Machine Type has the Spotlight?
- Which Region will Exhibit High Demand for Tire Testing Machine?
- Which are some of the leading companies in the Tire Testing Machine Market?
- Who is the Leading End User of Tire Testing Machine?
Future Market Insights
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