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 USD 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, the 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 defence 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 USD 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 US 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 UK, 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.
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.
Competitive Landscape:
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.
Tire Testing Machine Market by Segments:
Machine Type:
- 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
Application:
- 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
Operation:
- Automatic Tire Testing Machine
- Manual Tire Testing Machine
End-use:
- Automotive
- OEMs
- Repair & Maintenance Service Stations
- Tire Dealers & Specialty Shops
- Aerospace
- Tire Manufacturers
- Other Testing, Research & Certification Agencies
Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East & Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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