The Tire Building Machinery Market is expected to increase by USD 109.3 million billion. As per the research report 2024-2028 published by Technavio, the market is expected to grow at a CAGR of 3.27% during the forecast period. The industry is segmented by Application (Passenger cars and Commercial vehicle) and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
The Tire Building Machinery Market is experiencing significant growth due to the increasing demand for passenger vehicles in various geographies. Factors such as economic improvement, changing lifestyles, and rising income levels have led to increased sales of new, fuel-efficient, technologically advanced, and safe cars. This trend is driving the market potential for tire building machinery. Furthermore, the Asian markets, particularly India, are experiencing high sales volumes in the passenger car sector. According to recent data, the Indian passenger car industry, valued at USUSD 32.70 billion in 2021, is projected to reach USUSD 54 billion by 2026. This growth in the passenger car industry will undoubtedly boost the demand for tire building machinery to meet the increasing production needs.
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The APAC hold the largest regional market size in the current year. The Tire Building Machinery Market represents a significant business sector, characterized by advanced technologies and innovative solutions. Key players in this industry focus on enhancing production efficiency and reducing costs through automation and integration of cutting-edge technologies. Market growth is driven by increasing demand for automotive tires and expanding automotive industry, particularly in emerging economies. Additionally, rising consumer preference for fuel-efficient and high-performance tires further fuels market expansion.
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The industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by the manufacturers of machinery and components utilized in industrial settings. The expansion of developing economies and the subsequent increase in demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages are key growth drivers for this market. Industrial output is surging in process and discrete industries, necessitating capacity additions and fueling market growth.
The Tire Building Machinery Market is experiencing significant growth, fueled by the Increasing demand for replaced tires globally. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Tire Building Machinery Market has witnessed significant growth in recent years, driven by the rising automobile sales, particularly in the Passenger Car and Light Commercial Vehicle segments. Radial tires, a key product in this industry, have gained immense popularity due to their superior performance and durability. Tire manufacturing involves several processes, including the production of cord body, bead, body ply, inner liner, sidewall, tread, and the assembly of these components into a finished tire. With the increasing demand for new tires, particularly those with large tire dimensions, tire manufacturing machines have become essential. The tire machinery industry has seen technological advancement with the introduction of automation solutions, such as robotized machines, which have reduced manpower requirements and increased efficiency. Tire manufacturers are also focusing on producing green tires, which have a lower carbon footprint and are environmentally friendly. The market for tire building machinery caters to various sectors, including automobiles, off-road vehicles, and semi-manufactured goods. The demand for tire building machinery is expected to continue to grow as the automobile industry expands, particularly in emerging markets.
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