The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 04, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Tire Machinery Global Market Report 2023, the market will grow from $2.4 billion in 2022 to $2.5 billion in 2023, at a compound annual growth rate (CAGR) of more than 4%. Further, the tire machinery market will reach $3 billion by 2027, growing at a CAGR of more than 3%. Asia-Pacific region held the largest tire machinery market share in 2022.

One of the driving factors for the growth of the tire machinery industry is the increasing demand for automobiles. The automotive manufacturing industry encompasses the design, construction, supply, and sale of vehicles. As the demand for automobiles rises, the need for tires that offer enhanced durability, strength, and longevity also increases. Tire machinery enables businesses to manufacture these tires more efficiently and with lower investments

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Major tire machinery companies are All Well Industry Co. Ltd., Bartell Machinery Systems, Erhardt+Leimer GmbH, Guilin Zhonghao Mech&Elec Equipment, Herbert Maschinenbau, KONSTRUKTA-TireTech, Larsen & Toubro Limited, MESNAC, Nakata Engineering, Pelmar Group, VMI Holland BV., AS Tyre Machines, and HF Tire Tech Group.

Strategic partnerships have emerged as a key trend in the tire machinery market. Key companies within the industry are forming partnerships to develop tire manufacturing machinery.

For instance, in April 2022, ELDAN, a Denmark-based end-of-life tire recycling equipment company, collaborated with Pyrum, a Germany-based tire machinery company, to engage in European end-of-life tire recycling and tire pyrolysis. In another example, Apollo Tyres, an Indian tire company, partnered with Amazon Web Services in November 2021 to establish smart tire factories that utilize the Internet of Things (IoT), data analytics, and machine learning in tire production, including the manufacturing of tire rubber mixer machines.

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The global tire machinery market is segmented as -

1) By Machine Type: Mixing Machine or Rubber mixers, Calendaring Machine, Extrusion Machine, Multi Extrusion Lines, Inner Liner Lines, Extruders, Cooling Units, Cutting Machines, Textile Cord Cutting Lines, Other Machinery Types

2) By Tire Type: Radial Tire, Bias Tire

3) By Industry Vertical: Automotive, Agriculture, Aircraft, Other Verticals

The tire machinery market report serves as a valuable resource for industry stakeholders, investors, and decision-makers, providing them with essential information and insights to understand the dynamics, emerging trends, and future growth potential of the market. By offering a detailed analysis of market drivers, key players, and regional trends, this report equips readers with the knowledge necessary to make informed business decisions and capitalize on the opportunities presented in this rapidly growing industry.

Tire Machinery Global Market Report 2023 by The Business Research Company provides insights on the tire machinery market size, tire machinery market segments, tire machinery market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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