Tire Building Machinery Market Size to Grow by USD 111.55 million, Increasing Demand for Replaced Tires Globally to Drive Growth – Technavio – QNT Press Release

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NEW YORK, Aug. 30, 2022 /PRNewswire/ — The global tire building machinery market is driven by factors such as the increasing demand for replaced tires globally. Tires are some of the most replaced components of vehicles due to constant exposure to wear and tear. Various factors such as harsh road conditions, demand for seasonal tires, and changing consumer behavior compel consumers to change tires. Thus, the demand for replacement tires is increasing in the market. In addition, several commercial tires are expected to reach the end of their product life cycles during the forecast period, especially in developed countries. Moreover, commercial vehicles with more than five years of service require the replacement of parts or the entire vehicle. The increasing replacement demand for tires is creating a demand for new tires, which is encouraging tire manufacturers to increase the production of tires.

The tire building machinery market size is expected to grow by USD 111.55 million from 2021 to 2026. Moreover, the growth momentum of the market will accelerate at a CAGR of 3.34% during the forecast period.

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The tire building machinery market is fragmented and is characterized by the presence of well-diversified international, regional, and local vendors. The vendors are deploying growth strategies such as technological innovations to compete in the market. Several local and regional vendors, especially in Asiaare offering tire building machinery at competitive prices when compared to established players. Hence, the market is competitive for new entrants. Though many local vendors are emerging in this market, they find it difficult to compete with international vendors in terms of quality, durability , reliability, and technological innovations.

• Balluff GmbH
• BST GmbH
• Emerald Resilient Tyre Manufacturers Pvt. Ltd.
• Erdemtas Makine Elekt.San.Tic. Ltd.
• Harburg Freudenberger Maschinenbau GmbH
• Herbert Tire Tooling GmbH and Co. KG
• INTEREUROPEAN Srl
• Larsen and Toubro Ltd.
• MARANGONI Group
• Mesnac Co. Ltd.
• Mitsubishi Heavy Industries Ltd.
• Pelmar Engineering Ltd.
• RRR Development Co. Inc.
• SAMSON MACHINERY INC.
• SHYR CHIUANN MACHINERY INDUSTRY CO. LTD.
• Siemens AG
• Sumitomo Rubber Industries Ltd.
• TA KU MACHINERY CO. LTD.
• TKH Group NV
• YANTAI FRIEND MACHINERY CO. LTD.

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• Passenger cars – size and forecast 2021-2026
• Commercial vehicle – size and forecast 2021-2026

• APAC – size and forecast 2021-2026
• Europe – size and forecast 2021-2026
• North America – size and forecast 2021-2026
• South America – size and forecast 2021-2026
• Middle East and Africa – size and forecast 2021-2026

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The passenger vehicles segment will be the largest contributor to market growth during the forecast period. Factors such as improving the economy, evolving lifestyles, and increasing incomes have led to a rise in the demand for new, safe, fuel-efficient, and technologically advanced cars. These factors are fueling the demand for passenger vehicles, which will drive the market growth during the forecast period.

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