The global tire testing machine market is forecast to expand at 4% CAGR through the period from 2021 to 2031. The market will be driven by the rising necessity of reliable testing equipment especially within the automotive sector, evaluated ESOMAR-certified consulting firm Future Market Insights. Launch of high-tech features such as simulating actual wearing conditions for tire testing will fuel demand for tire testing machines in the coming years.
According to the study, changing safety regulations in automobile industries regarding tire performance will be a crucial factor for tire testing machine market growth. COVID-19 outbreak has hit hard on tire testing machine market. With closure of factories, disruptions in supply chain, and declined usage of machines in aerospace and automobile sector, market's growth was also hampered. However, recovery can be expected with relaxation in lockdown and opening of trading routes.
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"Establishment of smart factories will augment the tire testing machine sales. Manufacturers are likely to focus on technological improvements to cater to the rising demand for high-performance among end users," remarks the FMI analyst.
Favorable regulatory policies implemented by government authorities regarding product development will offer lucrative opportunities for market players in the U.S.
China is becoming a global powerhouse for automobile manufacturing domain. It also houses leading tire testing machine manufacturers. Surging tire demands and establishment of tire testing machine manufacturing facilities will provide favorable environment for growth in market sales.
Germany is a leader among European nations in terms of tire testing machine sales. The driving factor is strategic collaboration and partnerships with German OEMs.
Rapid development in the field of automotive industry has made India a promising prospect for tire testing machine sales.
Presence of tire manufacturing giants in Japan will positively influence market growth in the region.
Collaboration among tire testing machine makers and automotive OEMs will improve the supply chain drive the market growth.
Growing efforts towards improving life cycle of tires will assist in improving market demand.
Huge investments towards improving tire testing capabilities, faster outputs and better performance will significantly boost the market growth.
High cost of modern tire testing machines will hamper the market sales.
Non feasibility of implementing new regulation will impede the market growth.
Frequent plant upgrades necessary to keep up with current standards will deter the market growth.
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Leading players profiled by FMI operating in tire testing machine market include Leonardo Automation, MTS Systems Corporation, Qingdao GaoCe Technology Co., LTD, AMETEK,Inc. , A&D Technology, Kokusai Co. Ltd , Burke Porter Group, Calspan Corporation , TMSI LLC, ZF Friedrichshafen AG , Kistler Group, Kobelco Technology, and Zwick Roell LP. According to FMI, the market players are focusing on developing cost effective testing solution for wide range of end users. The other strategies employed by the leading market players are aggressive marketing and promotional campaigns for better positioning of their products.
More Insights on FMI's Tire testing machine Market
The latest market study on global tire testing machine market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of device type (Flat belt tire testing machine, rolling resistance testing machine, dynamic contact testing machine, etc), Application (Two wheelers tire testing machine, four wheelers tire testing machine, Industrial tire testing machine, Aircraft tire testing machine, defense tire testing machine), end-use (Automotive, Aerospace, tire manufacturing), and across major regions (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89025555