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Tire Building Machinery Market to Witness Substantial Growth over Assessment Period

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Published on : Jan 21, 2020

Tire building machine refers to important tire machinery that is involved with the assembling of various components such as bead, tread, inner liner, sidewall, and body ply together to build green tires. Each of the cycle is programmed to do many different tasks simultaneously and provide a balanced building cycle.

The global tire building machinery market is primarily driven by the increased utilization of microcontrollers in automobiles. Various functions of engine control unit such as taillights, braking systems, headlights, controlling seats, safety systems, power windows, and steering are regulated utilization of microcontrollers in automobiles. These tasks assist in the efficient functioning of automobiles. Automobiles make use of microcontrollers to reduce consumption of fuel. Automobiles also make use of microcontrollers to manage various functions like powertrain and engine control unit diagnostics. 

Few of the prominent names in the global tire building machinery market Harburg-Freudenberger Maschinenbau, Shenyang Blue Silver Industry Automation Equipment, HF TireTech Group, Larsen & Toubro Limited, Mitsubishi Heavy Industries, Ltd., and TKH Group NV.

The global tire building machinery market has been divided on the basis of three important parameters. These parameters are application, type, and region and the segmentations help in providing a detailed view of the global tire building machinery market.

Growing Demand for Replacement Tires to Bolster its Demand in the Market

The global tire building machinery market is mainly driven by its increasing demand from the automotive industry. The need for change of tires of passenger vehicles might arise before or after the end of the life cycle of tires.  Changing of a tire depends on the changing behavior of consumers, tough road conditions, and increased demand for seasonal tires. On the other hand, tires of commercial vehicles come with a short span of life. It needs to be replaced following five years of service on road. Both developed and developing nations are experiencing an augmented demand for replacement tires. Tire manufacturers, as such, need to improve the capacity of their already existing manufacturing plants to increase output manifolds. Such an objective of increased tire production is expected to generate demand for the product, which is likely to drive the global tire building machinery market in years to come. 

The increasing global demand for replacement tires is driven by the continuous wear and tear that the tires are exposed to. Tires are the most replaced part of the vehicles, thereby driving the global tire building machinery market in the forthcoming years.

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Innovative technologies together with the development of topnotch facilities with advanced production facilities are expected to propel the market toward growth over the forecast timeframe. In addition, emergence of technologies like internet of things, big data are forecasted to revolutionize the way tire building industry functions. Many of the leading manufacturers of tires are adopting internet of things technology to control, analyze, and measure use of various consumables and indirect materials such as tire building machinery. The companies are making a significant amount of investment for this purpose. 

In addition to that, automation in tire building machinery is influencing the market positively. Automation offers high production in the tire building machinery industry. It offers reliability consistently, high quality of the finished product, and requires minimum manpower. The maintenance requirement is also reduced owing to automation. Many of the leading market players are making considerable amount of investment in revamping the old plants and equipping those with latest technologies. Such improvements in the tire making industry are likely to boost the market in forthcoming years.

Expansion in the Automotive Industry to Drive Market in Asia Pacific

To enable better understanding of the market, the global tire building machinery market have been split into the regions of Latin America, Middle East and Africa, North America, Europe, and Asia Pacific.

Of all these regions, Asia Pacific is likely to hold a sizeable chunk of the global tire building machinery market. The region is likely to see an increase in its market share and expected to continue with the same in years to come. Much of the growth in the region is likely to be driven by rapid expansion of the automotive industry in the region.