A tire is built by a robotized machine called a tire building machine (TBM). The TBM assembles all semi-manufactured goods such as: tread, sidewall, inner liner, body ply, bead, and cord body together to assemble green tires. There are different stages of building a tire, the first is the green tire. Tire manufacturers are gradually increasing their adoption of automation solutions in their production process to enhance their production capacity and product quality. Leading vendors are searching for tire manufacturing machines which has high production output and low maintenance cost as well as least manpower requirement. With technological advancement, tire building machinery is made to produce large tire dimensions and new tires with sophisticated and more developed designs. Therefore, integration of automation solutions in tire building machinery is expected to drive the market growth in the next few years.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down the production of various products in the tire building machinery market attributed to the lockdown in countries worldwide. This has hampered the growth of tire building machinery market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of tire building machinery in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for tire building machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for tire building machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Tire building machinery machines manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
- Tire building machinery market are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Increase in demand for replacement tires in passenger and commercial vehicles due to different factors such as constant exposure to wear & tear, harsh road conditions, requirement for seasonal tires, and changing consumer perspective, is expected to drive the growth of the market in the upcoming years. In commercial vehicles, tires have a comparatively short life span and there is a need of replacement after completion of five years of service period. Both developed and developing countries are observing a rise in demand for replacement tires and this inspires manufacturers to boost the production capacity of tire plants. Hence, increase in demand for replacement tires is expected to drive the market growth during the forecast period. The building machinery companies are extensively adopting automation solutions in their manufacturing process to increase its productivity and decrease their maintenance cost, which is expected to supplement the growth of tire building machinery market. Adoption of IoT in tire manufacturing is anticipated to advance the growth of the tire building industry. Automotive industry is expanding at a significant pace and it leads to increase in number of newly designed car models. Different car models require tires of different patterns and sizes. However, tire manufacturers find it difficult to manufacture specific tires as per requirement, as it results in changing the entire tire-building process. Thus, frequent changes in tire specifications are likely to hinder the growth of the tire building machinery market.
- Surge in demand for passenger and commercial vehicles among the populace is expected to drive the market growth during the forecast period. In addition, the increase in need for the replacement of used tires is expected to fuel the market growth during the forecast period. Increase in demand for automation to improve the productivity of the tire manufacturing process is expected to accelerate the market growth during the forecast period. Surge in disposable income and changes in lifestyles of the populace drive the market growth.
- A product innovation strategy is all about producing winning products, which means products that are in an attractive market, target a profitable customer segment, address the right unmet needs, and help customers get a job done better than any competing solution. Surge in automation and replacement of existing technology in the tire manufacturing process are expected to create lucrative opportunities for the market during the forecast period. Moreover, the rebounding automotive sector with the development of electric vehicles is expected to generate new prospects for market growth during the forecast period.
- Mergers and acquisitions have emerged as a common business strategy for companies concentrating to expand into new markets or territories, have a competitive edge, or obtain new technologies and skill sets.
Key Benefits of the Report
- This study presents the analytical depiction of the tire building machinery market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the tire building machinery market share.
- The current market is quantitatively analysed to highlight the tire building machinery market industry growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed tire building machinery market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Tire building machinery market Report
- Who are the leading global players in the tire building machinery market?
- What are the current trends and predicted trends?
- What is tire building machinery?
- What is tire building machinery market prediction in the future?
- What are the challenges faced in the tire building machinery market?
- What are the driving factors and opportunities in the market?
- What are the key benefits of the tire building machinery market report?
Tire Building Machinery Market Report Highlights
Key Market Players
Mitsubishi Heavy Industries Ltd., Erdemtas, VMI Group, RRR Development, SAFE – Run Machinery (Suzhou) Co. Ltd, Pelmar, Shenyang Blue Silver Industry Automatic Equipment Co Ltd, Harburg-Freudenberger Maschinenbau GmbH, TKH Group NV, Samson Machinery Inc, Larsen & Toubro Limited, Intereuropean Srl, Balluff, HF Tiretech