NEW YORK, Dec. 10, 2018 /PRNewswire/ -- About this
market
Tire building machinery manufacturers are using automation
solutions to develop products with features such as high production
output, high speed of production, consistent reliability, and
flawless end-product quality. These machines can perform all these
functions with minimal manpower and maintenance. Advancements in
technology have also allowed the development of tire building
machinery that are flexible to changes in market trends such as
large tire dimensions and increase in sophistication of tire
designs. Automation companies are expected to offer several
automation solutions to tire building machinery vendors to increase
their productivity and decrease their maintenance and supervision
costs. Thus, the use of automation in ire building machinery will
be a key trend driving market growth during the forecast period.
Technavio's analysts have predicted that the tire building
machinery market will register a CAGR of almost 3% by 2023.
Read the full report: https://www.reportlinker.com/p05647249
Market Overview
Increasing demand for replacement tires globally
Tires of passenger vehicles might have to be changed before the end
of their life cycles due to factors such as changing consumer
behavior, demand for seasonal tires, and tough road conditions.
Tires of commercial vehicles have a short life span and must be
replaced after the vehicle completes more than five years of
service. Emerging markets as well as mature developed markets are
witnessing an increasing demand for replacement tires. This have
prompted tire manufacturers to increase the capacity of their
existing plants to increase the tire production. This will create a
demand for tire building machinery during the forecast period and
thereby boost market growth.
Frequent changes in tire specifications
The increasing competition in the automotive industry have resulted
in an increase in the total number of car models available in the
market. Different automobile models use different sizes and pattern
of automobile tires. Also, automobile manufacturers must follow
stringent vehicular norms and changes tire specifications
frequently to adhere to these rules. However, it is difficult for
tire manufacturers to completely change tire building process to
develop specific tires. Thus, the frequent changes in tire
specifications acts as a roadblock to the growth of the tire
building machinery market.
For the detailed list of factors that will drive and challenge the
growth of the tire building machinery market during 2019-2023, view
our report.
Competitive Landscape
The market appears to be fragmented and with the presence of
several companies including Harburg-Freudenberger Maschinenbau, and
LARSEN & TOUBRO the competitive environment is quite intense.
Factors such as the growing demand for replacement tires globally,
will provide considerable growth opportunities to tire building
machinery companies. Harburg-Freudenberger Maschinenbau, LARSEN
& TOUBRO, MITSUBISHI HEAVY INDUSTRIES, Shenyang Blue Silver
Industry Automation Equipment, and TKH Group are some of the major
companies covered in this report.
Read the full report: https://www.reportlinker.com/p05647249
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