June 29, 2021
According to the research report titled ‘Global Tire Testing Machine Market Size study, by Product Type (Flat belt tire test machine, Rolling resistance rig, Dynamic patch test rig, Tire balancing machine) by Application (Dynamic Stiffness, Wear resistance, Durability and endurance, Wheel balancing) by Industry (Tire manufacturing, Automobile and heavy vehicles manufacturing, Aircraft manufacturing) and Regional Forecasts 2020-2027’, available with Market Study Report, global tire testing machine market was worth USD 0.23 billion in 2019 and is expected to expand at a CAGR of 4.6% over 2020-2027, subsequently accumulating USD 0.33 billion by the end of the forecast period.
Surging demand for military vehicles from the military owned economies is propelling global tire testing machine market growth. Growing usage of automatic tire testing machines, which give faster cycling time, shorter lead times, higher productivity, and significant benefits to vehicle owners is enhancing the overall market outlook.
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Moreover, booming population is significantly contributing to the sales of vehicles further adding to the market development.
Statista cites that in 2018, global demand for car and light commercial vehicle tires crossed 1.6 billion units. Bridgestone Corporation, a Japanese multinational motor vehicle parts manufacturer, was the world's largest tire maker in 2019, with sales of roughly USD 27 billion. Such developments are boosting worldwide tire testing machine industry development.
For the unaware, tire testing machines aid in the analysis and comprehension of tire performance in terms of grip, wear, noise, resistance, and rolling behavior.
Despite the favorable prospects, high cost of infrastructure setup and machines is likely to hinder the overall industry progression over the study period.
Geographically, North America holds a considerable portion of the overall tire testing machine market share, creditable to presence of leading players like Ametek Inc., MTS Systems Corporation, and Calspan Corporation, along with surging demand for the vehicles.
Meanwhile, Asia Pacific industry is projected to amass substantial returns over 2020-2027, owing to low cost of labor and booming population leading to increasing demand for vehicles.