As cited by 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 projected to grow with a CAGR of 4.6% over 2020-2027 to be appraised at USD 0.33 billion by the end of study duration.
 

Rising demand for military vehicles along with increasing population buying vehicles are the factors driving the growth of global tire testing machine market. According to Statista, in 2018, the worldwide demand for cars and light commercial vehicles has outshone 1.6 billion units.
 

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Further, growing use of automatic tire testing machines, offering decreased lead time, faster cyclic time, and higher production yield to manufacturers will act as growth stimulant. Citing an instance, Bridgestone Corporation, Japan’s leading motor vehicle parts manufacturer, held the highest position in tire manufacturing worldwide with around USD 27 billion worth sales in 2019.
 

For the record, tire testing machines is leveraged to analyze and understand various performance parameters like noise, grip, wear, resistance, and rolling behavior of the tires.
 

However, elevated costs of machines and infrastructure is the factor acting as a restraint for the growth of global tire testing machine market.
 

Based on product type, the industry is segmented into dynamic patch test rig, rolling resistance rig, flat belt tire test machine, and tire balancing machine with others.   
    

Speaking of the application ambit, worldwide tire testing machine marketplace is divided into dynamic stiffness, durability & endurance, wear resistance, and wheel balancing among others.
 

Moving on to industry vertical, the business space is classified into automobile & heavy vehicle manufacturing, tire manufacturing, and aircraft manufacturing.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are the key contributors to worldwide tire testing machine industry valuation. Of these, North America is projected to be a major growth hub for the market over 2020-2027, owing to rising demand for vehicles, and presence of notable players in the region.
 

Whereas, Asia Pacific market is likely to witness lucrative growth trends over the forecast duration, on account of growing population leading to increased demand for vehicles, along with low labor costs.
 

Leading players profiled in the report include A&D Company Limited, Roper Technologies Inc., VMI Holland B.V., Tianjin Jiurong Wheel Tech Co. Ltd., Leonardo Automation India Pvt. Ltd., The Smithers Group Inc., Talurit AB, MTS Systems Corporation, Calspan Corporation, and Altracon Group.