Tire Inspection System Market is Expected to Reach US$ 287.4 Million by 2034, Rising at a 3.10% CAGR | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
Rising aerospace and defense demand drives growth in precise tire inspection. Increased awareness of road safety and demand for high-performance tires fuel market expansion, especially in emerging economies.
NEWARK, Del, Dec. 17, 2023 (GLOBE NEWSWIRE) -- The tire inspection system market is estimated to be worth US$ 224.5 million in 2024 and is projected to be valued at US$ 287.4 million in 2034. Between 2024 and 2034, the industry is expected to register a growth rate of 3.10%. Stringent safety regulations in the automotive and aerospace industries drive the need for reliable tire inspection solutions. The growing automotive industry, including electric vehicles, demands high-quality tires, propelling the need for efficient inspection systems.
Increasing demand for precise and reliable tire inspection for safety in aircraft and military vehicles in aerospace and defense sector contributes to market growth. The growing awareness of road safety and increased demand for high-performance and safe tires fuel the market growth during the forecast period. The adoption of the tire inspection system is high in emerging economies due to expanding automotive industries.
Continuously evolving safety and quality standards set by regulatory bodies worldwide propel the demand for robust tire inspection systems to ensure compliance. Growing emphasis on sustainable practices in manufacturing, leading to the development of inspection systems that support eco-friendly tire production and waste reduction.
The growing technological advances and integration of AI, IoT, and predictive analytics are enhancing the capabilities of inspection systems. Adoption of 3D inspection techniques is on the rise, enabling a more comprehensive analysis of tire structures and surfaces, improving accuracy in defect detection.
Key Takeaways from the Market Study
From 2019 to 2023, the tire inspection system market was valued at a CAGR of 2.50%
Based on technology, the camera-based technology segment is expected to account for a share of 30% in 2024.
Global tire inspection system demand in China is predicted to account for a CAGR of 3.60% in 2024.
In the United States, the tire inspection system industry is expected to account for a CAGR of 2.70% in 2024.
Germany is projected to expand by a value CAGR of 2.50% between 2024 and 2034.
Tire inspection system market in India is anticipated to record a CAGR of3.80% in 2024.
“The rapid growth of the automotive industry and rising consumer focus on safety and quality of tiresis anticipated to drive the market growth during the forecast period." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
Major tire inspection system market players are focusing on expanding their customer base through various strategies, such as expanding their product portfolio through new product launches and innovations. Collaborations and partnerships with key players and acquiring niche players are critical strategies followed by leading players in the tire inspection system market.
Key players operating in the Tire Inspection SystemMarket
YXLON International GmbH
Alfamation Global
CyXplus SA
Micro-Poise Measurement Systems LLC.
MTS Systems Corporation
A&D Technology
Burke Porter Group
AMETEK, Inc.
Kistler Group
TMSI LLC
Key Product Offering and Market Developments
LMI Technologies- specializes in 3D scanning and inspection technologies for industrial applications. Provides inspection solutions that utilize laser and structured light for tire surface analysis.
AMTEK introduced The Micro-Poise® ASTEC® FX, which serves as a comprehensive Tire Uniformity System. It assesses tires based on force variation, runout, and sidewall appearances, aligning closely with identifying potential ride disturbances in a moving vehicle. The ASTEC® FX excels in delivering superior machine performance and detailed measurement analysis by employing industry-standard tire uniformity testing procedures.
About the Industrial Automation Division at Future Market Insights
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore wide-ranging Coverage of FMI's Industrial Automation Market Insights Landscape:
The global marine hatch covers market is projected to record a robust CAGR of 7.6% between 2023 and 2033, totaling around US$ 327.7 million by the end of 2033.
The global industrial weighing equipment market is projected to reach US$ 2.4 billion by 2033. A CAGR worth 5% is expected for the market during the forecast period.
The worldwide material handling equipment market is expected to record a 4.5% CAGR between 2023 and 2033, reaching a valuation of US$ 6,555.9 million.
The duct fans market is expected to rise to US$ 162,788.1 million by 2033. The sales are expected to record a significant CAGR of 6.0% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
