Market Trends of Rubber Testing Equipment Industry
The Rising Demand for Tires to Drive the Market
• Rubber testing equipment for tires is widely used to determine rubber and other materials' tensile strength and elongation. The equipment is specially designed for dynamic and static testing of tires. It identifies the tire's performance and attributes and defines its design's effect on the vehicle's dynamics.
• Tire testing encompasses a detailed analysis of several properties, such as durability and endurance, force, moment, indoor tread wear, accelerated aging, government regulatory testing, and failure analysis.
• The increasing number of vehicles with off-the-road tires, i.e., OTR, heavy truck tires, and light truck and passenger car tires, has driven the rubber testing equipment market globally. The evolution of tire testing techniques, such as endurance and radical run-out testing, has further boosted the market's growth.
• Along with China, the United States is among the most significant automobile markets worldwide in terms of sales and production. As per OICA, in 2023, the auto industry in the United States produced approximately 10.6 million motor vehicles. Such factors are expected to boost the market significantly.
North America Holds Largest Market Share
• Although there is a slight slump, North America's demand for industrial rubber products is gradually recovering, owing to a drastic turnaround in motor vehicle production and the recovering manufacturing sector.
• The United States is one of the largest automotive manufacturers in the world, manufacturing an average of over 14 million vehicles annually. Since Honda opened its first manufacturing plant in the United States, almost every Japanese, Korean, and European automaker has established one or more manufacturing plants in the United States.
• Due to new federal legislation and increased demand for electric vehicles, the US automotive industry is pouring billions of dollars into building new factories. For instance, Hyundai is rapidly building its first US electric vehicle plant, with production on track for 2025.
• Canada's automotive industry is competitive and significantly contributes to the Canadian GDP. Although Canada is gradually losing its manufacturing base, it still produces more than 1.2 million cars annually, driving the rubber testing equipment market.
• With over five heavy-duty assembly plants, over 540 OEM parts manufacturers, 400 dealerships, and many other automotive-related industries, Canada is the 2nd largest vehicle producer in North America. This sector is the most significant contributor to the country's manufacturing industry, thus driving the demand for rubber testing equipment.
