Global tyre-cutting machine market to total $17.35 billion by 2034

The tyre-cutting machine market is expected to attain a valuation of US$1,316.7 million in 2024. In addition, the market is set to demonstrate a compound annual growth rate (CAGR) of 2.5 per cent between 2024 and 2034. Anticipating a total valuation of approximately US$ 1,735.5 million by 2034, the market indicates growth and encouraging opportunities within its evolving landscape, according to a new report published by Future Market Insights.
“The tyre-cutting machine market is currently undergoing a transformative phase, marked by technological advancements and a heightened focus on sustainability. This dynamic landscape is characterized by integrating smart controls, automation, and Industry 4.0 principles, aiming to enhance precision and operational efficiency in tyre-cutting processes”, the report explains.
Furthermore, the industry is witnessing a paradigm shift towards automated systems, with technologies like artificial intelligence and robotics becoming integral components of modern tyre-cutting machines. Sustainability remains a key driver in this market, with tyre-cutting machines playing a crucial role in efficient tyre recycling. Industries and governments worldwide are increasingly adopting circular economy principles, and tyre-cutting machines are at the forefront of sustainable tyre disposal and recycling efforts.
Indeed, the research states, that the market is witnessing “a surge in demand for machines that comply with stringent regulations regarding tyre disposal and recycling, reflecting a growing commitment to environmental responsibility among businesses”.
Emerging opportunities in untapped markets, especially in developing economies, underscore the global growth potential of the industry. There is a noticeable trend toward the customization and adaptability of tyre-cutting machines, catering to diverse tyre sizes and types. This demand for versatility reflects the industrial commitment to meeting varied operational needs across different sectors.
Strong market growth
In 2023, Future Market Insights valued the global tyre cutting market at US$1,283.1 million.
The United States is estimated to register at a CAGR of 2.1 per cent by 2034.
Australia is set to experience significant growth, projected at a CAGR of 2.2 per cent by 2034.
“A significant trend in the tyre-cutting machine market is the adoption of intelligent controls and automated functionalities, harnessing advancements such as artificial intelligence and robotics,” commented Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc who authored “Tire Cutting Machine Market”.
Comments