Rise in the average life of vehicles and the growing miles driven per year is expected to drive the demand of the global tire valve pin market for the forecast period.
According to TechSci Research report, “Tire Valve Pin Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Two-Wheler, Passenger, LCV, M&HCV, OTR), By Demand Category (OEM vs Replacement) and By Region”, the global tire valve pin market is expected to witness a growth of steady CAGR for the forecast period, 2022-2026. Tires are considered a vital part of an automobile. They help the movement of the vehicle by acting as a medium between the road and the vehicle. Tires perform several functions including absorbing the shock, supporting the weight of the vehicle, maintaining, or changing direction, among other functions, and therefore require maintenance for proper functioning. Tire valve pins are used to maintain the tire pressure in automobiles. Valves can be fitted into the vehicle either in the vertical or horizontal position. The horizontal valve alignment is mostly preferred by the tire manufacturers as the valve fitted into the vertical axis when in high speed are likely to experience pressure loss and therefore allow the air to escape. Tire manufacturing industries are expected to witness substantial growth in the forecast period due to the growing automotive industry and the rise in the collaborations between the market players. The use of a tire valve pin helps to maintain the required pressure in the tires required for the efficient functioning of the vehicle. The growing distance traveled by the automobiles and the driving along with the condition of the road directly impact the tire valve pin state. The tire valve pin needs to be replaced on a periodic basis to prevent any case of mishappening or the occurrence of road accidents. The surging concerns towards the maintenance and safety of automobiles and the presence of supportive government policies ensuring the safety of the passenger are creating the demand for high-quality tire valve pins to be fitted into the automobiles.
However, the volatile price of the raw material may retrain the global tire valve pin market growth for the forecast period.
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Global tire valve pin market is segmented into vehicle type, demand category, regional distribution, and company. Based on the demand category, the market can be bifurcated into OEM and replacement. The replacement category is expected to account for major market share for the forecast period, 2022-2026. With passing time, the rubber deteriorates, and the tire valve pin needs to be inspected and replaced. The replacement category is more affordable than the OEM-based products and therefore, is preferred majorly for changing the tire valve pin in automobiles. These are also readily available in the stores and through the online channels which are also influencing the demand for the replacement tire valve pin. Based on vehicle type, the market is divided into two-wheeler, passenger, LCV, M&HCV, and OTR. The passenger segment is expected to dominate the global tire valve pin market for the next five years. Passenger cars are the most common mode of transportation in the developed countries and the demand in developing countries is also increasing due to the adoption of higher living standards. The high demand for passenger cars owing to the rise in disposable income and the growing preference for vehicle ownership of consumers for enhanced convenience and comfort. Financial institutions are providing financial assistance to the people for making them afford cars. The surge in leisure and tour activities is increasing the demand for special utility vehicles.
PENTECHl INC, Taylor Valve Technology, Inc., Riel Equipment Ltd., Siemens AG, Sensata Technologies, Inc are the leading players operating in global tire valve pin market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several tire valve pin manufacturers are coming up with their technologically advanced offerings.
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“With the growing technological advancements in the tire industry such as the introduction of green tires, and the use of lightweight elastomers like carbon fibers, manganese bronze, among others is fueling the demand of tire around the globe. The leading tire OEMs are using nanotechnology, automation to increase the profitability and productivity in the manufacturing units. The tire valve pin wears down easily and the growing tire industry and need for timely replacement of the valve pin to ensure the safety of the riders is expected to propel the global tire valve pin market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Tire Valve Pin Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Two-Wheler, Passenger, LCV, M&HCV, OTR), By Demand Category (OEM vs Replacement) and By Region” has evaluated the future growth potential of global tire valve pin market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global tire valve pin market.
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