Global Tire Valve Pin Market to be dominated by Asia-pacific region till 2026
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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