LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive tire mold market to grow at a CAGR of close to 3% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive tire mold market by application (passenger vehicles and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight modular tire mold multi-utility design concept as a key factor contributing to the growth of the global automotive tire mold market:
Modular tire mold multi-utility design concept
The modular tire mold is also called segmented mold design, which is primarily utilized in critical designs of commercial vehicle tires as it provides higher functionality. The segmented mold design can provide additional design freedom to tire designers. Every segment can be attempted with higher design accuracy percentage. It offers scope for hardening of metal teeth and splines, which increases the durability of mold in the least cost increment.
The mold segments are efficiently designed with closed-end tolerances to ensure accurate tire output when locked in position, forming a strong mold hold for the curing process. When mold segments are in contact with the side-wall plate, there are possibilities of flash formation; the parting line in segmented molds are shifted toward the lower side of the side wall. This feature makes the tire tread area smooth and avoids any flashes or material accumulation. These tire molds also enable replacement of internal grooves by a small replaceable component called the inserts. These inserts fit into the modular pockets of tire molds to offer a wide variety of design type by a single mold. The modular tire mold has high profitability in its lifetime compared with standard molds.
According to a senior analyst at Technavio for wheels and tires research, “This type of mold design provides aftersales service revenues for the tire mold manufacturer. It gives a cost advantage to the tire manufacturer to achieve economies of scale from one mold in case low volume multiple designs are required.”
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Global automotive tire mold market segmentation
The passenger vehicle (PV) segment dominated the market, accounting for a market share of more than 67%. Commercial vehicles (CVs) are expected to pick up pace owing to high demand from the developing nations in APAC. A global upward trend is also being observed from the construction industry, which is expected to generate higher demands for commercial road transportation.
In 2017, entry-level standard vehicles and mid-level vehicles constituted about two-thirds of the global automotive vehicle volume. These two segments generate most of the sales from APAC, with contributions from leading countries such as China, Japan, India, and Thailand. APAC dominated the global automotive tire mold market in 2017 with a market share of close to 55% followed by the Americas and EMEA.
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