Rockville, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global wheel and tire services equipment market size is slated to reach US$ 4,046.6 million in 2023 and exhibit growth at a CAGR of 3.8% over the forecast period (2023 to 2033). In 2033, sales of wheel and tire service equipment are estimated to reach US$ 5,893.9 million.
Rapid growth of automotive industry due to increasing vehicle ownership rates worldwide is a prominent factor driving the global wheel and tire service equipment market. Similarly, increasing spending on tire and wheel repair by vehicle owners is expected to propel wheel and tire service equipment demand in the global market during the forecast period.
Another significant driver of the wheel and tire service equipment market is the technological advancements in automotive service equipment. With the development of digital technology, sophisticated systems are being made for vehicles, such as remote tire-pressure monitoring systems and advanced brakes.
For Critical Insights on this Market, Get FREE Sample Report! https://www.factmr.com/connectus/sample?flag=S&rep_id=468
These technologies allow for better performance, efficient maintenance, and enhanced safety of the vehicle. Garage owners are gradually shifting their preference towards advanced wheel and tire service equipment to stay ahead of the curve. This will bode well for the market.
Further, automakers are now producing cars that have smart features such as automated parking assist, adaptive cruise control, and lane-keeping systems. These features require complex wheel and tire service equipment that can detect, diagnose, and repair any issues with these systems. This has led to an increase in demand for wheel and tire service equipment that can cater to these needs.
Based on equipment type, wheel alignment systems segment is forecast to hold a massive share of 81.8% of the global wheel and tire service equipment industry in 2023. This is attributed to rising incidence of road accidents due to bad wheel alignment and growing focus of car owners on continuously checking and correcting wheel alignment of their vehicles.
Similarly, development of new advanced wheel alignment system in the market coupled with high adoption of these systems by end users will further boost growth of this segment during the forecast period.
Regionally, Europe will continue to remain at the forefront of the market during the forecast. Strong presence of prominent manufacturers such as Bosch automotive service solutions and SABANA, which provide advanced and innovative products, is a prominent factor driving the wheel and tire service equipment market in Europe.
Further, rapid growth of service centers due to booming automotive industry is also contributing to the growth of this market in Europe.
Key Takeaways:
- By vehicle type, passenger vehicle segment is forecast to reach a valuation of US$ 2,385.5 million in 2023.
- By garage type, automotive OEM dealership segment will account for 26.3% share of the global market in 2023.
- With a market valuation of US$ 716.4 million, North America currently accounts for 17.7% share in the global wheel and tire service equipment market.
- Europe is slated to hold around 30.2% share of the global wheel and tire service equipment industry in 2023.
- China’s wheel and tire service equipment market is forecast to reach US$ 524.7 million in 2023.
Growth Drivers:
- Growing demand for automobiles globally will drive the wheel and tire service equipment market swiftly.
- Increasing incidence of road accidents along with rising awareness about safety norms will positively influence wheel and tire service equipment demand.
- Introduction of automatic wheel and tire servicing equipment will create lucrative growth opportunities for manufacturers.
Restraints:
- Disturbance in supply chain of components and raw materials will limit market expansion.
- Lack of skilled professionals is also limiting market development to some extent.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=468
Competitive Landscape:
Manufacturers are leveraging the technological advancements and capitalizing on the growing demand from automotive industry by developing wheel and tire service equipment that are designed for the new and emerging technologies.
Various manufacturers are investing in research and development in order to create efficient and effective wheel and tire service equipment that are compatible with different vehicles. Further, they are exploring ways to make their products affordable in order to remain competitive in the market. Finally, several manufacturers are offering additional services such as repair and maintenance to meet the changing needs of consumers.
For instance,
- In January 2022, an agreement to implement 50 Blink IQ 200 charging points at 25 firestone comprehensive vehicle maintenance & wheel works tire and auto service locations were announced by Blink Charging Co., a prominent producer of electric vehicle (EV) charging equipment and services. BSRO is a subsidiary of Bridgestone Americas.
- In November 2019, for the company's commercial tire shop in Buffalo, New York, Michael Kislack was hired by McCarthy Tire Service as the new site manager. The shop offers tire sales and service for commercial trucks as well as 24-hour roadside assistance, mounted wheels, and tire sales and service for off-road, commercial, farming, and forestry equipment.
Key Companies Profiled by Fact.MR
- ARI-HETRA
- ARO Equipment PVT LTD.
- Automotive Specialty Equipment, Inc.
- Hennessy Industries
- Hofmann
- Hunter Engineering Company
- Jingjia Auto Equipment
- John Bean
- Martins Industries
- National Auto Tools
- National Auto Tools
- Ravaglioli S.p.A
- Sarveshwari Engineers
- SPACE S.R.L
- Vehicle Service Group (Rotary Lift)
More Valuable Insights on Wheel and Tire Service Equipment Market
In the latest study, Fact.MR offers a detailed study on global wheel and tire service equipment market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of wheel and tire services equipment through detailed segmentation as follows:
By Equipment Type:
- Wheel Alignment System
- Wheel Balancers
- Tire Inflator
- Tire Changer
By Vehicle Type:
- Two Wheelers
- Passengers Vehicles
- Mid-Size & Compact
- Luxury & Premium
- SUVs
- Commercial Vehicles
- Light Commercial Vehicles (LVC)
- Heavy Commercial Vehicles (HVC)
- Coaches & Buses
By Garage Type:
- Automotive original equipment manufacturer (OEM) Dealerships
- Franchise Garage
- Independent Garages
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
Explore Our Safe & Secure Payment Options for Quick Buy – https://www.factmr.com/checkout/468
Key Questions Covered in the Wheel and Tire Service Equipment Market Report
- What is the projected value of the wheel and tire service equipment market in 2023?
- At what rate will the global wheel and tire service equipment market grow until 2033?
- Which are the factors hampering the growth in wheel and tire service equipment market?
- Which region is expected to lead in the global wheel and tire service equipment market during 2023 to 2033?
- Which are the factors driving the wheel and tire service equipment market during the forecast period?
Explore Fact.MR’s Coverage on the Automotive Domain
Wheel Chocks Market: Fact.MR predicts the global wheel chocks market to witness a significant growth rate during the forecast period owing to the rapid expansion of automotive and transportation sectors and growing awareness about the benefits of using wheel chocks.
Wheel Axle Market: As per Fact.MR, global wheel axle sales are forecast to surge at 4.4% CAGR during the projection period, reaching a valuation of over US$ 87 billion by 2029. Rising demand for commercial vehicle production and growing popularity of rolling stock are key factors driving the global wheel axle market.
Wheel Spacers and Adapters Market: The global wheel spacers and adapters market is forecast to exhibit a CAGR of 4.7% through 2029 owing to the rising demand for passenger and commercial vehicles worldwide.
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Connect to Author: Shubham Patidar
Email : shubham@factmr.com
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
