According to Fact.MR’s newly published report, the global market for wheel and tire service equipment market is expected to record an average 4.0% CAGR, in terms of value, between the period 2017 and 2026. More than 1,600 thousand units of wheel and tire service equipment are pegged to be sold around the world by 2026-end.
Aging vehicles, growing annual mileage and retaining patterns in vehicle owners are creating recurring demand for advanced wheel and tire service equipment. Technological convergence has been scaling down large when and tire service equipment tools, enabling them to fit within automobiles. Equipment optimization has led toward the development of compact, sophisticated products integrated with sensor-based applications for diagnosing real-time service escalation requirements. Manufacturers are now focusing on acquiring proper balance in product mix and placement for meeting expectations in demand and maintaining a competitive advantage. Sonar-driven functions, optical imaging, and virtual reality systems are among high-tech features being implemented in the current wheel and tire service equipment, which in turn are likely to influence demand for these equipment. However, lower uptake of services associated with wheels and tires, and the trend of adoption of do-it-yourself equipment are likely to restrain demand for wheel and tire service equipment.
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Increasing sales of automobiles has instrumented an upsurge in demand for equipment that properly maintain the vehicles and service their key parts such as wheels and tires. Garage owners are installing advanced wheel and tire service equipment to capitalize on growing wheel replacement rate and the degrading quality of tires. Customization needs of vehicle owners is another factor driving the demand for wheel and tire service equipment. Fact.MR’s latest forecast study on the global wheel and tire service equipment market projects that by the end of 2026, wheel and tire service equipment worth over US$ 4.5 Bn will be sold across the globe. The report also reveals that the global wheel and tire service equipment market will expand at a moderate CAGR of 3.5% in terms of volume, during the forecast period, 2017-2026.
Key Insights from the Report
In 2017, around 720 thousand units of wheel and tire service equipment were sold across the globe. The report estimates that wheel and tire service equipment will be predominantly used for light vehicles in the forthcoming years. On the other hand, the use of wheel and tire service equipment for heavy vehicles will register highest volume CAGR of 5% over the forecast period.
Throughout the forecast period, majority of wheel and tire service equipment are expected to be used in independent garages. By the end of 2026, independent garages from all over the world will have bought around 796 thousand units of wheel and tire service equipment.
In 2018 and beyond, more than half of the wheel and tire service equipment manufactured in the world will be used for wheel alignment. The report projects that wheel alignment systems will be remain a top-selling wheel and tire service equipment in the automotive industry. By 2026-end, the demand for wheel balancers will also gain traction, registering sales of more than 488 thousand units.
Asia-Pacific excluding Japan (APEJ) has been observed as the largest marketplace in the global wheel and tire service equipment landscape. High presence of automakers in APEJ countries such as China, India and South Korea, coupled with favorable industrial regulations and availability of low-wage labor, will continue to drive the growth of wheel and tire service equipment market in the APEJ region through 2026. By the end of forecast period, nearly 650 thousand units of wheel and tire service equipment will be sold across the APEJ region.
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Complete research report on Wheel and Tire Service Equipment Market 2019 with top players analysis
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