Mar 09, 2021
Recovery of Automotive Industry Remains Key to Growth of 3D Wheel Aligners Market: Fact.MR
by Team Fact.MR
The global 3D wheel aligners market plunged into decline due to the outbreak of COVID-19 in 2020. While the automotive industry got battered amidst the pandemic, key players held onto the signs of recovery since the last quarter of 202. The latest edition of the ‘3D wheel aligners’ market study by Fact.MR provides an updated version of the in-depth insights on the market trends and its growth & restraining factors for the forecast period of 2021 to 2031.
According to Fact.MR, slow yet steady progress of the automotive industry will remain key to the growth of 3D wheel aligner manufacturers, while the focus of stakeholders will be on highly lucrative regions such as North America, Europe, and Asia Pacific. Overall, the market outlook will remain positive, and is projected to expand at a steady pace of close to 5% CAGR through 2031.
Key Takeaways from Study
- 4-camera 3D wheel aligners are anticipated to witness highest demand
- High requirement for auto boom and lift version mounting types to propel market growth
- Application in garage and auto manufacturing to fuel sales
- High demand in road vehicles to bolster growth
- The United States to hold a major market share in the world’s largest market for 3D wheel aligners - North America
- China to remain at the forefront of the world’s fastest-growing 3D wheel aligners industry - Asia Pacific
- Germany to emerge dominant in Europe, while the United Kingdom, Canada, India, Japan, and Mexico will have progressive market outlooks through 2031
“While manufacturers of 3D wheel aligners are looking up to the automotive industry to gain traction again, growing demand for 5-camera and 6-camera 3D wheel aligners is bolstering sales further,” says a Fact.MR analyst.
Is Demand from Automotive Industry Rising?
3D wheel aligners are highly required in the automotive industry in order to precisely align wheels on all types of cars. They are also capable in helping tires perform properly and allow them to last longer. As a result, suppliers and manufacturers in this industry are depending on the recovery of the automotive industry after getting over the negative impact of the coronavirus pandemic.
According to a report titled “Automobile Industry in India- Auto Sector Growth Analysis”, published by Invest India, the National Investment Promotion & Facilitation Agency, India is expected to be the world’s third-largest automotive market in terms of volume by 2026. As stated in the report, the industry manufactured 26 Mn vehicles, including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles in April 2019 - March 2020, of which, 4.7 mn were exported. As per data revealed in the report, the automotive industry is projected to grow steadily, overcoming the setbacks due to the pandemic, while the electric vehicles (EV) market will expand at around 44% CAGR over the coming years. This, in turn, will spur the growth of 3D wheel aligner manufacturers in the near future.
Who is Winning in this Space?
The global 3D wheel aligners market is expected to witness steady growth over the coming years, with the competition becoming even tighter for key players. In order to sail through the cut-throat competition, key market players are emphasizing on diversifying their products. For instance,
- Hunter Engineering Company launched its new range of products such as Hunter HawkEye Elite® Wheel Aligner, Safety System Alignment®, and others, during the last 5 years.
- Actia Muller launched its new Workwhop Equipment Solutions, including 3D wheel aligners, a couple of years back.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the 3D wheel aligners market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (2-camera, 3-camera, 4-camera, 5-camera, and 6-camera), mounting type (auto boom, lift version, pit version, and wall mount), application (garages, auto manufacturers, tire manufacturers, and others), and vehicle type (road vehicles and off-road vehicles), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive
E-mail: [email protected]