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.
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.
(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Wheel Alignment Systems among Equipment Type to Gain Lion’s Share of the Market
On the basis of equipment type, wheel alignment systems are likely to gain lion’s share of the market by 2026-end, in terms of value. This is mainly because of penetration of computerized wheel alignment systems, which are completely automatic, highly accurate, precise and quick in operation. In addition, manufacturers are focusing on the development of wheel alignment systems with properties such as protection in wheel clamping, user-friendly calibration and automatic self-check.
In terms of value, Asia-Pacific excluding Japan (APEJ) will remain the most lucrative market for wheel and tire service equipment, mainly driven by the robust expansion of the automotive sector in the region. In addition, relatively less developed roadways in suburban as well as in various urban areas has led to higher prevalence of damage to vehicles in the region. Europe will also remain a lucrative region for the market growth on the back of rapid technological advancements in the region’s automotive industry.
Key Research Findings from Fact.MR’s Report
- Light vehicles and two wheelers will account for largest shares of the market, in terms of revenues
- Based on garage type, automotive OEM dealerships will continue to be dominant in the market, followed by franchise garage
Imperative assets of market players include brand image and penetration through state-of-the-art equipment. In addition, wheel and tire service equipment manufacturers are infusing relatively lower cost products for attracting smaller, price-sensitive garages. Key players identified by Fact.MR’s report include Arex Test Systems B.V., Robert Bosch GmbH, Aro Equipments Pvt. Ltd, Istobal S.A., Vehicle Service Group, Symach SRL, VisiCon Automatisierungstechnik GmbH, Snap-on Incorporated, Sarveshwari Technologies Limited (SARV), and Guangzhou Jingjia Auto Equipment Co., Ltd.
Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR
Surging average vehicle age has been triggering demand for maintenance and replacement of wheels and tires in automobiles, thereby creating demand for relevant service equipment. Growing awareness of consumers regarding vehicle safety and repair, surging OEM dealerships and increasing number of specialty wheel and tire shops are further supporting demand for wheel and tire service equipment. This Fact.MR report discusses key prospects for growth of global wheel and tire service equipment market during the forecast period, 2017-2026, offering pragmatic insights to lead market players towards devising & implementing informed strategies.
The scope of the report is to analyze the global wheel and tire service equipment market for the period 2017-2026 and give readers an accurate, unbiased analysis. Wheel and tire service equipment manufacturers, suppliers, and stakeholders in the overall automotive market can benefit from the insights offered in this report. The comprehensive analysis offered in the report can also be of interest to leading automotive journals and trade magazines.
The report begins with a concise summary of the global wheel and tire service equipment market. This executive summary sets the tone for the rest of the report, giving users the scope of the report. The executive summary includes important facts and statistics on the global wheel and tire service equipment market.
The next section is an overview of the global wheel and tire service equipment market. This includes the introduction to the market and a standard definition of the product – wheel and tire service equipment. In this section, year-over-year growth and market value is offered to readers. Year-over-year growth gives readers a broader picture on growth patterns during the forecast period.
The next section of the report offers a thorough description of the latest macroeconomic factors that have a bearing on the global wheel and tire service equipment market. Considering the interconnectedness of the wheel and tire service equipment market to global automotive market and, in general, the global economy, readers will get valuable insights on how international developments impact this market.
In a bid to keep readers up-to-date on the latest developments in the global wheel and tire service equipment market, the report offers readers a roundup of the latest trends impacting the market. As the automotive sector is ever-evolving, staying abreast with latest trends and developments is paramount to formulating key business strategies. Information on supply chain, cost structure, pricing analysis, raw material sourcing, and list of distributors are offered to readers in this section.
Considering the broad scope of global wheel and tire service equipment market, the report includes a segment-wise analysis and forecast. The global wheel and tire service equipment market is segmented into equipment type, garage type, vehicle type, and region. Through this section, the report offers an in-depth country-wise forecast on every parameter associated with wheel and tire service equipment.
The concluding section of the report profiles companies operating in the global wheel and tire service equipment market. Companies of all sizes, including market leaders, established players, and market entrants are profiled in this section. The competitive intelligence offers information on company overview and other important parameters, such as product offerings and key financials.
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