Wheel and Tire Service Equipment Market

Wheel and Tire Service Equipment Market Outlook (2023-2033)

The wheel and tire service equipment market is estimated to reach valuation of US$ 4,046.6 Million in 2023 and will top US$ 5,893.9 Million by 2033, growing with a CAGR of around 3.8% from 2023-2033.

The automotive repair and maintenance market was valued around US$ 685 billion in 2022. The use case of wheel and tire service equipment market in automotive repair and maintenance market is on the rise owing to higher spending on tire and wheel repair.

Report Attributes	Details
Wheel and Tire Service Equipment Market Size (2022A)	US$ 3,887.4 Million
Estimated Market Value (2023E)	US$ 4,046.6 Million
Forecast Market Value (2033F)	US$ 5,893.9 Million
Global Market Growth Rate (2023-2033)	3.8% CAGR
North America Market Share (2023)	17.7%
North America Market Value (2023)	US$ 716.4 million
Europe Market Share (2023)	30.2%
Europe Market Value (2023)	US$ 1,220.5 million
China Market Share (2023)	13.0%
China Market Value (2023)	US$ 524.7 million
Market Share of Top 3 Countries	35.8%
Key Companies Profiled	ARI-HETRA ARO Equipments PVT LTD. Automotive Specialty Equipment, Inc. Hennessy Industries Hofmann Hunter Engineering Company Jingjia Auto Equipment John Bean Martins Industries National Auto Tools Ravaglioli S.p.A Sarveshwari Engineers SPACE S.R.L. Vehicle Service Group (Rotary Lift)

Sales Analysis of Wheel and Tire Service Equipment (2018-2021) Vs. Market Outlook (2023-2033)

Wheels and tires are not just necessary parts of a car/vehicle but also parts that improve the performance and style of the vehicle. They're among the simplest and most useful modifications an automobile enthusiast can make, whether for the track, the street, or the trail.

Around the world, the importance of performing timely preventative maintenance on cars, and light or heavy vehicles have increased significantly. The majority of people work to keep their cars in good condition. Daily commuters are paying more attention to keeping their cars maintained. All these factors will act as a driving factor for the growth of the market.

The automobile aftermarket is going through significant changes as a result of changing consumer expectations, accelerating technical advancements, and changes in the competitive landscape. These modifications will alter how consumers, automotive suppliers, and other aftermarket businesses perceive automobiles and related services.

• Short Term (2023 Q1 to 2026): Increasing number of car sales and hence its maintenance services will aid wheel and tire service equipment market growth.
• Medium Term (2026- 2029): North America, East Asia and Europe is anticipated to witness comparatively high wheel and tire service equipment demand due to increasing demand automotive industry in the regions.
• Long Term (2029- 2033): Integrating new advanced technology for improving the efficiency and addition of advanced features of the product can open doors to new opportunities for the wheel and tire service equipment manufacturers.

From 2018 to 2022, the global market for wheel and tire service equipment registered a CAGR of 2.4%. Fact.MR, a market research and competitive intelligence provider, reveals that the market will exhibit growth at 3.8% CAGR between 2023 and 2033.

What’s Driving High Demand for Wheel and Tire Service Equipment across Regions?

“Technological advancements in wheel and tire service equipment to propel the market”

Advance technology has significantly increased the demand for new vehicle adoption. The requirements for modern cars have also been satisfied by rising innovation and increased expenditure in research and development. A number of adjustments have also been made in the garage equipment sector to increase the durability and caliber of the products.

The development of newer, more effective garage equipment has also given training institutes new options. Sonar guidance capabilities, virtual reality systems, and optical imaging are among the high-tech features that should be implemented in the essential products of wheel and tire service equipment, which could impact demand for these devices.

Additionally, the increasing sales of wheel and tire-related services and a trend toward the adoption of do-it-yourself equipment should increase the demand for wheel and tire service equipment in the future.

“Mounting automotive industry to contribute to the sales of wheel and tire service equipment”

The automobile industry is witnessing a speedy recovery trend from the second quarter of 2021 onwards, and sales of new and used cars are showing remarkable growth in major countries around the world.

The price competitiveness of new entrants is a bright spot in the automotive industry, especially in the used car sector. The investment made by industry participants to establish dealer networks in the marketplace is one of the reasons for the increasing volume of new and used vehicle sales worldwide.

According to a survey, approximately 62% of vehicle loans were taken for the purchase of second-hand or used vehicles. The used vehicles are supposed to undergo several modifications that will enhance their efficiency and longevity of the vehicle. Hence, the demand for used vehicles will propel the market for wheel and tire service equipment.

What Do Wheel and Tire Service Equipment Manufacturers Need to Watch Out?

“Disruptions in the supply chain of raw material and components to hamper market”

The covid-19 pandemic has led to the rise of many issues in the supply chain of raw materials. The automotive industry and its sectors such as maintenance centers, and garages are highly affected due to such supply chain problems.

The shortage of components required for the manufacturing and maintenance of vehicles has affected the sales of the automobile industry. Also, the shortage of semiconductor chips is affecting the automotive industry which has a domino effect on the sales of wheel and tire service equipment.

Country Wise Analysis

How Japan Wheel and Tire Service Equipment Market will grow?

Modernizing existing repair facilities and independent garages, as well as rising car sales in nations of the East Asia region, are factors that are driving demand in the wheel and tire service equipment market. Additionally, the market is expected to grow in the future as OEMs begin giving priority to the gathering of data on improving vehicle performance, which increases the need for appropriate equipment for the maintenance of vehicles.

The average monthly maintenance expenditures for private passenger cars in Japan were reported to be around US$ 95 in June 2022, which demonstrated a slight increase from roughly US$ 88 in 2021.

On the basis of the previously described factors and trends, it is anticipated that Japan will offer a variety of opportunities for revenue generation for the market players. Japan will capture a market share of 26.3% in the East Asia region in 2023.

How Market for Wheel and Tire Service Equipment is Estimated to Rise in U.S.?

The United States is home to a large automotive industry, making it an important market for wheel and tire service equipment in North America. According to Fact.MR analysis, the North American wheel, and tire service equipment market is expected to expand at a CAGR of 3.7% in the forecast period and the U.S. is expected to achieve a valuation of US$ 656.5 million in 2023.

Living spaces such as villas, bungalows, and single-family homes in the U.S. have built-in personal garages. This has increased the demand for basic garage equipment such as wheel balancers, tire changers, wheel alignment systems, etc. It is estimated that the market will grow rapidly in all developed economies like the U.S. in the near future as people around the world increasingly prefer smooth and comfortable driving experience.

Analyzing the current scenario, it is estimated that the residents of the U.S. will be more inclined to maintain their vehicles properly due to their higher standard of living and higher disposable income, which will increase the demand for wheel and tire service equipment in the country.

Category wise Insights

How Increased Demand for Wheel Alignment System Will Contribute to Rise in the Market?

The wheel alignment system is an important segment that will lead to the proper servicing of the vehicles. This system should have minimal set-up time and should be quick, which provides accurate results when aligning today's complex tire and wheel combinations.

The most advanced computer-aided alignment systems include high-resolution cameras that quickly and easily measure the position and alignment of the required targets mounted on each wheel. These machines can instantly invoke OE-specific alignment procedures.

An accurate and efficient wheel alignment system features 3D technology that increases efficiency, impresses customers and drives repeat business. Therefore, the market for wheel alignment systems is poised to rise and capture a revenue share of 81.8% in 2023.

Which Type of Garage Type is Expected to Grow during the Forecast Period?

On the basis of workshop types, the wheel and tire service equipment market is segmented into automotive OEM dealers, franchise, and independent garages. According to Fact.MR analysis, the automotive OEM dealer segment will account for 26.3% revenue share of the global market in 2023.

The automotive OEM dealer segment also has higher chances of growth in the coming years as independent garage owners are unlikely to be able to maintain and afford advanced and quality maintenance systems for luxury vehicles.

Currently, independent garages hold the maximum share in the garage-type segment. Many vehicle owners prefer this option because of its cost-effectiveness and also the use of quality equipment for the maintenance of the vehicles. The independent garage sub-segment is expected to enjoy a valuation of US$ 1,968.7 million in 2023.

Competitive Landscape

Fact.MR profiled the following top companies in wheel and tire service equipment market in its report. Those companies are ARI-HETRA, ARO Equipments PVT LTD., Automotive Specialty Equipment, Inc. , Hennessy Industries, Hofmann, Hunter Engineering Company, Jingjia Auto Equipment, John Bean, Martins Industries, National Auto Tools, Ravaglioli S.p.A, Sarveshwari Engineers, SPACE S.R.L., Vehicle Service Group (Rotary Lift).

Manufacturers of automobiles and automotive components and equipment are putting more emphasis on new product development initiatives to increase their customer base in response to the rising demand for automobiles globally. Furthermore, manufacturers are expanding their product ranges and raising the quality of their products due to the emerging sector of electric vehicles.

Manufacturers are now focused on achieving the right balance of product mix and placement to meet demand expectations and maintain competitive advantage.

Fact.MR has provided detailed information about the price points of key manufacturers of wheel and tire service equipment positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Wheel and Tire Service Equipment Industry Research

• By Equipment Type :

  • Wheel alignment systems
  • Wheel balancers
  • Tire Inflator
  • Tire Changer

• By Vehicle Type :

  • Two Wheelers
  • Passenger Vehicle
    • Mid-Size & Compact
    • Luxury & Premium
    • SUVs
  • Commercial Vehicle
    • LCV
    • HCV
    • Coaches & Buses

• By Garage Type :

  • Automotive OEM Dealerships
  • Franchise Garage
  • Independent Garages

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Middle East & Africa