Fact. According to MR’s latest prediction analysis on the global wheel and tyre service equipment market, approximately US$ 4.5 billion in wheel and tyre service equipment would be sold globally by the end of 2026. During the forecast period, 2017-2026, the global wheel and tyre servicing equipment market will grow at a moderate CAGR of 3.5 percent in terms of volume, according to the report.
Increased automotive sales have resulted in an increase in demand for equipment that maintains and services vehicles’ vital components, such as wheels and tyres. Another element boosting demand for wheel and tyre service equipment is vehicle owners’ desire for customization.
Key Insights from the Report
- Approximately 720 thousand units of wheel and tyre service equipment were sold globally in 2017. According to the survey, light cars will be the primary users of wheel and tyre servicing equipment in the future years. The use of wheel and tyre servicing equipment for heavy vehicles, on the other hand, will see the highest volume CAGR of 5% throughout the projection period.
- The majority of wheel and tyre service equipment is likely to be used in independent garages over the projection period. Independent garages from all across the world will have purchased roughly 796 thousand units of wheel and tyre service equipment by the end of 2026.
- Wheel alignment will be employed in more than half of the wheel and tyre service equipment developed worldwide in 2018 and beyond. According to the survey, wheel alignment systems will continue to be the most popular wheel and tyre service equipment in the automobile sector.
- In the global wheel and tyre service equipment environment, Asia-Pacific excluding Japan (APEJ) has been identified as the largest marketplace. The APEJ region’s wheel and tyre service equipment market will continue to rise through 2026, thanks to the presence of automakers in countries like China, India, and South Korea, as well as favourable industrial laws and the availability of low-wage labour.
Wheel Alignment Systems among Equipment Type to Gain Lion’s Share of the Market
Wheel alignment systems are expected to capture the lion’s share of the market in terms of value by the end of 2026.
This is primarily due to the widespread usage of computerised wheel alignment systems, which are fully automated, very precise, and quick to operate.
Manufacturers are also concentrating on the development of wheel alignment systems with features such as wheel clamping protection, user-friendly calibration, and automatic self-check.
In terms of value, Asia-Pacific excluding Japan (APEJ) will continue to be the most profitable market for wheel and tyre servicing equipment, owing to the region’s strong growth in the automotive sector.
Because of the region’s quick technical improvements, Europe will continue to be a promising market for market growth.
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