Rockville, MD -- (SBWIRE) -- 06/24/2019 -- 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.
Improved functional and durability of modern automotive which demonstrate improved longevity of vehicles are poised to drive growth in wheel and tire service equipment market. Wheel and tire services remain core areas in automotive garage equipment space. Improved durability of vehicles leverages routine maintenance programs of automotive components and parts such as wheels and tires, to ensure seamless functionality.
With the advent of high-end vehicles, need for sophisticated technology such as sensor oriented applications to predict and determine servicing needs have emerged as superlative value additions which are projected to entail thriving growth in wheel tire service equipment market. Manufacturers are offering high-end, tire changing and balancing equipment with enhanced capabilities to handle high performance tires.
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Hefty wheel and tire pairs further propel additional features such as sonar driven platforms for routine inspection and quality assurance. The feature is highly compatible with modern needs of predictive maintenance in automotive. Additionally, sophisticated imaging technologies such as 3D imaging aids in rendering balanced diagnostics with the aid of three dimensional image of wheel assembly thereby enabling superlative maintenance. Factors as such are pegged to clock massive demand upsurge, allowing the wheel and tire service equipment market to register concomitant growth.
On the back of fast expanding automotive industry, the APEJ region is likely to retain its dominance as most lucrative regional market. Additionally, under-developed road infrastructure pose greater threat to vehicle durability and functionality, thereby expediting frequent maintenance. These aforementioned factors offer ample stimulus for astral growth in wheel and tire service equipment market.
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Wheel and Tire Service Equipment Market: Overview
The wheel and tire service equipment market has been analyzed in detail to offer definitive forecast insights on the market for the period 2017-26. This report is an exhaustive compilation of a detailed overview of wheel and tire service equipment market and analyzes the market in terms of market dynamics, macro and micro-economic determinants that shape market growth, also shedding light on other relevant factors that direct future prospects of the market trajectory.
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
Wheel and Tire Service Equipment Market: Competition Landscape
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.
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