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.
Rockville, WA -- (SBWIRE) -- 06/13/2018 -- 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.
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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.
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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.
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