Global Wheel and Tire Equipment Market, By Equipment Type (Wheel Balancer, Tire Changer, Tire Inflator, Wheel Alignment Systems, Lifting Equipment), By Vehicle Type (Two Wheelers, Passenger Vehicle, Commercial Vehicle), By End User (Automotive Repair Shops, Tire Service Centers, Motorcycle Repair Shops, Automotive OEM Dealerships) - Industry Trends and Forecast to 2031.
Wheel and Tire Equipment Market Analysis and Size
The wheels and tire equipment market encompasses a wide range of products and services related to the manufacturing, distribution, and maintenance of automotive wheels and tires. With the global automotive industry experiencing steady growth, the demand for wheels and tire equipment continues to rise. This market includes components such as rims, tires, tire pressure monitoring systems (TPMS), tire changers, wheel alignment machines, and balancing equipment. Key drivers of market growth include increasing vehicle production, technological advancements in tire design and manufacturing, and growing aftermarket sales. The market is competitive, with leading players focusing on innovation, sustainability, and customer-centric solutions.
Data Bridge Market Research analyzes that the global wheel and tire equipment market was valued at USD 3.20 billion in 2023 and is expected to reach USD 4.37 billion by 2031, registering a CAGR of 4% during the forecast period of 2024-2031. Passenger vehicle segments account for the highest market share owing to increasing demand for compact and SUV vehicles from passenger segment. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Equipment Type (Wheel Balancer, Tire Changer, Tire Inflator, Wheel Alignment Systems, Lifting Equipment), By Vehicle Type (Two Wheelers, Passenger Vehicle, Commercial Vehicle), By End User (Automotive Repair Shops, Tire Service Centers, Motorcycle Repair Shops, Automotive OEM Dealerships)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Bridgestone Corporation (Japan), Michelin Group (France), Continental AG (Germany), Goodyear Tire & Rubber Company (U.S.), Pirelli & C. S.p.A (Italy)
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Market Opportunities
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Market Definition
The global wheel and tire equipment market involves tools and machinery used for maintaining and servicing vehicle wheels and tires. This includes equipment such as tire changers, wheel balancers, and alignment machines. Businesses in this market provide solutions for repairing, replacing, and aligning wheels and tires, catering to the automotive industry's needs. The market plays a crucial role in ensuring safe and efficient vehicle performance by offering tools and services that address tire wear, alignment issues, and other maintenance requirements.
Global Wheel and Tire Equipment Market Dynamics
Driver
- Increasig Demand for Passenger Vehicles
The rising demand for passenger vehicles serves as a significant catalyst for the expansion of the global wheel and tire equipment market. As more consumers purchase cars for personal and commercial use, the need for high-quality tires and efficient wheel equipment increases. This trend is fueled by factors such as urbanization, improving economic conditions, and technological advancements in the automotive industry. Manufacturers in this sector are poised to benefit from the growing market opportunities, leading to innovations in tire designs, enhanced durability, and advanced wheel equipment to meet the evolving demands of vehicle owners worldwide.
Opportunity
- Technological Advancements in Wheels and Tire Equipment
Technological advancements in wheels and tire equipment present a significant opportunity for the growth of the global wheel and tire equipment market. Innovations such as smart tires with built-in sensors for monitoring tire pressure and temperature, advanced tread designs for improved performance and durability, and lightweight materials for enhanced fuel efficiency are driving the market forward. In addition, developments in tire manufacturing processes, such as 3D printing and sustainable materials, are opening up new avenues for product innovation and cost-effective production. These technological advancements not only cater to the increasing demand for high-performance vehicles but also address environmental concerns, making them key drivers of market expansion.
Restraint/Challenge
- Volatility of Raw Material Prices
The global wheel and tire equipment market faces a significant restraint due to the unpredictable fluctuations in raw material prices, notably rubber and metals crucial for tire and wheel production. These price variations can disrupt manufacturing operations and profitability for industry players. Moreover, dependency on these materials exposes manufacturers to supply chain risks and challenges in cost management. The volatility in raw material prices necessitates strategic planning, hedging strategies, and adaptation to alternative materials or sourcing methods. Addressing this restraint requires resilience, agility, and proactive measures to mitigate the adverse impacts of raw material price instability on the global wheels and tire equipment market.
Recent Development
- In October 2022, Continental AG announced the expansion of its agricultural tire portfolio, with new sizes for its TractorMaster and CompactMaster AG/EM product lines now available. The tire supplier is thus responding to the trend towards larger and more powerful agricultural machinery and the demand for bigger and more technologically advanced tires
Global Wheel and Tire Equipment Market Scope
The global wheel and tire equipment market is segmented on the basis equipment type, vehicle type, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Equipment Type
- Wheel Balancer
- Tire Changer
- Tire Inflator
- Wheel Alignment Systems
- Lifting Equipment
Vehicle Type
- Two Wheelers
- Passenger Vehicle
- Commercial Vehicle
End User
- Automotive Repair Shops
- Tire Service Centers
- Motorcycle Repair Shops
- Automotive OEM Dealerships
Global Wheel and Tire Equipment Market Region Analysis/Insights
The global wheel and tire equipment market is analyzed and market size insights and trends are provided by country, equipment type, vehicle type and end user as referenced above.
The countries covered in the global wheel and tire equipment market report are U.S., Canada and Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.
North America region is dominating global wheel and tire equipment market due to a robust automotive industry, high vehicle ownership, advanced technology adoption, and strong demand for maintenance equipment.
Asia-Pacific region is the fastest growing region in the market due to robust automotive industry growth, increasing vehicle production, and rising demand for advanced tire maintenance tools in the region.
The country section of the market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Wheel and Tire Equipment Market Share Analysis
The global wheel and tire equipment market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global wheel and tire equipment market.
Some of the major players operating in the global wheel and tire equipment market are:
- Bridgestone Corporation (Japan)
- Michelin Group (France)
- Continental AG (Germany)
- Goodyear Tire & Rubber Company (U.S.)
- Pirelli & C. S.p.A (Italy)
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