Rockville, MD, Feb. 15, 2018 (GLOBE NEWSWIRE) — Increasing sales of automobiles has instrumented an upsurge in demand for equipment that properly maintain the vehicles and service their key parts such as wheels and tires. Garage owners are installing advanced wheel and tire service equipment to capitalize on growing wheel replacement rate and the degrading quality of tires. Customization needs of vehicle owners is another factor driving the demand for wheel and tire service equipment. Fact.MR’s latest forecast study on the global wheel and tire service equipment market projects that by the end of 2026, wheel and tire service equipment worth over US$ 4.5 Bn will be sold across the globe. The report also reveals that the global wheel and tire service equipment market will expand at a moderate CAGR of 3.5% in terms of volume, during the forecast period, 2017-2026.
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Key Insights from the Report
1- In 2017, around 720 thousand units of wheel and tire service equipment were sold across the globe. The report estimates that wheel and tire service equipment will be predominantly used for light vehicles in the forthcoming years. On the other hand, the use of wheel and tire service equipment for heavy vehicles will register highest volume CAGR of 5% over the forecast period.
2- Throughout the forecast period, majority of wheel and tire service equipment are expected to be used in independent garages. By the end of 2026, independent garages from all over the world will have bought around 796 thousand units of wheel and tire service equipment.
3- In 2018 and beyond, more than half of the wheel and tire service equipment manufactured in the world will be used for wheel alignment. The report projects that wheel alignment systems will be remain a top-selling wheel and tire service equipment in the automotive industry. By 2026-end, the demand for wheel balancers will also gain traction, registering sales of more than 488 thousand units.
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4- Asia-Pacific excluding Japan (APEJ) has been observed as the largest marketplace in the global wheel and tire service equipment landscape. High presence of automakers in APEJ countries such as China, India and South Korea, coupled with favorable industrial regulations and availability of low-wage labor, will continue to drive the growth of wheel and tire service equipment market in the APEJ region through 2026. By the end of forecast period, nearly 650 thousand units of wheel and tire service equipment will be sold across the APEJ region.
The report has also identified the key players in the global wheel and tire service equipment market. Companies namely, Arex Test Systems B.V., Boston Garage Equipment Ltd., Robert Bosch GmbH, Continental AG, Aro Equipments Pvt. Ltd LKQ Coatings Ltd., Istobal S.A., Con Air Equipments Private Limited, Vehicle Service Group, Gray Manufacturing Company, Inc., Symach SRL Standard Tools and Equipment Co., VisiCon Automatisierungstechnik GmbH, MAHA Mechanical Engineering Haldenwang GmbH & Co. KG, Snap-on Incorporated, Samvit Garage Equipments, Sarveshwari Technologies Limited (SARV), Oil Lube Systems Pvt Ltd., Guangzhou Jingjia Auto Equipment Co., Ltd., and Nussbaum Automotive Solutions Lp have been profiled in the report as global leaders in manufacturing wheel and tire service equipment. These companies are expected to remain active throughout the forecast period in the expansion of the global wheel and tire service equipment market.
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