Automotive Wheel Alignment Service Market
Automotive Wheel Alignment Service Market (Vehicle: Passenger Vehicle [Hatchback, Sedan, and SUV/MUV] and Commercial Vehicle [Light Commercial Vehicle and Heavy Commercial Vehicle]; and Service Provider: OEM [Dealership Authorized and Tire Manufacturers], Franchisee, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Adoption of Computerized Wheel Aligners and Growing Focus on Improving Driver Safety to Boost Global Market
The global automotive sector is no stranger to innovations and fast-paced technological advancements. Due to increasing regulatory pressure and growing interest in safeguarding the environment, automotive manufacturers are required to cut down on their carbon footprint and comply with the regulatory framework. Over the past couple of decades, the automotive sector, particularly in developing regions, has witnessed considerable growth due to a host of factors, including dwindling prices of raw materials, gradual adoption of new manufacturing technologies, improving economic stature of several developing nations such as China, India, Malaysia, Indonesia, and Thailand, among others, and growing support from government authorities.
In addition, as more number of customers are paying attention to maintenance, repairing, and overhaul activities, the adoption of automotive wheel alignment services around the world is expected to witness considerable growth during the assessment period. Moreover, as fuel efficiency and performance of a vehicle continues to remain a top priority for both, consumers as well as manufacturers, considerable progress has been made within the automotive wheel alignment service market over the past few years– a trend that is expected to continue in the upcoming years.
At the back of these factors, the global automotive wheel alignment service market is expected to attain a market value of US$ 2.5 Bn by the end of 2030.
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Entry of Cutting-edge Tire Alignment Machines to Fuel Market Growth
Over the past few decades, automotive manufacturers have deemed tire alignment as one of the key parameters that play a significant role in enhancing the efficiency and overall performance of a vehicle. Tire alignment service is imperative to ensure that the vehicle can be efficiently driven in various terrains and conditions. Some of the key adjustments that are considered during automotive wheel alignment service include camber, caster, and toe. Other secondary adjustments that are introspected are frame angle, wheelbase difference, maximum turns, etc.
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The progress in the tire alignment technology and entry of cutting-edge tire alignment systems have played an essential role in providing a considerable boost to the demand for automotive wheel alignment services over the past few years. Moreover, this trend is expected to gain further momentum during the assessment period. In addition, growing awareness among consumers pertaining to the impact of optimum wheel alignment on the performance of the vehicle is another factor that is projected to propel the automotive wheel alignment service market in the forthcoming decade. Advancements in technology coupled with growing adoption of computerized wheel aligners are further estimated to increase the demand for automotive wheel alignment services.
Growing Popularity of Electric Vehicles to Accelerate Innovations
The growing popularity of electric vehicles, mainly in developed regions is expected to act as a catalyst for innovation in the automotive wheel alignment service market landscape. In addition, advancements in electric power steering coupled with the growing focus on improving driver comfort and safety are some of the other factors expected to propel the demand for automotive wheel alignment services in the upcoming years. Although self-steering vehicles continue to gain more attention than electric power steering systems, the trend is changing. The entry of new steering systems that operate using ABS/ESC systems is likely to provide a boost to the overall adoption of automotive wheel alignment services.
Demand in 2020 to Remain Sluggish amid COVID-19 Pandemic, Market Expected to Bounce Back in 2021
The ongoing COVID-19 pandemic is anticipated to have a serious impact on the overall growth of the global automotive wheel alignment service market particularly in 2020. The automotive sector has received a major setback in 2020 due to the COVID-19 situation. OEMs around the world have been compelled to either completely shut down operations or delay the same due to various restrictions on trade, transportation, and other stringent measures enforced by governments to contain the transmission of the novel COVID-19 virus.
The industrial lockdown in China in the first quarter of 2020 led to major disruptions across the supply chain of the automotive components segment, which, in turn, has hindered the growth of the global automotive wheel alignment service market. However, as governments in several automotive hubs around the world, including China, India, and Germany continue to ease restrictions on the industrial sector, the global automotive wheel alignment service market is projected to gain pace by the end of 2020 or the first quarter of 2021.
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The global automotive wheel alignment service market is expected to expand at a moderate CAGR of ~4% during the forecast period. The market growth can be attributed to booming automotive sector in developing regions of the world, rise in the disposable income of the middle-class population, advancements in wheel alignment technologies and systems, entry of computerized wheel aligners, and growing inclination toward improving driver safety and comfort. Market players should focus on complying with the regulatory framework, and invest in product innovation and new technologies to gain a strong foothold in the current automotive wheel alignment service market landscape.
Automotive Wheel Alignment Service Market: Overview
- The global automotive wheel alignment service market is anticipated to expand at a CAGR of ~4% during the forecast period, owing to rise in sale and production of vehicles across the globe, which has led to increase in consumption. Surge in the per capita income indicates an increase in purchasing capacity of the population in the respective region, which offers lucrative opportunities for investors in the supply chain of the wheel alignment service market to expand their business in the respective region.
- Economic development accompanied by government investments toward increasing employment, reducing inflation rates, and increasing foreign direct investments are expected to enhance the economic status of the population. Therefore, an increase in per capita income, owing to economic development across the globe is fueling the demand for luxury services and products, including household appliances, electronic accessories, and vehicles. A rise in purchasing power is anticipated to increase the preference for buying vehicles among the population, thereby boosting the demand for vehicles, which subsequently boosts the wheel alignment service market across the globe.
Drivers of Automotive Wheel Alignment Service Market
- Rise in demand for vehicles across the globe is likely to boost the automotive wheel alignment market. Rapid urbanization, owing to increase in population seeking employment, development of road and infrastructure, and expansion of the construction industry are expected to fuel the demand for transportation. Furthermore, the expansion of the e-Commerce industry coupled with rapid expansion of the logistics industry across the globe, along with rise in the demand for heavy duty vehicles for cargo transport and shipment is anticipated to increase the demand for heavy commercial vehicles, which, in turn, is anticipated to boost the automotive wheel alignment service market across the globe.
- Rise in demand for maintenance, repairing, and overhaul activities in the automotive aftermarket is likely to enhance the automotive wheel alignment service market across the globe. Major original equipment manufacturers are adopting portable and wireless wheel alignment machines to enhance fuel-efficiency in vehicles, which is anticipated to boost the automotive wheel alignment service market. Rising demand for used vehicles where major consumers adopt wheel alignment service drives the automotive wheel alignment service market across the globe.
Challenges for Automotive Wheel Alignment Service Market
- Major vehicle manufacturers shutdown their plants due to the COVID-19 pandemic, which led to a decline in vehicle production and sale. Prominent automakers, including GM, Ford, and FCA under pressure from unions to protect employees and to follow government advisories decided to idle their plants across the globe. Majority of businesses in every industry are codependent and are a part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services and reduced demand for vehicles across the globe are likely to pose a challenge for the global automotive industry. Furthermore, enforced lockdown worldwide has led people to stay at home, resulting in reduced use of vehicles. The shutdown of shops, service centers, and companies has hampered the global wheel alignment service market.
- Lack of skilled labor and human error may lead to improper wheel alignment, which can cause the vehicle to function improperly and consequently, pose a major challenge to the wheel alignment service
Segmentation of Automotive Wheel Alignment Service Market
- Based on Vehicle, the passenger vehicle segment dominated the global automotive wheel alignment service market due to the rise in production of passenger vehicles across the globe. Demand for luxury or premium passenger vehicles is increasing due to the rise in disposable income of people and an increase in living standards of people across the globe.
- Based on service provider, the OEM segment dominated the market, owing to increase in in-house testing facility where all vehicle tests are carried out, including wheel alignment, crash test, and NVH to improve the vehicle performance. This is likely to boost the automotive wheel alignment service market across the globe.
Automotive Wheel Alignment Service Market: Regional Analysis
- Based on region, the global automotive wheel alignment service market has been segregated into North America, Asia Pacific, Western Europe, Eastern Europe Latin America, and Middle East & Africa
- Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. This is primarily due to the presence of prominent automotive industry in China, Germany, Japan, and India. Major presence of original equipment manufacturers and tier-1 suppliers across Europe who have advanced testing facilities for wheel alignment, is anticipated to drive the automotive wheel alignment service market in the region during the forecast period.
Automotive Wheel Alignment Service Market: Competition Landscape
- Key players operating in the global automotive wheel alignment service market include
- BMW AG
- Bridgestone Corporation
- Continental AG
- DRiV Incorporated
- Ford Motor Company
- General Motors
- Mahindra & Mahindra Ltd.
- Mercedes Benz
- Robert Bosch GmbH
- TBC Corporation
- The Goodyear Tire and Rubber Company
- Tire Prose Francorp
- Toyota Motor Corporation
- Volkswagen AG
- Key players at the global level are expanding their footprint by engaging in mergers & acquisitions with several players in the industry. In 2015, MRF inaugurated the MRF Tyredrome to provide services to customers in Kochi, India. This provides car care service, fully automated diagnostic wheel balancing, and robotic wheel alignment.
Automotive Wheel Alignment Service Market – Scope of the Report
Transparency Market Research’s recent report on the automotive wheel alignment service market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the automotive wheel alignment service market analyzes the scenario for the period of 2019 to 2030, wherein 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the automotive wheel alignment service market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the automotive wheel alignment service market gives readers an individual understanding of the market.
This study also discusses underlying trends and impact of various factors that are driving the automotive wheel alignment service market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the automotive wheel alignment service market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in This Report on Automotive Wheel Alignment Service Market
- How much value will the automotive wheel alignment service market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and their effects on the market for automotive wheel alignment services?
- What regions currently contribute the maximum share to the overall automotive wheel alignment service market?
- What are the indicators expected to drive the automotive wheel alignment service market?
- Which region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the automotive wheel alignment service market to expand their geographic presence?
- What are the major advancements witnessed in the automotive wheel alignment service market?
- How regulatory norms affected the market for automotive wheel alignment service market?
This report answers these questions and more about the automotive wheel alignment service market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Automotive Wheel Alignment Service Market – Research Methodology
This TMR report on the automotive wheel alignment service market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive wheel alignment service market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive wheel alignment service market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive wheel alignment service market with both a bottom-up and top-down approach.
This detailed assessment of the automotive wheel alignment service market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive wheel alignment service market is estimated to expand are based on carefully vetted primary and secondary sources.
Automotive Wheel Alignment Service Market – Segmentation
This report on the automotive wheel alignment service market provides information on the basis of vehicle, service provider, and region.