Automotive Wheel Alignment System Market: Introduction
- Automotive wheel alignment system refers to the alignment or adjustment of the front wheel suspension and steering mechanism of an automotive vehicle. The key to proper alignment is adjusting the angles of the tires, which affects the wheel contact with the road.
Key Drivers of Automotive Wheel Alignment System Market
- Increasing need for vehicle and passenger safety is a major factor driving the wheel alignment system market. The constant velocity (CV) joint is a highly complex part in a vehicle. The constant velocity (CV) joint and its components, such as the CV axle, enable the front wheels to both steer and drive the car. Misaligned wheels may cause damage to vehicle tires, reducing vehicle mileage or in some case may lead to vehicle crashes owing to improper steering operation. Therefore, vehicle manufacturers suggest wheel alignment to be carried out every six months or after every 10,000 kilometers, whichever occurs first. The procedure to align the wheels is inexpensive and requires less time and therefore, majority of consumers undertake this procedure on time. Furthermore, wheel alignment needs to be carried out periodically in order to achieve high performance and efficiency of vehicles and vehicle brake components, which in turn is driving the wheel alignment system market.
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Challenges in Automotive Wheel Alignment System Market
- Design and manufacturing of the wheel alignment machines is complex and hence, the cost of production of these machines is high. Moreover, the space required for installation of the machine is large, which adds to the need for more land to build the facility and install the machine. Furthermore, the initial installation cost of the whole wheel alignment system is high. Additionally, a skilled technician is required to operate, repair, and maintain the wheel alignment machine. All these expenses add on to the final cost of the wheel alignment service machine. Therefore, the high cost of initial setup and high cost of wheel alignment machine is expected to hinder the global automotive wheel alignment system market.
- The COVID-19 pandemic has affected domestic as well as international automotive supply chains, manufacturing and R&D operations, thus hampering the automotive industry. Post first wave of COVID-19, global economies have started to open automotive manufacturing and supply chain operations, thus the COVID impact on the industry have seems to reached a state of normalcy, however, resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, the uncertainty in the automotive industry continues. A gradual recovery in demand for automotive and ancillaries is anticipated in the next few months despite concerns around the risk of a second wave of infection in several countries and other geopolitical risks.
Opportunities in Automotive Wheel Alignment System Market
- Easy access to passenger cars at a significantly lower cost is driving the global vehicle subscription industry. Consequently, this is fueling the number of passenger cars moving on the road. Therefore, this scenario is offering significant opportunity for the global wheel alignment system market.
Automotive Wheel Alignment System Market in Asia Pacific to expand at a notable growth rate
- Asia Pacific an expanding and major market for automotive wheel alignment, owing to rapid urbanization, increase in population, industrialization, increase in per capita income, surge in economic activity, development of road and infrastructure, and expansion of the construction industry, which are expected to fuel the demand for transportation. Furthermore, expansion of the e-commerce industry coupled with rapid expansion of the road logistics network is rapidly propelling the automotive industry and subsequently, the wheel alignment systems market in Asia Pacific.
Key Players Operating in Automotive Wheel Alignment System Market
The global automotive wheel alignment system market is moderately consolidated. A few of the key players operating in the global automotive wheel alignment system market are:
- BMW AG
- Bridgestone Corporation
- Continental AG
- DRiV Incorporated
- Ford Motors
- General Motors
- Mahindra & Mahindra Ltd.
- Mercedes Benz
- Robert Bosch GmbH
- TBC Corporation
- The Goodyear Tire & Rubber Company
- Tire Pros Francorp
- Toyota Motor Corporation
- Volkswagen AG
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Global Automotive Wheel Alignment System Market: Research Scope
Global Automotive Wheel Alignment System Market, by Vehicle Type
- Passenger Vehicle
- Light Duty Vehicle
- Medium and Heavy Duty Trucks
- Buses & Coaches
Global Automotive Wheel Alignment System Market, by Type
- Toe- in / Toe-out Adjustment
- Camber Adjustment
- Caster Adjustment
- Four Wheel Adjustment
Global Automotive Wheel Alignment System Market, by System Type
- Laser Alignment System
- Condition Monitoring
- Measuring Tools
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.