Wheel Balancing Market Size - By Product Type (Static Wheel Balancing Machines, Dynamic Wheel Balancing Machines, Bubble Wheel Balancing Machines), Operation Type (Automatic, Semi-automatic, Manual), Sales Channel, Application & Global Forecast, 2023 - 2032

Wheel Balancing Market Size

Wheel Balancing Market size was valued at USD 2.4 billion in 2022 and is anticipated to register a CAGR of over 3% between 2023 and 2032, due to increasing vehicle ownership and usage. The growing adoption of Electric Vehicles (EVs) is driving the market. EVs, with their unique weight distribution and sensitive tire requirements, demand precise wheel balancing to ensure optimal performance and range. According to the India Brand Equity Foundation, the global EV market was worth approximately USD 250 billion in 2021 and by 2028, it is projected to grow by five times to USD 1,318 billion. Also, the Indian government has committed that 30% of the new vehicle sales in the country would be electric by 2030.
 

The continuous technological advancements are fueling the wheel balancing market. Modern systems incorporate sophisticated sensors, precision calibration, and automated features, enabling more accurate and efficient wheel balancing. For instance, in May 2023, Dannmar upgraded its DB-70 Automatic Wheel Balancer that provides dependable and consistent performance, powered by Digital Sensor Technology and seven distinct balancing modes. This technology ensures precise and reliable wheel balancing for various applications in the automotive industry. Such innovations reduce service times, enhance balancing precision, and support a wider range of vehicle types, from traditional to electric and autonomous vehicles. As automotive technology evolves, the demand for state-of-the-art wheel balancing solutions rises, driving market growth and evolution.
 

The shortage of skilled wheel balancing technicians poses a challenge in the wheel balancing market. As vehicle technology becomes more advanced, the demand for competent professionals to operate complex & computerized wheel balancing equipment is on the rise. The scarcity of trained technicians hinders the industry's ability to meet this demand, leading to longer service times and decreased quality of service. Bridging this skills gap is essential for the market to effectively address the evolving needs of modern vehicles and maintain customer satisfaction.
 

COVID-19 Impact

The COVID-19 pandemic had negative impacts on the wheel balancing market as it disrupted automotive and transportation industries. Lockdowns and reduced mobility resulted in a decreased demand for vehicle maintenance services including wheel balancing. Many businesses faced financial challenges, leading to deferred or cancelled maintenance, affecting service providers. Additionally, supply-chain disruptions hampered the availability of equipment and materials. Overall, the pandemic created a challenging environment for the market with reduced customer demand and operational constraints.
 

Wheel Balancing Market Trends

Mobile wheel balancing is an emerging trend in the wheel balancing industry, offering on-the-go services at customer locations. This approach provides convenience and flexibility, eliminating the need for customers to visit service centres. Mobile units equipped with advanced balancing equipment can cater to a wider customer base, including individuals, fleet owners, and businesses. As the demand for efficient and customer-centric services grows, mobile wheel balancing will meet the need for quick, on-site solutions, making it a prominent trend in the industry.
 

Automated wheel balancing is gaining traction in the wheel balancing industry, representing a shift toward increased efficiency and precision in the industry. Automated machines and systems are becoming more prevalent, reducing the need for manual labour, and minimizing human errors. These systems can quickly and accurately identify imbalances and apply the necessary adjustments, improving service quality and shortening the wait times for customers. This trend aligns with the demand for faster, more consistent, and technologically advanced wheel balancing services.
 

Wheel Balancing Market Analysis

Based on product type, the dynamic wheel balancing machines segment is expected to grow significantly through 2032, owing to the evolving vehicle technology. Dynamic wheel balancing machines cater to the increasing demand for real-time on-the-move balancing solutions. As vehicles become more complex, with features such as autonomous driving and electric powertrains, dynamic balancing addresses the need for immediate adjustments to ensure optimal performance, ride comfort, and safety. This trend reflects the market's adaptability to the changing automotive landscapes, making it a crucial element in the wheel balancing industry’s expansion.
 

Based on sales channel, the aftermarket segment accounted for 60% of the wheel balancing market share in 2022. The expanding vehicle fleet, including both conventional and EVs, boosts the demand for wheel balancing solutions in the automotive aftermarket. Additionally, the awareness of the importance of regular maintenance and balancing for safety and performance is enhancing the aftermarket segment's prospects.
 

Asia Pacific wheel balancing market size dominated around USD 0.92 billion in 2022. Factors contributing to this expansion include a rising middle-class population, increased vehicle ownership, and greater mobility demands. As the automotive industry continues to flourish, the need for wheel balancing services to maintain safety and performance also grows. According to the India Brand Equity Foundation, the Indian government expects the automobile sector to attract USD 8-10 billion in local and foreign investments by the end of 2023. Moreover, the adoption of advanced vehicle technologies and EVs in the region will further propel the market, making Asia Pacific a vital area of growth in the wheel balancing sector.
 

Wheel Balancing Market Share

The major companies operating in the wheel balancing industry are-

• Hunter Engineering Company
• Snap-on Incorporated
• Robert Bosch GmbH
• 3M
• Corghi S.p.A.
• ravaglioli.com
• BendPak Holdings LLC.

Hunter Engineering Company dominates the market owing to its consistent commitment to innovations and precision. The company offers a comprehensive range of advanced wheel balancing equipment with cutting-edge technology, providing accuracy and speed. Its customer-focused approach, extensive support network, and user-friendly solutions have earned the trust of automotive service providers.
 

Wheel Balancing Industry News

• In November 2022, Bosch announced an investment of approximately USD 10 billion in digitalization and connectivity by 2025. As automotive technology evolves toward sustainability and digital solutions, this investment is aimed at facilitating advancements in wheel balancing equipment and enhancing efficiency, precision, and sustainability, ultimately improving service quality in the market.
   

The wheel balancing market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Product Type

• Static wheel balancing machines
• Dynamic wheel balancing machines
• Bubble wheel balancing machines
• Others

Market, By Operation Type

• Automatic
• Semi-automatic
• Manual

Market, By Sales Channel

• OEM
• Aftermarket

Market, By Application

• Commercial vehicle

• Passenger vehicle

The above information has been provided for the following regions and countries:

• North merica
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia