Home > Automotive > Aftermarket > Maintenance and Service > Wheel Balancing Market

Wheel Balancing Market Analysis

  • Report ID: GMI7203
  • Published Date: Oct 2023
  • Report Format: PDF

Wheel Balancing Market Analysis

Wheel Balancing Market Market Size, By Product Type, 2021-2032 (USD Billion)

To understand key trends  
Download Free Sample
 

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.
 

Wheel Balancing Market Share, By Sales Channel, 2022

To understand key market trends  
Download Free Sample
 

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 Market Size, 2021-2032 (USD Billion)

To understand regional trends  Download Free Sample
 

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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of wheel balancing reached USD 2.4 billion in 2022 and is set to witness 3% CAGR between 2023 and 2032, due to increasing vehicle ownership and usage.

The aftermarket segment held around 60% market share in 2022, as with the expanding vehicle fleet, including both conventional and EVs, the demand for wheel balancing solutions in the automotive aftermarket also rises.

Asia Pacific market accounted for a revenue of USD 0.92 billion in 2022, attributed to this expansion include a rising middle-class population, increased vehicle ownership, and greater mobility demands.

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

Wheel Balancing Market Scope

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 325
  • Countries covered: 20
  • Pages: 300
 Download Free Sample