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.
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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.
|Wheel Balancing Market Size in 2022:
|USD 2.4 Billion
|2023 to 2032
|Forecast Period 2023 to 2032 CAGR:
|2032 Value Projection:
|USD 3.3 Billion
|Historical Data for:
|2018 - 2022
|No. of Pages:
|Tables, Charts & Figures:
|Product type, operation type, sales channel, application
|Pitfalls & Challenges:
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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.