Automotive Wheel Alignment System Market 2020-2024 | Increasing Number of Vehicles Globally to Emerge as Top Driver | Technavio

Technavio has announced its latest market research report titled Global Automotive Wheel Alignment System Market 2020-2024 (Graphic: Business Wire)

LONDON--()--Scope of the report

This report provides a detailed analysis of the automotive wheel alignment system market by type (CCD WAS, 3D WAS, and DIY WAS) and geography (APAC, Europe, North America, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including CEMB Spa, Dover Corp., Elgi Equipments Ltd., Fori Automation Inc., HAWEKA AG, Hunter Engineering Co., Manatec Electronics Pvt. Ltd., Robert Bosch GmbH, Snap-on Inc., and Technomatic Automotive Components Pvt. Ltd. Stringent regulations to control emissions and maximize fuel efficiency is a key trend in the global automotive wheel alignment system market which will lead to significant market growth. Proper wheel alignment ensures optimal fuel efficiency in the vehicle. With the growing stringency of regulations relating to emissions coupled with rising fuel prices, consumers are forced to perform regular wheel alignment tests for their vehicles. All these factors are leading to a positive outlook for the automotive wheel alignment system market.

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Automotive Wheel Alignment System Market: Segmentation by Geography

The market is segmented into five regions encompassing APAC, Europe, North America, South America, and MEA. APAC was the largest market for automotive wheel alignment system in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 55% of the market’s growth will originate from APAC during the forecast period. This is due to the high adoption of passenger cars and commercial vehicles in the region. Also, consumers in the region are price-sensitive and do not change or replace their cars as frequently as in other regions. These factors are providing significant opportunities for market vendors. China and Japan are the key markets for the automotive wheel alignment system in APAC.

Automotive Wheel Alignment System Market: Segmentation by Type

The automotive wheel alignment system market is segmented into three segments based on the type comprising of CCD WAS, 3D WAS, and DIY WAS. The CCD WAS segment emerged as the leading segment during 2019. The growth of the segment is mainly driven by the low cost of CCD WAS compared to other systems such as 3D WAS. These systems find high adoption in price-sensitive markets such as India. Moreover, CCD WAS aligns with a large number of vehicle types when compared with 3D WAS, which makes it an ideal choice among repair shops. These factors are creating significant growth potential in the segment.

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Automotive Wheel Alignment System Market: Growth Drivers

Increasing number of vehicles globally will drive market growth. Globally the rate of adoption of automobiles has increased significantly over the years. Modern vehicles have rigid construction, a long-lasting and highly durable engine, and undergo regular maintenance. This is increasing the average lifespan of vehicles. In addition, sports-utility vehicles (SUVs), multi-purpose vehicles (MPVs), crossovers, and pickup trucks require proper and regular maintenance intervals as they are generally used for long-distance travels. These factors are creating significant demand for automotive repair and maintenance services for essential components such as tire, suspension, and wheels, which is fueling the growth of the market in focus.

Automotive Wheel Alignment System Market: Market Overview

The automotive wheel alignment system market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. CEMB Spa, Dover Corp., and Elgi Equipments Ltd. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, low-cost automotive WASs from Chinese manufacturers will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Automotive wheel alignment system Market: Parent Market Overview

Technavio categorizes the global automotive wheel alignment system (WAS) market as a part of the global automotive components and accessories market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles such as passenger cars, electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers.

Growth in the global automotive components and accessories market will be driven by the increase in electronic components in automobiles.

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Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com

Release Summary

The Global Automotive Wheel Alignment System Market will grow by $ 276.11 mn during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com