The global wheel and tire service equipment market is projected to reach a valuation of US$ 4,046.6 million in 2023 and expand at a CAGR of 3.8% during the forecast period from 2023 to 2033. By 2033, market revenues are anticipated to reach US$ 5,893.9 million.

The rapid expansion of the automotive industry, driven by rising vehicle ownership rates worldwide, remains a key factor fueling the demand for wheel and tire service equipment. Additionally, growing expenditures on tire and wheel repair by vehicle owners are expected to bolster market growth over the forecast period.

Technological advancements in automotive service equipment are also playing a pivotal role in shaping the market's trajectory. Innovations such as remote tire-pressure monitoring systems and advanced braking technologies are driving the development of sophisticated automotive service solutions, further propelling demand for wheel and tire service equipment globally.

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These technologies enhance vehicle performance, streamline maintenance, and improve safety. Consequently, garage owners are increasingly adopting advanced wheel and tire service equipment to remain competitive, which is expected to drive market growth.

Additionally, automakers are integrating smart features into vehicles, such as automated parking assist, adaptive cruise control, and lane-keeping systems. These features necessitate sophisticated wheel and tire service equipment capable of detecting, diagnosing, and repairing related issues, further fueling demand for such equipment.

Wheel Alignment Systems are projected to dominate the market, accounting for 81.8% of global industry revenue in 2023. This significant share is driven by the rising prevalence of road accidents caused by poor wheel alignment and the increasing focus of vehicle owners on maintaining proper wheel alignment. Moreover, the development of advanced wheel alignment systems and their growing adoption by end-users are expected to bolster the segment’s growth throughout the forecast period.

Europe is anticipated to lead the global market during the forecast period. The region's dominance is attributed to the strong presence of leading manufacturers like Bosch Automotive Service Solutions and SABANA, known for offering innovative and advanced products. Additionally, the rapid expansion of service centers, supported by the thriving automotive industry, is further contributing to market growth in Europe.

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Key Takeaways:

• The passenger vehicle segment is projected to reach a valuation of US$ 2,385.5 million in 2023, reflecting its significant contribution to the global wheel and tire service equipment market.
• By garage type, the automotive OEM dealership segment is expected to account for 26.3% of the global market share in 2023, driven by the increasing reliance on OEM service centers for specialized maintenance and repair services.
• In terms of regional distribution, North America holds a market valuation of US$ 716.4 million, representing 17.7% of the global market. Meanwhile, Europe is forecast to capture approximately 30.2% of the global market share in 2023, maintaining its leadership position.
• In China, the wheel and tire service equipment market is anticipated to achieve a valuation of US$ 524.7 million in 2023, reflecting the region's growing automotive sector and rising adoption of advanced service technologies.

Growth Drivers:

• The global demand for automobiles is set to propel rapid growth in the wheel and tire service equipment market.
• Rising road accident rates and increasing awareness of safety standards are expected to significantly boost the demand for wheel and tire service equipment.
• The introduction of automatic wheel and tire servicing equipment is poised to create lucrative opportunities for manufacturers, driving innovation and market expansion.

Restraints:

• Disruptions in the supply chain for components and raw materials are anticipated to hinder market growth.
• Additionally, a shortage of skilled professionals poses a challenge to the market's development, restricting its full potential.

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Competitive Landscape:

Manufacturers are harnessing technological advancements and addressing the growing demand from the automotive industry by developing wheel and tire service equipment tailored to support emerging technologies.

To stay competitive, many manufacturers are heavily investing in research and development to produce efficient and versatile equipment compatible with a wide range of vehicles. Additionally, efforts are being made to enhance affordability without compromising quality. Manufacturers are also diversifying their offerings by providing supplementary services, such as repair and maintenance, to cater to evolving consumer needs.

For example:

• In January 2022, Blink Charging Co., a leading producer of electric vehicle (EV) charging equipment, partnered to implement 50 Blink IQ 200 charging points at 25 Firestone Complete Auto Care and Wheel Works Tire and Auto Service locations. This initiative highlights the integration of EV-focused services into traditional vehicle maintenance offerings.
• In November 2019, McCarthy Tire Service appointed Michael Kislack as site manager for its Buffalo, New York commercial tire shop. The facility offers a comprehensive range of services, including tire sales and maintenance for commercial trucks, 24-hour roadside assistance, and specialized services for off-road, agricultural, and forestry equipment, showcasing the industry's focus on expanding service capabilities.

Key Companies Profiled by Fact.MR

• ARI-HETRA
• ARO Equipment PVT LTD.
• Automotive Specialty Equipment, Inc.
• Hennessy Industries
• Hofmann
• Hunter Engineering Company
• Jingjia Auto Equipment
• John Bean
• Martins Industries
• National Auto Tools
• National Auto Tools
• Ravaglioli S.p.A
• Sarveshwari Engineers
• SPACE S.R.L
• Vehicle Service Group (Rotary Lift)

More Valuable Insights on Wheel and Tire Service Equipment Market

In the latest study, Fact.MR offers a detailed study on global wheel and tire service equipment market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of wheel and tire services equipment through detailed segmentation as follows:

By Equipment Type:

• Wheel Alignment System
• Wheel Balancers
• Tire Inflator
• Tire Changer

By Vehicle Type:

• Two Wheelers
• Passengers Vehicles
• Mid-Size & Compact
• Luxury & Premium
• SUVs
• Commercial Vehicles
• Light Commercial Vehicles (LVC)
• Heavy Commercial Vehicles (HVC)
• Coaches & Buses

By Garage Type:

• Automotive original equipment manufacturer (OEM) Dealerships
• Franchise Garage
• Independent Garages

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and Oceania
• Middle East & Africa

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