Tire Balance Market Size, Share, Growth, and Industry Analysis, By Type (Clip-On Type, Adhesive Type), By Application (Passenger Vehicle, Commercial Vehicle, Motorcycle), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

REPORT OVERVIEW

• 

• Request a Free Sample to learn more about this report

The global tire balance market size was USD 675.2 million in 2022. As per our research, the tire balance market is expected to reach USD 806.2 million by 2028, exhibiting a CAGR of 3.0% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, tire balance experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

By minimizing vibrations caused by uneven tires, the tire balance an essential role for guaranteeing smooth and secure vehicle operation. It is being propelled by causes such as increased vehicle production, a focus on ride convenience and security, technology improvements, increased awareness and maintenance requirements, and the rise of the business vehicle sector.

The tire balancing market is predicted to expand gradually in the future years, owing to factors such as rising vehicle production, a greater focus on riding comfort and safety, and innovations in technology. Expanding repair requirements of automotive owners, the rise in the commercial vehicle sector, and the growing acceptance of advanced balance technologies all contribute to the market's growth.

COVID-19 Impact: Interruption in Facilities to Deplete Market Growth

The COVID-19 impact outbreak caused widespread disruption in the automotive industry. It resulted in a shutdown of manufacturing operations and a decrease in sales volume. In addition, demand for both professional and passenger cars depleted in 2020. As expected, this decline had a drastic impact on the business. The budget for research and development was reduced, which impeded car tire balancing innovation. Companies, on the other hand, are taking precautionary measures to combat the outbreak's negative effects.

LATEST TRENDS

"Utilization of RFV Balance Solutions to Stimulate Market Development  "

RFV balance has been a tire balancing technology which measures and resolves the lateral and rotational forces exerted on a tire. It aids in the detection and correction of imbalances resulting from non-uniform tire rigidity or differences in wheel assembly. RFV balance yields greater precision and accurate balancing results, resulting in a smoother ride with less vibrations. The growing need for greater accuracy and enhanced efficiency in tire balancing, especially in the automobile and industrial vehicle industries, is driving this development.

SEGMENTATION

• 

• Request a Free Sample to learn more about this report

• By Type

Based on type; the market is divided into clip-on type, adhesive type

Clip-on type, adhesive type is the leading part of the type segment.

• By Application

Based on the application; the market is divided into passenger vehicle, commercial vehicle, motorcycle

Passenger vehicle is the leading part of the application segment.

DRIVING FACTORS

"Growing Popularity of Electric Vehicle to Aid Market Expansion "

The growing popularity of electric vehicles creates an important chance for the tire balance sector. EVs have distinct characteristics, such as varied weight distributions and tire requirements. As EV demand grows, specialty tire balancing services targeted to the particular requirements of electric vehicles may develop as a distinct business niche. This involves creating balance remedies for EV-specific tires, including relatively lightweight tires or tires designed for regeneration braking systems. Profiting from the rising EV industry can create new opportunities for tire balancing companies.

"Technological Advancements to Foster Industry Progress "

The worldwide tire balance market share provides prospects for technological breakthroughs in balancing instruments and equipment. Balance machine, sensor, and software advancements can increase the precision, effectiveness, and efficiency of the tire balancing process. Integration of advanced tools such as artificial intelligence, or AI, and machine learning may allow predictive balance and real-time modifications, improving total tire balancing service performance.

RESTRAINING FACTORS

"Lack of Knowledge to Limit the Market Evolution "

The lack of knowledge and instruction amongst vehicle owners about the need of tire balancing is a significant limitation within the tire balance market growth. Many people may be unaware of the advantages of correct tire balance as well as the risks of unbalanced tires. This lack of understanding may lead to a decrease of requests for tire balancing solutions and a slowing of market growth. To overcome this constraint, efforts must be made to educate customers about the necessity of tire balance and its effect on automobile performance and safety.

REGIONAL INSIGHTS

• 

• Request a Free Sample to learn more about this report

"Increment in High Automobile Ownership Rates in North America to Support Market Advancement "

North America is a major market, owing to a large automotive sector and high automobile ownership rates. The U.S. and Canada are major providers, with a concentration on car upkeep and performance. In the region, technological breakthroughs and better balancing equipment are significant themes. Increasing tire safety awareness and laws prioritizing proper tire maintenance aid tire balance market growth.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• WEGMANN (Germany)
• Plombco (U.S.)
• TOHO KOGYO (Japan)
• Hennessy (France)
• Shengshi Weiye (China)
• 3M (U.S.)
• Trax JH Ltd (U.K.)
• Baolong (China)
• Jiangyin Yinxinde (China)
• HEBEI XST (China)
• Yaqiya (China)
• Wurth USA (U.S.)
• Alpha Autoparts (U.S.)
• Holman (U.S.)
• Hatco (U.S.)
• Bharat Balancing Weightss (U.S.)
• HEBEI FANYA (China)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.