Overview and Scope
Tire balance is equalizing the weight distribution of a vehicle’s tires and wheels to minimize vibrations and ensure smooth and safe driving. It helps prevent uneven tire wear and enhances overall vehicle performance.
Sizing and Forecast
The tire balance market size has grown strongly in recent years. It will grow from $1.39 billion in 2023 to $1.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rise in automotive ownership, expansion of automotive aftermarket, stringent vehicle safety standards, consumer demand for comfortable rides, globalization of supply chains..
The tire balance market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to focus on fuel efficiency, rising adoption of telematics, government initiatives for road safety, predictive maintenance solutions, customization for performance vehicles.. Major trends in the forecast period include advanced balancing technologie, integration with tire pressure monitoring systems, smart manufacturing and industry 4.0 integration, integration of artificial intelligence (ai) for dynamic balancing, remote diagnostics and monitoring services..
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Segmentation & Regional Insights
The tire balance market covered in this report is segmented –
1) By Type: Clip-On Type, Adhesive Type
2) By Balancing Method: Static Balancing, Dynamic Balancing
3) By Application: Passenger Vehicle, Commercial Vehicle, Motorcycle
4) By End-User: Automotive Service Providers, Fleet Operators, Individuals
North America was the largest region in the tire balance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tire balance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing vehicle production is expected to propel the growth of the tire balance market going forward. A vehicle is a machine designed for transportation, typically powered by an engine, and used for carrying people or goods from one place to another. Tire balancing is a critical maintenance procedure for vehicles that ensures the even distribution of weight around a tire and wheel assembly, which helps prevent vibrations and wobbling of the vehicle when driving at various speeds. For instance, in August 2023, according to the Federal Reserve System, a US-based government agency, motor vehicle production in the United States reached 11.29 million units in Q2, up from 10.25 million units in Q1 2023. Therefore, increasing vehicle production will drive the growth of the tire balance market.
Key Industry Players
Major companies operating in the tire balance market report are 3M Company, Snap-on Incorporated, John Bean Technologies Corp., Shanghai Baolong Automotive Corp., Hunter Engineering Company, WEGMANN automotive GmbH., Micro-Poise Measurement Systems LLC (AMETEK), Perfect Equipment Inc., Hebei Xinshitong Accessory Co. Ltd., Hennessy Industries Inc, Beissbarth GmbH, Plombco Inc., Alpha Autoparts, Ravaglioli S.p.A, Hatco (HARTEC s.a.l), TECO Automotive Equipment, Bharat Balancing Weightss Pvt. Ltd., Rotary Lift, J.M. Maquinas Equipamentos, CEMB-USA, Sice Srl, Corghi USA Inc., Hofmann Maschinen- und Anlagenbau GmbH, Werther International SpA, Aliner automotive Equipments Pvt. Ltd., Cangzhou Shengshiweiye Automobile Accessory Co. Ltd, Shanghai Balance Automotive Equipment Co. Ltd., Trax JH Ltd, Wurth USA Inc.
The tire balance market report table of contents includes:
1. Executive Summary
2. Tire Balance Market Characteristics
3. Tire Balance Market Trends And Strategies
4. Tire Balance Market – Macro Economic Scenario
5. Global Tire Balance Market Size and Growth
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32. Global Tire Balance Market Competitive Benchmarking
33. Global Tire Balance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tire Balance Market
35. Tire Balance Market Future Outlook and Potential Analysis
36. Appendix
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