NEW
YORK, June 25, 2024 /PRNewswire/ -- The
global automotive wheel alignment system market size is
estimated to grow by USD 681.1
million from 2024-2028, according to Technavio. The market
is estimated to grow at a CAGR of over 7.88% during the
forecast period. The automotive wheel alignment system
market is thriving, fueled by the growing number of vehicles
worldwide and the trend towards ADAS-ready systems. However,
competition from low-cost Chinese manufacturers presents a
challenge.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Key Drivers:
- Rising Vehicle Numbers: More vehicles on the road
mean more demand for maintenance, including wheel alignment.
- ADAS Advancements: Advanced driver-assistance
systems rely on precise wheel alignment, creating a need for
compatible systems.
- 3D Technology and Algorithms: These advancements
enable more accurate alignment and reduced tire wear.
- Focus on Safety and Efficiency: Proper wheel
alignment improves vehicle handling, fuel economy, and overall
safety.
Market Challenges:
- Low-Cost Chinese Competition: Chinese manufacturers
offer significantly cheaper systems, making it difficult for
established players in emerging economies.
- Complex Vehicle Designs: Modern cars require
advanced technology for accurate alignment.
- Regular Alignment Needs: Road conditions and
wear-and-tear necessitate frequent alignment checks.
- Electric and Autonomous Vehicles: These pose new
challenges for the alignment process.
Market Segments:
- Application: Passenger cars dominate the market,
but demand from commercial vehicles is growing.
- Type: 3D wheel alignment systems (WAS) are gaining
traction due to their accuracy. There's also a niche market for DIY
WAS.
- Geography: The Asia-Pacific region (APAC) is
expected to see significant growth due to a large passenger car
base and growing disposable income.
Future Outlook:
The automotive wheel alignment system market is poised for
continued growth due to the increasing focus on vehicle safety,
performance, and the rise of ADAS features. Manufacturers are
continuously innovating to address challenges and develop solutions
for the evolving automotive landscape.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Passenger Car
- Commercial Vehicle
- Type
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio