Automotive Wheel Alignment System Market size is set to grow by USD 681.1 million from 2024-2028, Increasing number of vehicles globally to boost the market growth, Technavio

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
• CCD WAS
• 3D WAS
• DIY WAS
• 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: [email protected]
Website: www.technavio.com/

SOURCE Technavio