Demand of 3D wheel aligners Market to Grow at a Value CAGR of 5% through 2031

The global 3D wheel aligners market plunged into decline due to the outbreak of COVID-19 in 2020. While the automotive industry got battered amidst the pandemic, key players held onto the signs of recovery since the last quarter of 2021. The latest edition of the ‘3D wheel aligners’ market study by Fact.MR provides an updated version of the in-depth insights on the market trends and its growth & restraining factors for the forecast period of 2021 to 2031.

According to Fact.MR, slow yet steady progress of the automotive industry will remain key to the growth of 3D wheel aligner manufacturers, while the focus of stakeholders will be on highly lucrative regions such as North America, Europe, and Asia Pacific. Overall, the market outlook will remain positive, and is projected to expand at a steady pace of close to 5% CAGR through 2031.

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Is Demand from Automotive Industry Rising?
3D wheel aligners are highly required in the automotive industry in order to precisely align wheels on all types of cars. They are also capable in helping tires perform properly and allow them to last longer. As a result, suppliers and manufacturers in this industry are depending on the recovery of the automotive industry after getting over the negative impact of the coronavirus pandemic.

According to a report titled “Automobile Industry in India- Auto Sector Growth Analysis”, published by Invest India, the National Investment Promotion & Facilitation Agency, India is expected to be the world’s third-largest automotive market in terms of volume by 2026. As stated in the report, the industry manufactured 26 Mn vehicles, including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles in April 2019 - March 2020, of which, 4.7 mn were exported. As per data revealed in the report, the automotive industry is projected to grow steadily, overcoming the setbacks due to the pandemic, while the electric vehicles (EV) market will expand at around 44% CAGR over the coming years. This, in turn, will spur the growth of 3D wheel aligner manufacturers in the near future.

Who is Winning in this Space?
The global 3D wheel aligners market is expected to witness steady growth over the coming years, with the competition becoming even tighter for key players. In order to sail through the cut-throat competition, key market players are emphasizing on diversifying their products. For instance,

Hunter Engineering Company launched its new range of products such as Hunter HawkEye Elite® Wheel Aligner, Safety System Alignment®, and others, during the last 5 years.

Actia Muller launched its new Workwhop Equipment Solutions, including 3D wheel aligners, a couple of years back.

More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the 3D wheel aligners market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (2-camera, 3-camera, 4-camera, 5-camera, and 6-camera), mounting type (auto boom, lift version, pit version, and wall mount), application (garages, auto manufacturers, tire manufacturers, and others), and vehicle type (road vehicles and off-road vehicles), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

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Moreover, demand for undercarriage components from the agriculture and forestry industry is projected to expand at a high rate during the period of forecast owing to growing use of agricultural equipment, particularly in the emerging economies.
Use of undercarriage components in crawler excavators and mini excavators has remained high since the past few years and is likely to witness an upswing in the years to follow, says Fact.MR report. Apart from construction of highways and dams, demand for crawler excavators has been increasing in the mining sector, which is expected to push their sales. This factor is anticipated to support the growth of the undercarriage components market during the assessment period. Moreover, with growing residential construction activities the demand for mini excavators is likely to witness a significant push. These factors are expected to auger well for the sales of undercarriage components in earth moving equipment such as crawler excavators and mini excavators during the forecast period, making them a lucrative business opportunity for undercarriage components manufacturers.

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Demand for track shoe/rubber tracks undercarriage components is projected to grow at a high rate during the period of assessment. According to the report, the sales of track shoe undercarriage components are estimated to surpass US$ 2,800 Mn by end of the year of forecast. This growth in sales can be attributed to their high efficiency in providing traction to the construction equipment to conveniently maneuver. In addition, the report forecasts that the demand for track chains, bushing and seals as undercarriage components, is projected to expand at a relatively high pace throughout the assessment period, making them a highly attractive market for stakeholders.

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