Press release
(2024-2033) Wheel Stud Market Report: Size, Trends, Competitive Analysis, Types, Applications And Outlook
Wheel Stud Market Report
The Business Research Company presents an extensive market research report on the Wheel Stud Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The wheel stud market size has grown strongly in recent years. It will grow from $3.87 billion in 2023 to $4.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to automotive industry growth, safety and regulations, consumer preferences, globalization of supply chains, economic trends.
The wheel stud market size is expected to see strong growth in the next few years. It will grow to $5.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to electric vehicle adoption, smart manufacturing and industry 4.0, stringent emission standards, rising focus on sustainability, global economic outlook. Major trends in the forecast period include technological advancements, material innovations, smart manufacturing, sustainability and environmental concerns.
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Key Market Players:
Meritor Inc., Dorman Products Inc., McGee Company Inc., Hendrickson Holdings LLC, Slidematic Industries Inc., Consolidated Metco Inc., Asia Bolt Industries LLC, Accuride Corporation, MNP Corporation, Stemco Products Inc., The Cold Heading Co Inc., Tramec Sloan LLC, Dayton Parts LLC, Wilson-Garner Company, Webb Wheel Products Inc., Brunner Manufacturing Co Inc., Moroso Performance Products, Fontaine Fifth Wheel, B & D Cold Headed Products, Ken-Tool, Velvac Inc., Associated Fastening Products Inc., Crown Automotive Sales Co. Inc., Valley Forge and Bolt Manufacturing Co., Kluhsman Racing Components are prominent players in the industry.
Market Drivers:
The growth of the automobile industry is expected to propel the growth of the wheel stud market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. Wheel studs are highly beneficial for the automotive industry due to the essential role in ensuring wheels' safe and reliable attachment to vehicles. For instance, in May 2023, according to the data published by the European Automobile Manufacturers' Association (ACEA), a Belgium-based motor vehicle manufacturing association, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to 2021. Further, vehicle production in North America increased to 14,901 thousand units in 2022, compared to 13,596 units in 2021. Therefore, the growth of the automobile industry will drive the growth of the wheel stud market.
Market Segments Include:
1) By Product: Screw-In Wheel Studs, Press-In Wheel studs, Welded-In Wheel Studs
2) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Application: Aerospace, Automotive, Oilfield Machinery, Farm And Garden Machinery, Construction Machinery, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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