Press release
Global Wheel Stud Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033
Wheel Stud Market
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.
Market Overview -
A wheel stud is a metal shaft or threaded fastener used to secure automobile wheels. It is used to anchor the wheel in place, ensuring that it is correctly attached to the vehicle and is strong enough to withstand the pressures and vibrations that occur while driving.
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Automobile Industry Expansion Fuels Wheel Stud Market Growth
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.
Competitive Landscape -
Major companies operating in the wheel stud market report are 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
Emphasis On Innovative Fasteners And Essential Components For Enhanced Safety And Durability Of Wheel Studs
Major companies operating in the wheel stud market are focusing on developing innovative products, such as Threadstrong Fasteners, to increase profitability in the market. Thread-strong fasteners such as lug nuts or bolts are durable, safe, and efficient components that secure wheels to wheel studs on a vehicle's axle. For instance, in February 2022, MacLean-Fogg Component Solutions, a US-based automotive components manufacturer, launched Threadstrong, a Made-In-USA aftermarket wheel fasteners. These products are designed to focus on material strength, corrosion resistance, and durability. Moreover, careful engineering and quality control ensure the right amount of friction between the fastener's load-bearing surface and the wheel, preventing unsafe conditions like loose fasteners or stretched studs.
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Key Segments -
The wheel stud market covered in this report is segmented -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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