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Wheel Stud Market Size, Share, Top Major Players, Business Strategies, Opportunities And Forecast To 2033
Wheel Stud Market Share
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
1. Executive Summary
2. Wheel Stud Market Report Structure
3. Wheel Stud Market Trends And Strategies
4. Wheel Stud Market - Macro Economic Scenario
5. Wheel Stud Market Size And Growth
…..
27. Wheel Stud Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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