Tire Balance Global Market Report 2024 - Tire Balance Market Size And Share By 2033

"The Business Research Company recently released a comprehensive report on the Global Tire Balance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The tire balance market size has grown strongly in recent years. It will grow from $1.39 billion in 2023 to $1.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rise in automotive ownership, expansion of automotive aftermarket, stringent vehicle safety standards, consumer demand for comfortable rides, globalization of supply chains.

The tire balance market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to focus on fuel efficiency, rising adoption of telematics, government initiatives for road safety, predictive maintenance solutions, customization for performance vehicles.. Major trends in the forecast period include advanced balancing technologie, integration with tire pressure monitoring systems, smart manufacturing and industry 4.0 integration, integration of artificial intelligence (ai) for dynamic balancing, remote diagnostics and monitoring services..

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Market Drivers and Trends:
The increasing vehicle production is expected to propel the growth of the tire balance market going forward. A vehicle is a machine designed for transportation, typically powered by an engine, and used for carrying people or goods from one place to another. Tire balancing is a critical maintenance procedure for vehicles that ensures the even distribution of weight around a tire and wheel assembly, which helps prevent vibrations and wobbling of the vehicle when driving at various speeds. For instance, in August 2023, according to the Federal Reserve System, a US-based government agency, motor vehicle production in the United States reached 11.29 million units in Q2, up from 10.25 million units in Q1 2023. Therefore, increasing vehicle production will drive the growth of the tire balance market.

Major companies operating in the tire balance market are focused on developing automated and digital balancing solutions, such as 2-hit wheel balancers, to enhance performance, reduce downtime, and expand their customer base across various market segments. A 2-hit wheel balancer is designed to balance vehicle wheels by detecting and correcting imbalances in weight, ensuring a smoother and safer ride. For instance, in November 2022, CEMB USA, a US-based provider of wheel service equipment and tire machines, launched a new 2-hit wheel balancer to make wheel balance easier, particularly for new mechanics. The new balancer confirms the wheel measurements on the tire using a two-hit technique before sending the information to the wheel balancer. It has unique features such as leaser matching, open plane balancing (OPB), LA sonar, and ALU-S balancing mode. Also, the 2-hit additionally employs a line laser and its laser spotter to show where the wheel should be placed to balance the vehicle.

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Major Key Players of the Market:
3M Company, Snap-on Incorporated, John Bean Technologies Corp., Shanghai Baolong Automotive Corp., Hunter Engineering Company, WEGMANN automotive GmbH., Micro-Poise Measurement Systems LLC (AMETEK), Perfect Equipment Inc., Hebei Xinshitong Accessory Co. Ltd., Hennessy Industries Inc, Beissbarth GmbH, Plombco Inc., Alpha Autoparts, Ravaglioli S.p.A, Hatco (HARTEC s.a.l), TECO Automotive Equipment, Bharat Balancing Weightss Pvt. Ltd., Rotary Lift, J.M. Maquinas Equipamentos, CEMB-USA, Sice Srl, Corghi USA Inc., Hofmann Maschinen- und Anlagenbau GmbH, Werther International SpA, Aliner automotive Equipments Pvt. Ltd., Cangzhou Shengshiweiye Automobile Accessory Co. Ltd, Shanghai Balance Automotive Equipment Co. Ltd., Trax JH Ltd, Wurth USA Inc.

Tire Balance Market 2024 Key Insights:
• The Tire Balance Market is expected to grow to$1.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rising Vehicle Production Fuels Growth In Tire Balance Market
• Advancement In Automated And Digital Balancing Technologies To Expand Customer Base
• North America was the largest region in the tire balance market in 2023.

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