Tire Balance Market Growth, Competitive Analysis, and Industry Forecast (2023-2032)

Tire balance describes the mass distribution within a car tire or the entire wheel (including the rim) connected to it. Tire balance (also called wheel balance) corrects uneven weight distribution on the wheels. Unbalanced wheels can cause vibration, excessive tire wear, suspension damage, and other problems. During the tire balance service, they installed your tires and wheels on the tire balancer. The machine rotates the tire and wheel assembly to measure the imbalance so that the technician can accurately install the correct tire weight to achieve a properly balanced tire and tire assembly. Rising need of wheel balancing for comfort and control tire wear and growing sales old passenger and commercial vehicles are expected to drive the growth of the global tire balance market.

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COVID-19 Impact analysis

The COVID-19 outbreak has disrupted the automotive industry on a large scale. It has led to the suspension of manufacturing facilities and a fall in the volume of sales. Also, the demand for both commercial and passenger vehicles has shown a downward trend in 2020. This decline, as expected, will affect the tire balance industry adversely, as the vehicle production is directly proportionate to the tire balance industry.

The budget allocation for R&D is likely to be less, which will hamper the innovation of automotive tire balance. However, companies are taking preventive measures to tackle the adverse effects of the outbreak.

Top Impacting Factors

Rising need of wheel balancing for comfort and control tire wear and growing sales old passenger and commercial vehicles are expected to drive the growth of the global tire balance market.

Development of low cost, high quality and technologically advanced machines acts as a major factor restraining the growth of the global tire balance market.

Introduction of patented PROtouch technology-based wheel balancing machine in the market can provide lucrative opportunities for the global tire balance market.

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Market Trends

Steel-based Wheel Balancing Weights - Future of Wheel Balancing Market

Dynamic balance is an indispensable part of tire maintenance. Whether it is during the purchase of new tires or tire replacement, we must rebalance the wheels on the vehicle. The main reason for the increase in the size of the wheel balancing market is the need to balance wheels for comfort and control of tire wear. There are two main alternatives to traditional, namely, lead-based wheel counterweights and steel-based wheel counterweights. Steel-based wheel counterweights have become consumers' preferred alternatives due to their high density, small size, environmentally friendly composition, and cost advantages. Also, the weight of zinc or lead wheels lost on the road has a much greater potential impact on human health and the environment than steel. Therefore, the global market for steel material wheel weights has a bright future, with a compound annual growth rate of around 6%, mainly driven by Europe and the Asia-Pacific region. Nowadays, consumers are very aware of the need to replace lead wheel weights and other wheel components with steel wheel weights because of its many advantages. Therefore, the increasing demand for steel wheel counterweights in the after-sales market is expected to create new growth opportunities for the business and directly affect the balance wheel market.

Key benefits of the report:

This study presents the analytical depiction of the tire balance industry along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with challenges of tire balance market.

The current market is quantitatively analyzed to highlight the tire balance market growth scenario.

The report provides a detailed tire balance market analysis based on competitive intensity and how the competition will take shape in coming years.

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Questions answered in the tire balances market research report:

Which are the leading market players active in the tire balance market?

What would be the detailed impact of COVID-19 on the market?

What current trends would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the tire balance market?

What are the projections for the future that would help in taking further strategic steps?

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