Recovery of Automotive Industry Remains Key
The global 3D wheel aligners market plunged into decline due to the outbreak of COVID-19 in 2020. While the automotive industry got battered amidst the pandemic, key players held onto the signs of recovery since the last quarter of 2020.
The latest edition of the ‘3D wheel aligners’ market study by an ESOMAR-certified market research and consulting firm provides an updated version of the in-depth insights on the market trends and its growth & restraining factors for the forecast period of 2021 to 2031.
According to a market intelligence study, slow yet steady progress of the automotive industry will remain key to the growth of 3D wheel aligner manufacturers, while the focus of stakeholders will be on highly lucrative regions such as North America, Europe, and Asia Pacific. Overall, the market outlook will remain positive, and is projected to expand at a steady pace of close to 5% CAGR through 2031.
- Four-camera 3D wheel aligners are anticipated to witness highest demand.
- High requirement for auto boom and lift version mounting types to propel market growth.
- Application in garage and auto manufacturing to fuel sales.
- High demand in road vehicles to bolster growth.
- The United States to hold a major market share in the world’s largest market for 3D wheel aligners – North America.
- China to remain at the forefront of the world’s fastest-growing 3D wheel aligners industry – Asia Pacific.
- Germany to emerge dominant in Europe, while the United Kingdom, Canada, India, Japan, and Mexico will have progressive market outlooks through 2031.
“While manufacturers of 3D wheel aligners are looking up to the automotive industry to gain traction again, growing demand for 5-camera and 6-camera 3D wheel aligners is bolstering sales further,” said an analyst.
Is Demand from Automotive Industry Rising?
3D wheel aligners are highly required in the automotive industry in order to precisely align wheels on all types of cars. They are also capable in helping tires perform properly and allow them to last longer. As a result, suppliers and manufacturers in this industry are depending on the recovery of the automotive industry after getting over the negative impact of the coronavirus pandemic.
According to a report titled ‘Automobile Industry in India- Auto Sector Growth Analysis’, published by Invest India, the National Investment Promotion & Facilitation Agency, India is expected to be the world’s third-largest automotive market in terms of volume by 2026. As stated in the report, the industry manufactured 26 million vehicles, including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles in April 2019 – March 2020, of which, 4.7 million were exported.
As per data revealed in the report, the automotive industry is projected to grow steadily, overcoming the setbacks due to the pandemic, while the electric vehicles (EV) market will expand at around 44% CAGR over the coming years. This, in turn, will spur the growth of 3D wheel aligner manufacturers in the near future.
Who Is Winning In This Space?
The global 3D wheel aligners market is expected to witness steady growth over the coming years, with the competition becoming even tighter for key players. In order to sail through the cut-throat competition, key market players are emphasizing on diversifying their products.