The global automotive sector is no stranger to innovations and fast-paced technological advancements. Due to increasing regulatory pressure and growing interest in safeguarding the environment, automotive manufacturers are required to cut down on their carbon footprint and comply with the regulatory framework. Over the past couple of decades, the automotive sector, particularly in developing regions, has witnessed considerable growth due to a host of factors, including dwindling prices of raw materials, gradual adoption of new manufacturing technologies, improving economic stature of several developing nations such as China, India, Malaysia, Indonesia, and Thailand, among others, and growing support from government authorities.
In addition, as more number of customers are paying attention to maintenance, repairing, and overhaul activities, the adoption of automotive wheel alignment services around the world is expected to witness considerable growth during the assessment period. Moreover, as fuel efficiency and performance of a vehicle continues to remain a top priority for both, consumers as well as manufacturers, considerable progress has been made within the automotive wheel alignment service market over the past few years– a trend that is expected to continue in the upcoming years.
At the back of these factors, the global automotive wheel alignment service market is expected to attain a market value of US$ 2.5 Bn by the end of 2030.
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Entry of Cutting-edge Tire Alignment Machines to Fuel Market Growth
Over the past few decades, automotive manufacturers have deemed tire alignment as one of the key parameters that play a significant role in enhancing the efficiency and overall performance of a vehicle. Tire alignment service is imperative to ensure that the vehicle can be efficiently driven in various terrains and conditions. Some of the key adjustments that are considered during automotive wheel alignment service include camber, caster, and toe. Other secondary adjustments that are introspected are frame angle, wheelbase difference, maximum turns, etc.
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The progress in the tire alignment technology and entry of cutting-edge tire alignment systems have played an essential role in providing a considerable boost to the demand for automotive wheel alignment services over the past few years. Moreover, this trend is expected to gain further momentum during the assessment period. In addition, growing awareness among consumers pertaining to the impact of optimum wheel alignment on the performance of the vehicle is another factor that is projected to propel the automotive wheel alignment service market in the forthcoming decade. Advancements in technology coupled with growing adoption of computerized wheel aligners are further estimated to increase the demand for automotive wheel alignment services.
Growing Popularity of Electric Vehicles to Accelerate Innovations
The growing popularity of electric vehicles, mainly in developed regions is expected to act as a catalyst for innovation in the automotive wheel alignment service market landscape. In addition, advancements in electric power steering coupled with the growing focus on improving driver comfort and safety are some of the other factors expected to propel the demand for automotive wheel alignment services in the upcoming years. Although self-steering vehicles continue to gain more attention than electric power steering systems, the trend is changing. The entry of new steering systems that operate using ABS/ESC systems is likely to provide a boost to the overall adoption of automotive wheel alignment services.
Demand in 2024 to Remain Sluggish amid COVID-19 Pandemic, Market Expected to Bounce Back in 2024
The ongoing COVID-19 pandemic is anticipated to have a serious impact on the overall growth of the global automotive wheel alignment service market particularly in 2020. The automotive sector has received a major setback in 2020 due to the COVID-19 situation. OEMs around the world have been compelled to either completely shut down operations or delay the same due to various restrictions on trade, transportation, and other stringent measures enforced by governments to contain the transmission of the novel COVID-19 virus.
The industrial lockdown in China in the first quarter of 2020 led to major disruptions across the supply chain of the automotive components segment, which, in turn, has hindered the growth of the global automotive wheel alignment service market. However, as governments in several automotive hubs around the world, including China, India, and Germany continue to ease restrictions on the industrial sector, the global automotive wheel alignment service market is projected to gain pace by the end of 2024 or the first quarter of 2021.
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