Market Overview
The Global "Wheel Aligner Machine Market" is expected to grow at a significant CAGR during the forecasting period (2024-2031).
Wheel Alignment machines are used for aligning tires of the vehicles during assembly or when there need to change. This equipment helps in adjusting the angle of the wheels based on the manufacturer's commands. This equipment's also inspects the alignment of the wheels, toe, camber, and caster, which are necessary components for measuring wheel alignment and orientation.
There have been different technology emerging in wheel alignment machines, to enhance the inspection quality as well as to reduce the alignment time. Growing usage of this equipment due to their superior properties is expected to drive the global wheel aligner market at a high pace over the forecast period (2024-2031).
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Market Dynamics
Growing automotive industry is the main factor that is boosting the global wheel aligner machine market. This equipment is available with different features such as portability, wireless connectivity, and others. Thus, superior features propel the usage of these equipment's in the automotive industry across the world. Additionally, Increasing demand for passenger vehicles & lightweight commercial vehicles along with increasing disposable income leads to improved sales of automobiles every year and the need to adopt advanced technology for improved efficiency. For instance, according to OICA production globally between 2000 and 2017 grew by 25% approximately. Thus, growth in the production of automobiles is expected to drive the global wheel aligner machine market
Market Segmentation
Based on application the global wheel aligner machine market is broadly segmented as two-wheeler, passenger cars, and commercial vehicles. Among all these passenger cars accounted for a major market share in 2018 and are projected to grow at a high CAGR over the forecast period (2019-2026). It is owing to the growing demand for passenger cars by rising disposable income and increasing urbanization. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), global sales of passenger cars reached 73.4 million vehicles in 2017 with a variation of +1.5% from the previous year. Thus, growth in the passenger cars segment is expected to boost the global wheel aligner machine market.
Based on technology the global wheel aligner machine market is segmented into CCD wheel aligners, 3D wheel aligners. Of these two CCD aligner segment held the largest market share in 2018, and is projected to grow at a high pace during the forecast period. Both the technology works entirely on the different working principle and are not a replacement for each other.
The techniques have the same output; there may be small differences depending upon the operator or other working conditions. However, the CCD wheel aligner machines are more affordable compared to 3D wheel aligner machines. Cost of equipment is the sole reason owing to which CCD wheel aligner leads the global wheel aligner equipment market.
Geographical Analysis
The global Wheel aligner machine market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region in the global wheel aligner machines market accounted for a major market share in 2018 and is expected to grow at a high CAGR over the forecast period. In the developed economies of Asia-Pacific such as Japan, China, India wheel alignment machine market is expected to hold a significant share, due to an increase in sales of passenger cars in the country & the growing automotive industry across the region. According to OICA (International Organization of Motor Vehicle Manufacturers), the sales of passenger cars in China were growing by 528% from 2005-2018. Additionally, increasing disposable income and increasing population in this region is expected to drive the market. Over the forecast period, Europe is projected to grow at a significant rate in the global wheel alignment machine market due to the presence of Tier-1 automobile manufacturers & growing automotive industry in the region.
Competitor Analysis
Significant players of the global wheel aligner machine market are Eagle Equipment, Delta Equipments, RAVAmerica, Hunter Engineering, Sunrise Instruments Private, Manatec Electronics Private, Hofmann TeSys, Fori Automation, Atlas Auto Equipment, Snap-on Incorporated, and others. The majority of these prominent players are adopting a few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the global wheel aligner machine market. For instance, in February 2019, Snap-on Incorporated introduced a new John Bean V1200 Elite wheel aligner with user-friendly software and a unique space-saving design to workshops.