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Automotive Wheel Alignment Services Market: By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By Product Type (Imaging, Diagnostic Wheel Alignment Machine), By Service Provider (OEM, Franchise, Dealership Authorized, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Automotive Wheel Alignment Services Market to surpass USD 2 billion by 2031 from USD 1.3 billion in 2021 at a CAGR of 4.3% in the coming years, i.e., 2021-31.
Product Overview
Automotive Wheel Alignment is a procedure in which the angles of the wheels are aligned with the help of an alignment machine and adjustments are made to the camber, caster, and toe of each wheel as per the need. Wheel alignment ensures that the vehicle’s wheels and axles move in the same direction. It increases the fuel efficiency of the vehicle, reduces the need for auto repairs, increases the life of tires, and provides safety to the vehicle.
Automotive Wheel Alignment Services Market is expected to project a notable CAGR of 4.3% in 2031.
The growing demand for maintenance and repair services, increasing demand for automobiles, increasing investments by manufacturers, along with expanding e-commerce and logistics industry has boosted the growth of the Automotive Wheel Alignment Services Market.
Automotive Wheel Alignment Services Market: Segments
The Passenger Vehicle segment to grow with the highest CAGR during 2021-31
Based on Vehicle Type, the Automotive Wheel Alignment Services market is classified into Passenger Vehicle and Commercial Vehicles. The Passenger Vehicle segment is expected to grow during the forecast period. The growth is attributed to the increasing demand for luxury and premium cars by consumers owing to the rise in disposable income and living standards. The rising production of passenger vehicles is boosting growth.
The OEM segment to grow with the highest CAGR during 2021-31
Automotive Wheel Alignment Services market is fragmented on the basis of Service Providers into OEM, Franchise, Dealership Authorized, and Others. During the forecast period, the OEM segment is expected to grow with the highest CAGR. The growth is attributed to the rising number of in-house testing facilities where all types of vehicle tests are carried out. Also, increasing demand for premium vehicle service is further boosting the growth of the OEM segment.
The Growing Demand for Automotive Wheel Alignment Services in the Market
With rapid urbanization around the world, rising population, and development of infrastructure, consumers' demand for automobiles has increased at a sharp rate. Increasing automobile users has raised the demand for wheel alignment services in the market. An increase in disposable income and standard of living of consumers have also boosted the sales of vehicles, thereby fueling the growth of the Automotive Wheel Alignment Services market. Additionally, the growth in e-commerce and logistics industry and expanding demand for commercial vehicles have further accelerated the market growth.
Increasing Investments and Technological Advancements
As the demand for maintenance and repair services has surged over the period of time, manufacturers are focusing on technological advancements in automotive services. Major manufacturers are investing to improve the fuel efficiency and performance of their vehicles.
Absence of Skilled Professionals
The absence of skilled professionals for wheel alignment service has posed a major hindrance in the market growth of the Automotive Wheel Alignment Services market.
Recent Developments
Automotive Wheel Alignment Services market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific region is anticipated to grow with a higher CAGR during the forecast period. The growth is attributed to the presence of major automotive industry and rising sales of passenger vehicles in the region.
Covid-19 pandemic has adversely affected the global economies and industries across the globe. With strict imposition of lockdowns and travel, bans have resulted in shutdown of many businesses. The unprecedented problems due to coronavirus have disrupted the procurement of raw materials and global supply chain. Covid-19 had a negative impact on Automotive Wheel Alignment Services Market. With few vehicles moving and a reduction in the production of automobiles, there was a sharp decline in the demand for automotive wheel alignment services.
Automotive Wheel Alignment Services is further segmented by region into:
Automotive Wheel Alignment Services Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 1.3 Billion |
| Revenue forecast in 2031 | USD 2 Billion |
| Growth Rate | CAGR of 4.3% from 2021 to 2031 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Vehicle Type, Product Type, Service Provider and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | BMW AG, Bridgestone Corporation, Continental AG, Ford Motor Company, Robert Bosch GmbH, The Goodyear Tire and Rubber Company, General Motors, Volkswagen AG, Toyota Motor Corporation, MRF, and Other Prominent Players. |
The Automotive Wheel Alignment Services market size was estimated at USD 1.3 billion in 2021 and is expected to reach USD 2 billion in 2031.
Automotive Wheel Alignment is a procedure in which the angles of the wheels are aligned with the help of an alignment machine and adjustments are made to the camber, caster, and toe of each wheel as per the need.
The Passenger Vehicles segment accounted for the largest Automotive Wheel Alignment Services market share.
Key player in the Automotive Wheel Alignment Services market include BMW AG, Bridgestone Corporation, Continental AG, Ford Motor Company, Robert Bosch GmbH, The Goodyear Tire and Rubber Company, General Motors, Volkswagen AG, Toyota Motor Corporation, MRF, and Other Prominent Players.
Growing demand for automotive in the market and Increasing investments and technological advancements are the factors driving the Automotive Wheel Alignment Services market.
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