Categories: Market Research

Tire Balance Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tire Balance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tire Balance Global Market Report 2024, The tire balance market size has grown strongly in recent years. It will grow from $1.39 billion in 2023 to $1.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rise in automotive ownership, expansion of automotive aftermarket, stringent vehicle safety standards, consumer demand for comfortable rides, globalization of supply chains..

The tire balance market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to focus on fuel efficiency, rising adoption of telematics, government initiatives for road safety, predictive maintenance solutions, customization for performance vehicles.. Major trends in the forecast period include advanced balancing technologie, integration with tire pressure monitoring systems, smart manufacturing and industry 4.0 integration, integration of artificial intelligence (ai) for dynamic balancing, remote diagnostics and monitoring services..

The increasing vehicle production is expected to propel the growth of the tire balance market going forward. A vehicle is a machine designed for transportation, typically powered by an engine, and used for carrying people or goods from one place to another. Tire balancing is a critical maintenance procedure for vehicles that ensures the even distribution of weight around a tire and wheel assembly, which helps prevent vibrations and wobbling of the vehicle when driving at various speeds. For instance, in August 2023, according to the Federal Reserve System, a US-based government agency, motor vehicle production in the United States reached 11.29 million units in Q2, up from 10.25 million units in Q1 2023. Therefore, increasing vehicle production will drive the growth of the tire balance market.

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The tire balance market covered in this report is segmented –

1) By Type: Clip-On Type, Adhesive Type

2) By Balancing Method: Static Balancing, Dynamic Balancing

3) By Application: Passenger Vehicle, Commercial Vehicle, Motorcycle

4) By End-User: Automotive Service Providers, Fleet Operators, Individuals

Major companies operating in the tire balance market are focused on developing automated and digital balancing solutions, such as 2-hit wheel balancers, to enhance performance, reduce downtime, and expand their customer base across various market segments. A 2-hit wheel balancer is designed to balance vehicle wheels by detecting and correcting imbalances in weight, ensuring a smoother and safer ride. For instance, in November 2022, CEMB USA, a US-based provider of wheel service equipment and tire machines, launched a new 2-hit wheel balancer to make wheel balance easier, particularly for new mechanics. The new balancer confirms the wheel measurements on the tire using a two-hit technique before sending the information to the wheel balancer. It has unique features such as leaser matching, open plane balancing (OPB), LA sonar, and ALU-S balancing mode. Also, the 2-hit additionally employs a line laser and its laser spotter to show where the wheel should be placed to balance the vehicle.

The tire balance market report table of contents includes: