Overview and Scope
A wheel stud is a metal shaft or threaded fastener used to secure automobile wheels. It is used to anchor the wheel in place, ensuring that it is correctly attached to the vehicle and is strong enough to withstand the pressures and vibrations that occur while driving.
Sizing and Forecast
The wheel stud market size has grown strongly in recent years. It will grow from $3.87 billion in 2023 to $4.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to automotive industry growth, safety and regulations, consumer preferences, globalization of supply chains, economic trends.
The wheel stud market size is expected to see strong growth in the next few years. It will grow to $5.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to electric vehicle adoption, smart manufacturing and industry 4.0, stringent emission standards, rising focus on sustainability, global economic outlook. Major trends in the forecast period include technological advancements, material innovations, smart manufacturing, sustainability and environmental concerns.
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Segmentation & Regional Insights
The wheel stud market covered in this report is segmented –
1) By Product: Screw-In Wheel Studs, Press-In Wheel studs, Welded-In Wheel Studs
2) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Application: Aerospace, Automotive, Oilfield Machinery, Farm And Garden Machinery, Construction Machinery, Other Applications
Asia-Pacific was the largest region in the wheel stud market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wheel stud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growth of the automobile industry is expected to propel the growth of the wheel stud market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. Wheel studs are highly beneficial for the automotive industry due to the essential role in ensuring wheels’ safe and reliable attachment to vehicles. For instance, in May 2023, according to the data published by the European Automobile Manufacturers’ Association (ACEA), a Belgium-based motor vehicle manufacturing association, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to 2021. Further, vehicle production in North America increased to 14,901 thousand units in 2022, compared to 13,596 units in 2021. Therefore, the growth of the automobile industry will drive the growth of the wheel stud market.
Key Industry Players
Major companies operating in the wheel stud market report are Meritor Inc., Dorman Products Inc., McGee Company Inc., Hendrickson Holdings LLC, Slidematic Industries Inc., Consolidated Metco Inc., Asia Bolt Industries LLC, Accuride Corporation, MNP Corporation, Stemco Products Inc., The Cold Heading Co Inc., Tramec Sloan LLC, Dayton Parts LLC, Wilson-Garner Company, Webb Wheel Products Inc., Brunner Manufacturing Co Inc., Moroso Performance Products, Fontaine Fifth Wheel, B & D Cold Headed Products, Ken-Tool, Velvac Inc., Associated Fastening Products Inc., Crown Automotive Sales Co. Inc., Valley Forge and Bolt Manufacturing Co., Kluhsman Racing Components
The wheel stud market report table of contents includes:
1. Executive Summary
2. Wheel Stud Market Report Structure
3. Wheel Stud Market Trends And Strategies
4. Wheel Stud Market – Macro Economic Scenario
5. Wheel Stud Market Size And Growth
…..
27. Wheel Stud Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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