According to the report, the global automotive wheel alignment service market is projected to surpass US$ 2.5 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. The rise in vehicle sale across the globe and increase in the number of vehicle service centers across the globe boost the automotive wheel alignment service market across the globe. The adoption of EVs in the commercial transportation segment, owing to numerous benefits offered by them over conventional (IC-engine) vehicles, is likely to be a trend to watch for in the near future.
Furthermore, policies regulating the adoption of EVs in developed countries are expected to drive their adoption as electric light duty vehicles, which, in turn, is likely to increase the sale of EVs across the globe and consequently, drive the global wheel alignment service market during the forecast period. The automotive wheel alignment service market is anticipated to expand during the forecast period, owing to increase in affordability of vehicles among consumers and transition of people into middle and upper middle income groups. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. This is anticipated to boost the automotive wheel alignment service market across the globe.
Expansion of Automotive Wheel Alignment Service Market
The change in trade policies by the Trump Administration, such as withdrawal of trade agreement with South Korea and continuous fluctuation on tariff on import and export to China, is likely to keep the market volatile during the forecast period; however, the U.S.-China trade has witnessed a positive turnaround and the relation between countries is anticipated to improve. A surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive wheel alignment service market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to Yuan 15.66 Trn. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year.
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Based on vehicle, the automotive wheel alignment service market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to the rise in the production of passenger vehicles across the globe. Rise in ride hailing services, where demand for passenger vehicle is high, is likely to propel the automotive wheel alignment service market across the globe.
In terms of service provider, the OEM segment dominated the market, owing to the adoption of in-house testing facilities to improve vehicle performance and help boost vehicle production, which propels the automotive wheel alignment service market.
Regional Analysis of Automotive Wheel Alignment Service Market
In terms of region, the global automotive wheel alignment service market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive wheel alignment service market in 2019. It is anticipated to hold a leading share during the forecast period due to rise in the production and sales of vehicles in China and countries in ASEAN. Followed by Asia Pacific, Europe also held a significant share of the automotive wheel alignment service market due to the presence of a large number of tier-1 suppliers who have advanced wheel alignment testing machines, which, in turn, is likely to boost the automotive wheel alignment service market across the globe.
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Major Players in Automotive Wheel Alignment Service Market
Prominent players operating in the automotive wheel alignment service market include 3M, BMW AG, Bridgestone Corporation, Continental AG, DRiV Incorporated, Ford Motor Company, General Motors, Mahindra & Mahindra Ltd., Mercedes Benz, MRF, Robert Bosch GmbH, TBC Corporation, The Goodyear Tire and Rubber Company, Tire Prose Francorp, Toyota Motor Corporation, and Volkswagen AG.