Global Market Study on Wheel Balancing Weights: Gaining Prominence in Tire Balancing Aftermarket


Wheel Balancing Weights  Market
  • Report code : PMRREP24439 |
  • Industry : Automotive |
  • Published On : Aug-2019 |
  • Pages : 280 Pages |
  • Format :

This PMR study offers an analysis and forecast of the global Wheel Balancing Weights market between 2019 and 2029. The Wheel Balancing Weights market study considers 2018 as the base year, with market values estimated for 2019, and a forecast developed for the duration between 2019 and 2029. Compound Average Growth Rate (CAGR) has been represented from 2019 to 2029. The study covers various perspectives of the global wheel balancing weights market, including market dynamics, value chain, pricing analysis, competition analysis, regional, and segmental growth comparison, and macro-economic along with segment level projections in a comprehensive manner. As per the findings of the study and perspectives of industry participants, the global wheel balancing weights market is projected to grow at a CAGR of approximately 6% between 2019 and 2029 in terms of value. Increasing investment and development of production capacities to play a pivotal role in the development of wheel balancing weights market.

This Persistence Market Research report carefully analyses the wheel balancing weights market at a global and regional level, through market segmentation on the basis of key parameters such as product type, material type, vehicle type, wheel type, and sales channel. The primary objective of the report is to offer key insights on market updates, competition positioning, growth rates, and other relevant information, and statistics in a suitable manner to the readers or various stakeholders in the wheel balancing weights market. Subsequently, the study aims to analyze the most recent trends, dynamics, and potential strategies in the global wheel balancing weights market.

The report is structured to allow readers to develop a thorough understanding of the wheel balancing weights market. It begins with market definitions, which are followed by the market background, market dynamics, and market analysis by key segments, regional analysis, and competition landscape. Each section covers a qualitative and quantitative assessment of the Wheel Balancing Weights market on the basis of facts, historical developments, and key opinions collected from industry participants through dedicated interviews and trends in the Wheel Balancing Weights market.

Wheel Balancing Weights Market: Segmentation

By Product Type

By Material Type

By Vehicle Type

By Wheel Type

By Sales Channel

By Region

  • Clip-on Weights
  • Adhesive Weights
  • Lead
  • Zinc
  • Steel
  • Tin and Others
  • Passenger Cars
    • Compact
    • Mid-size
    • Luxury
    • SUVs
  • LCVs
  • HCVs
  • Steel Wheel
  • Alloy Wheel
  • OEM
  • Aftermarket
  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

Subsequent sections of the report provide value (US$ Mn) and volume (‘000 boxes) projections for the Wheel Balancing Weights market on the basis of the aforementioned segments at a global level. Here, in the report – one box has been defined as a unit comprised of 100 clip-on wheel balancing weights or 100 strips/rolls of adhesive wheel balancing weights.

The global Wheel Balancing Weights market values represented in these section have been agglomerated by collecting data and information at a regional level. The Wheel Balancing Weights market information, along with key facts and insights, covers unique analysis frameworks such as absolute $ opportunity analysis, year-on-year growth trend comparison, market share, and attractiveness analysis for each of the sub-types covered in each segment of this wheel balancing weights market report.

The next section of the report presents a summarized view of the global Wheel Balancing Weights market based on eight prominent regions considered in the study. The section includes regional market position, growth potential, trends, and attractiveness analysis for each of these regions.

All the above sections evaluate the present market scenario and growth prospects in the global Wheel Balancing Weights market, while the forecast presented in these sections assesses the market size in terms of volume and value.

In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global Wheel Balancing Weights market is expected to develop in the future. Given the characteristics of the Wheel Balancing Weights market, we triangulated the outcome of three different types of analysis: primary research, secondary research, and our own analysis. However, forecasting the market in terms of various segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the completion of the forecast exercise.

All the Wheel Balancing Weights market segments and sub-segments have been analysed on Basis Point Share (BPS) to understand each individual segment’s relative contribution to the Wheel Balancing Weights market growth. Another key feature of the Wheel Balancing Weights market report is the analysis of all the key segments in the Wheel Balancing Weights market, sub-segments, and regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the Wheel Balancing Weights market.

In the final section of the Wheel Balancing Weights market report, a competitive landscape of the Wheel Balancing Weights market has been included to provide report audiences with a dashboard view categorized on the basis of providers present in the value chain, their presence in the Wheel Balancing Weights market, and key differentiating factors and strategies. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the Wheel Balancing Weights market. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of the in-depth assessment of their capabilities and success in the Wheel Balancing Weights marketplace. Detailed profiles of the providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the Wheel Balancing Weights market.

The report covers a complete study of the wheel balancing weights market with an analysis of types of wheel balancing weights. The report summarizes the parent market for wheel balancing weights and markets, which are going to impact the growth of the wheel balancing weights market. It provides a brief description about how the wheel balancing weights market will perform in various regions around the world according to the previous performance and future potential in respective regions.

Balancing is an important and indispensable part of tire service. Whether during the purchase of new tires or having tires rotated, rebalancing the wheel is necessary in the vehicle. According to the market estimates, the global wheel balancing weights market is foreseen to reach ~US$ 750 Mn by the end of the forecast period, registering ~CAGR of 5%. The main reason cited for the increase in the wheel balancing market size is the necessity of wheel balancing for comfort and control tire wear. Additionally, based on the considerations outlined in the report, zinc or lead wheel weight lost on the roadway have much higher potential impacts to the human health and the environment as compared to steel. Therefore, the global market for wheel balancing weights for steel material appears promising with a CAGR of ~6%, mainly driven by Europe and Asia Pacific.

pr image wheel balancing weights market

Steel-based Wheel Balancing Weights to Proliferate New Avenues

As per the market consensus, there are mainly two alternatives for conventional lead-based wheel balancing weights i.e. steel-based wheel weights. Steel-based wheel balancing weights are the preferred alternative by consumers due to its high density, small size, environment-friendly composition, and cost advantage. According to PMR estimates, the global automotive aftermarket industry is anticipated to reach ~US$ 800 Bn by 2020.  Nowadays, consumers are well aware of replacing the wheel components such as wheel balancing weights in well-time to maximize the life expectancy of vehicles. Thus, the rising demand for wheel balancing weights in the aftermarket is expected to create new growth opportunities for the business.  

Regulations – The Key Influencer 

With changes in the legislation and regulations in Europe and North America, movements are being carried out by OEMs to adopt greener alternatives for wheel balancing weights. To eliminate the amount of lead-based wheel balancing weights in the vehicle, polymer-coated zinc or steel wheel balancing weights are becoming the only substitutions for wheel balancing weights. The wheel balancing weights market is substantially impacted due to the cyclic trends in the automotive industry. Currently, India has been witnessing a slow demand for automobiles against the backdrop of inefficient fiscal and monetary policies. Subsequently, the demand for wheel balancing weights in the OEM segment is set to plunge. However, a modest future outlook is foreseen.  

Compact and Mid-Size Passenger Cars Set to Fuel the Wheel Balancing Weights Market

Consumer preferences for driving seem to shift towards passenger cars, predominantly, compact and mid-size vehicles. Automotive markets in Turkey and Eastern Europe, have a combined annual sales volume of over 25 million vehicles translating a future substantial growth scenario for the wheel balancing weights market. Moreover, among all the wheel types, alloy wheels are anticipated to experience robust growth for the adoption of wheel balancing weights. Besides, alloy wheels are used in new passenger cars to conserve the vehicle weight.

Wheel Balancing Weights Market – Competitive Landscape

Unprecedented change in the automotive industry and its potential impact on suppliers of wheel balancing weights have been assessed. Moreover, plausible manufacturing outlook for wheel balancing weights has boosted the sentiments of manufacturers. In terms of market structure, the wheel balancing weights market shows a perfect competitive scenario; where enormous brands are flooded in the market. More than 80% of the global wheel balancing weights market is led by top 8-10 brands/companies. Few of the strategies adopted by wheel balancing weights market players includes a wide array of organic strategies.  For instance, as a prominent OEM supplier, Plombco began the production of lead-free wheel balancing weights in 2000 and resulted in the launch of zinc-based wheel balancing weights 2003.

Prominent players covered in the wheel balancing weights market report includes - 

  • WEGMANN Automotive GmbH (Brands covered HOFMANN POWER WEIGHT, Perfect Equipment Inc., and Plombco),
  • 3M Automotive
  • Hennessy Industries, LLC (BADA)
  • Wurth USA, Inc.
  • HARTEC s.a.l (Hatco brand)
  • Cangzhou Yaqiya Auto Parts Manufacturer Co., Ltd.
  • BeiJiaDe Auto Accessory Co., Ltd.
  • BendPak Inc.
  • Banner GmbH
  • Trax JH Ltd.
  • P.C. Products Company International Limited
  • Bharat Balancing Weightss
  • B.S. Wheel Balance Pvt. Ltd.
  • Italmatic Srl
  • Toho Kogyo Co., Ltd.
  • TOHO ZINC CO., LTD., among others.

Key Questions Answered in the Wheel Balancing Weights Market Report

  • How has the wheel balancing weights market evolved over the past five years?
  • How is the wheel balancing weights market expected to take shape in terms of volume and value during the study period?
  • What are the prevailing market dynamics in the wheel balancing weights market?
  • What are the competition developments and trends in the wheel balancing weights market?
  • What are the underlying macro-economic and industry factors impacting the growth of the wheel balancing weights market?
  • Which are the key challenges, opportunities, and improvement factors for wheel balancing weights market players?
  • What are the market positioning and key strategies of key manufacturers as per the wheel balancing weights market taxonomy?
  • How is the competition structured in the wheel balancing weights market and how has it evolved over the past few years?

Company Profiles:

  • WEGMANN automotive GmbH ( HOFMANN POWER WEIGHT, Perfect Equipment Inc., Plombco) 
  • 3M Automotive 
  • Hennessy Industries, LLC (BADA)
  • Wurth USA, Inc
  • HARTEC s.a.l (Hatco brand)
  • Cangzhou Yaqiya Auto Parts Manufacturer Co., Ltd.
  • BeiJiaDe Auto Accessory Co.,Ltd. 
  • BendPak Inc.
  • Banner GmbH
  • Trax JH Ltd 
  • P.C. Products Company International Limited
  • Bharat Balancing Weightss 
  • B.S. Wheel Balance Pvt. Ltd 
  • Italmatic Srl
  • Toho Kogyo Co., Ltd.
  • TOHO ZINC CO

 

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