The tire changers market is likely to register a CAGR of 4.4% during the forecast period, and is anticipated to reach a market share of US$ 1.74 Bn in 2032 from US$ 1.04 Bn in 2020.
Due to the rising number of vehicle service outlets, it has resulted in a steady demand for tire changers.
Attributes
Details
Tire Changers Market CAGR
4.4%
Tire Changers Market Size (2032)
US$ 1.74 Bn
Tire Changers Market Size (2020)
US$ 1.04 Bn
Demand for tire changers has risen steadily over the years, owing to an increase in interest in DIY (do-it-yourself) alternatives. The advent of affordable tire changers on the market has replaced the need to visit service shops to replace tires.
People in the transportation industry, as well as car lovers, are displaying a trend of purchasing tire changers for personal usage, which improved the sales of tire changers. From this point forward, it is safe to predict that the global tire changers market will reach new heights in the next few years.
The expanding number of vehicle service facilities has also resulted in a steady influx of demand for tire changers in the global market. Additionally, automotive manufacturers have been promoting particular tire changer brands, which has increased tire changers market growth prospects even more.
Sales of tire changers are aided by a number of factors. Technicians may replace tires on cars, motorbikes, and heavy-duty vehicles using various tire changers. Certain tire changers have been upgraded by new tire and wheel technologies to be able to change a low profile tire or a run-flat-tire.
The report's in-depth look at the restraints shows how they differ from the drivers and enables strategic planning. Factors that increase tire changer market share and sales of tirechangers are essential because they may be used to develop a variety of tactics for capitalizing on the lucrative prospects that exist in the ever-growing sector.
What leads to the Immense Growth of the Tire Changers Market?
In most countries, poor road construction has resulted in a steady stream of flat tires and tire punctures. Tire damage uncertainty can cause delays in operations and an increase in on-road accidents. Numerous occurrences of unanticipated tire punctures, worn tires, and tire damage have resulted in an increased demand for tire changers among customers.
On the other hand, as the demand for individual tires grows, major automakers are focusing their efforts on outfitting their vehicles with high-quality tires to improve the sales of tire changers.
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What are the Opportunities prevailing in the Tire Changers Market?
According to recent research, 16.3% of the world's population is licensed to drive. The demand for tire changers in the automotive industry will continue to grow as more people acquire cars in various parts of the world.
Furthermore, the growing need to repair flattened, damaged, and worn-out tires have opened up new growth potential for other equipment producers around the world, boosting the production and sales of tire changers.
What are the Trends in the Tire Changers Market?
The increasing middle class in developing countries will stimulate demand for tire changers, as these regions are projected to see greater vehicle ownership. As a result, tire replacement and wheel repair operations have accelerated, accelerating the tire changers market.
Furthermore, sales of manual or mechanically operated tire changers will be hampered by an increase in the proliferation of semi-automatic and automatic tire changers across regions such as India, China, and ASEAN.
Sales of tire changers, on the other hand, are predicted to continue to expand at a rapid pace. In a nutshell, a favourable prognosis for the automobile sector in developing regions is likely to have an impact on the tire changers market.
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What is the Key Region for the Tire Changers Market?
China is predicted to continue to lead the industry, with a 55% global tire changers market share, followed by Europe. Heavy commercial vehicle manufacturing is well-developed in North America. Germany and Italy each have a quarter-share of the market.
How Competition Intensifies the Tire Changers Market?
Hunter Engineering Company, Teco Automotive Equipment, COATS, Snap-on, Accu-turn, Corghi, Puli, and Eagle Equipment are some of the global market participants/vendors recognized in the tire changers market.
Leading manufacturers are concentrating on new product releases and innovation to increase the amount of sales of tire changers.
FASEP SRL, a leading producer in Italy, focuses on producing lever-less (automated) tire changers in order to provide precise and effective tire changers.
A well-known company (Artiglio Master) is focusing on integrating smart Corghi system technology into tire changers in order to provide end users with a technologically improved experience.
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Scope Of Report
Report Attribute
Details
Growth rate
CAGR of 4.4% from 2022 to 2032
Base year for estimation
2021
Historical data
2015 – 2020
Forecast period
2022 – 2032
Quantitative units
Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032
Report coverage
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,
Segments covered
Vehicle type, component, end use, size, region
Regional scope
North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand
Country scope
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa
