The global wheel studs market size is expected to reach US$ 4.8 Billion in 2022 and US$ 7.1 Billion in 2032. It is projected to exhibit growth at a CAGR of 5.9% in the forecast period from 2022 to 2032. The rising production and sales of automobiles are likely to propel the demand for wheel studs in the upcoming years.
| Report Attribute | Details |
| Wheel Studs Market Estimated Base Year Value (2021) | US$ 3.7 Billion |
| Wheel Studs Market Expected Market Value (2022) | US$ 4.8 Billion |
| Wheel Studs Market Anticipated Forecast Value (2032) | US$ 7.1 Billion |
| Wheel Studs Market Projected Growth Rate (2022-2032) | 5.9% CAGR |
Wheel studs are extensively used to hold the wheels of an automobile. These are commonly referred to as threaded fasteners that are mounted through the brake drum or brake disk directly to the vehicle hub.
Wheel studs can be either aftermarket add-ons or factory equipment. These remain in the hub when a wheel is removed for tire changes. Aftermarket wheel studs enable companies to mount a wheel to a vehicle that is not factory supplied.
These come in two basic kinds, namely, screw-in and press-in. These are easily replaceable. Screw-in studs can be simply screwed into the existing hole of the threaded bolt in the hub.
The rising number of benefits of wheel studs are expected to augment the growth in the global market. Unlike wheel bolts, these provide greater ease for tire changes. These help people to lift both the tire and the wheel onto the studs, thereby enabling them to hold and locate the assembly rather than trying to hold the wheel up during tire changes for inserting bolts.
In case of stripped threads, these often require very few parts for replacement. The whole hub usually has to be replaced with lug bolts. Studs protruding from the hub deliver an easy way to align the wheel during mounting. Also, many automobile manufacturers are expected to provide a mounting pin to customers to help them locate wheels during reinstallation. Spurred by the aforementioned factors, the sales of wheel studs are projected to grow at a fast pace in the forthcoming years.
Wheel stud failures on vehicles is a very common problem that customers often face. Though the issue occurs across a wide range of vehicle types, it is mainly associated with heavy goods vehicles. Metallurgical analysis of numerous failed wheeled studs showcased that these have failed because of fatigue. The rising cases of wheel losses across the globe may hamper the wheel studs market growth in future years.
The ongoing expansion of the automotive industry and the presence of various automobile manufacturers in emerging economies, such as India and China are estimated to bolster the Asia Pacific wheel studs market share in the evaluation period. The rising development of better quality automotive equipment by key players based in these countries to cater to the surging demand from customers is another vital factor that is likely to augur well for the regional market.
As per the India Brand Equity Foundation (IBEF), India was the fifth-largest automobile market in 2020 with 3.49 million units sold in both commercial vehicles and passenger car categories. Between FY16-20, the production of domestic automobiles surged at 2.36% CAGR and nearly 26.36 million vehicles were manufactured in FY20 in the country. This trend is likely to continue throughout the forthcoming years, thereby bolstering the Asia Pacific market.
North America is expected to remain in the second position followed by Asia Pacific in terms of the wheel studs market size. This growth is attributable to the increasing penetration of wheel stud arrangement in automotive, especially in the U.S. and Canada.
The increasing entry of a large number of OEMs in these countries is also set to generate high demand across North America. According to the Organisation Internationale des Constructeurs d'Automobiles, in 2017, around 3033216 passenger vehicles were manufactured in the U.S. alone. This number is expected to surge at a rapid pace in future years, thereby driving the North America market.
Some of the renowned companies operating in the global wheel studs market are Elgin Fastener Group LLC, KAMAX Holding GmbH & Co. KG, Superbolt, Inc., Valley Forge & Bolt Manufacturing Co., B & D. Thread Rolling, Inc., The Cold Heading Co Inc., Summit Tool Company, McGee Company Inc., and Slidematic Industries, Inc. among others.
Majority of the leading players in the market are increasingly focusing on research and development activities to come up with innovative products. A few other companies are striving to expand their existing portfolios to attract a large consumer base and deliver new products as per their clients’ requirements. Some of the prominent key players are engaging in mergers and acquisitions, as well as partnerships to gain a competitive edge in the global market.
| Report Attribute | Details |
| Growth Rate | CAGR of 5.9% 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 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Customization | Available Upon Request |
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The global wheel studs market is anticipated to exceed US$ 7.1 Billion in 2032.
Asia Pacific is set to lead the wheel studs market in the forecast period.
H Elgin Fastener Group LLC, KAMAX Holding GmbH & Co. KG, Superbolt, Inc., Valley Forge & Bolt Manufacturing Co., and B & D. Thread Rolling, Inc. are some of the renowned companies in the wheel studs market.
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Wheel studs Market
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