Automotive Wheel Balancing Weight Market Size, Share [2032]

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The global automotive wheel balancing weight market size was USD 627.5 million in 2022 and the market is projected to touch USD 1200.2 million by 2032 at a CAGR of 6.7% during the forecast period.

Automotive wheel balancing weight is a component that is used to balance the wheel and tire assembly of a vehicle, so that it spins smoothly at high speed. It is made from malleable metals such as polymer-coated zinc and steel, and it is attached to the rim of the wheel in a precise location to counteract any imbalance in the weight distribution of the wheel and tire. Wheel balancing weight is also known as tire balance or wheel weigh.

Automotive wheel balancing weight is important for maintaining the performance, safety, and comfort of the vehicle, as well as extending the life of the tires and wheels. If the wheel and tire assembly is not balanced properly, it can cause vibrations, noise, uneven tire wear, and damage to the suspension system. Wheel balancing weight can also improve the fuel efficiency and handling of the vehicle by reducing the rolling resistance and friction of the tires.

The global COVID-19 pandemic has been unprecedented and staggering, with the automotive wheel balancing weight market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic has had a significant impact on the automotive wheel balancing weight market share. The pandemic has created some opportunities for the market, such as increasing the demand for aftermarket services, as people tend to maintain their existing vehicles rather than buying new ones. Moreover, the pandemic has accelerated the adoption of digital technologies and e-commerce platforms, which can facilitate the online sales and distribution of automotive wheel balancing weights. Therefore, the COVID-19 impacts on the market are mixed, depending on the region, segment, and product type.

"Shift from Lead-Based Weights to Non-Lead Alternatives to Fuel the Growth in the Market"

One of the recent trends in the market is the shift from lead-based weights to non-lead alternatives, such as zinc, steel, and composite materials. This is mainly due to the environmental and health concerns associated with lead exposure, as well as the regulatory bans and restrictions imposed by various countries on the use of lead in automotive products. The non-lead automotive wheel balancing weights offer several advantages, such as being more durable, corrosion-resistant, recyclable, and cost-effective. They also have better aesthetic appeal and compatibility with different wheel types and sizes. Therefore, the recent market trend is expected to boost the growth of the non-lead segment of the market.

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According to type, the market can be segmented into Clip-On Type and Adhesive Type.

Based on age, the market can be divided into Passenger Vehicle and Commercial Vehicle.

"Increasing Production and Sales of Passenger and Commercial Vehicles to Foster the Market Growth"

The increasing production and sales of passenger and commercial vehicles across the world, especially in emerging markets such as China, India, Brazil, and Mexico. These markets have a high potential for growth due to the rising disposable income, urbanization, infrastructure development, and consumer preferences. The increasing vehicle population also creates a higher demand for wheel balancing weights, as they are essential for ensuring vehicle safety, performance, and comfort. This factor is expected to drive the growth of the market in the coming years, as more people will buy new vehicles or replace their old ones. The demand for wheel balancing weights will also vary depending on the type and size of the vehicles, as different vehicles require different amounts and types of automotive wheel balancing weights.

"Growing Demand for High-Performance and Luxury Vehicles to drive the Market Demand"

The growing demand for high-performance and luxury vehicles, which require more sophisticated and precise wheel balancing systems to ensure smooth and comfortable driving experience. These vehicles also have larger and heavier wheels, which need more automotive wheel balancing weights to balance them. The high-performance and luxury vehicles segment is expected to witness a higher growth rate than the overall market, as they have higher profit margins and customer loyalty. The demand for automotive wheel balancing weights in this segment will also depend on the quality and design of the wheels, as well as the customer preferences and expectations. The customers of this segment are more likely to opt for non-lead wheel balancing weights, as they are more durable, corrosion-resistant, recyclable, and cost-effective.

"Increasing Adoption of Electric Vehicles (EVs) to Hamper the Market Growth"

One of the restraining factors for the growth of the market is the increasing adoption of electric vehicles (EVs), which have fewer moving parts and lower maintenance requirements than conventional vehicles. EVs also have lighter wheels, which need less wheel balancing weights to balance them. Moreover, EVs are expected to benefit from various government incentives and policies that aim to promote green mobility and reduce carbon emissions. These factors may reduce the demand for wheel balancing weights in the future.

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"Asia Pacific to Lead the Market Owing To Presence of a Large Aftermarket Segment"

The Asia Pacific region has shown the highest automotive wheel balancing weight market growth. Asia-Pacific is the largest producer and consumer of automobiles in the world, accounting for more than half of the global vehicle production and sales. The region also has a large aftermarket segment, which provides ample opportunities for the wheel balancing weight market. The region is expected to witness a high growth rate due to its rapid economic development, population growth, urbanization, and infrastructure expansion.

"Key Players Are Employing Advanced Technologies In Order To Stimulate Further Growth Of The Market"

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

This report examines an understanding of the automotive wheel balancing weight market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.

Market Size Value In

US$ 627.5 Million in 2022

Market Size Value By

US$ 1200.2 Million by 2032

Growth Rate

CAGR of 6.7% from 2022 to 2032

Forecast Period

2024-2032

Base Year

2023

Historical Data Available

Yes

Regional Scope

Global

Segments Covered

By Type

By Application

The automotive wheel balancing weight market is expected to touch USD 1200.2 million by 2032.

The automotive wheel balancing weight market is expected to exhibit a CAGR of 6.7% by 2032.

The driving factors of the automotive wheel balancing weight market are increasing production and sales of passenger and commercial vehicles and growing demand for high-performance and luxury vehicles.

The top companies operating in the automotive wheel balancing weight market are WEGMANN, TOHO KOGYO, Hennessy, Baolong, Shengshi Weiye, 3M, Trax JH Ltd, Yaqiy, HEBEI XST, Hatco, Wurth USA, Alpha Autoparts, Holman, Bharat Balancing Weightss, HEBEI FANYA.