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Automotive Wheel Alignment Services Market size was valued at USD 2.06 billion in 2023 and is anticipated to reach USD 3.1 billion by the end of 2036, registering around 3.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive wheel alignment services is assessed at USD 2.11 billion.
The growth of the market can be attributed to the rising number of automobile users, increasing technological developments in the automobile sector and growing disposable income of people across the world. It is estimated that more than 68 million automobiles will be sold by 2021. Out of these, 55 million units were of passenger vehicles. In addition, high investment by car manufacturers to improve performance and fuel efficiency in vehicles is also assessed to drive market growth in the future. Furthermore, as a result of stringent government regulations regarding reduction of fuel emissions of automotive, manufacturers are now emphasizing on cutting down their carbon footprint to a large extent. This is a crucial factor expected to offer lucrative opportunities to the automotive wheel alignment services market in the upcoming years.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
16.14% |
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Base Year Market Size (2023) |
USD 2.06 billion |
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Forecast Year Market Size (2036) |
USD 3.1 billion |
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Regional Scope |
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The market is segmented by service provider into OEM, franchise, dealership authorized, and others, out of which, the OEM segment is anticipated to hold the largest share in the automotive wheel alignment services market on account of growth in the number of in-house testing facilities where all the vehicle tests are carried out. Along with this, rising demand for premium quality vehicle service is also projected to boost growth of this market segment during the forecast period. Additionally, on the basis of vehicle type, the segment for passenger vehicles is estimated to gather the largest revenue in the near future, which can be ascribed to the high production of these automobiles globally and increasing demand for luxury vehicles in developing nations.
Our in-depth analysis of the global market includes the following segments:
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Vehicle Type |
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Product Type |
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Service Provider |
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On the basis of geographical analysis, the automotive wheel alignment services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America industry is likely to account for largest revenue share by 2036, propelled by escalating number of commercial vehicles in the region that require regular maintenance. For instance, the sales of commercial vehicles in the United States have only observed a hike since 2009. More than 125 million units of the automobile were sold in 2020. Similarly, Europe is also anticipated to occupy a significant share in the market in the coming years owing to the presence of major automobile manufacturers and wide usage of advanced testing facilities to check wheel alignment of vehicles in the region. Moreover, the automotive wheel alignment services market in Asia Pacific is evaluated to witness the highest growth during the forecast period. This can be accounted to rapid urbanization across nations namely, India and China and intensifying fleet size of passenger cars in Japan.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
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