Tire balance Market: Global Industry Analysis and Forecast (2024-2030)

Tire balance Market size was valued at USD 1.47 Billion in 2023 and is expected to grow at a CAGR of 5% from 2024 to 2030, reaching nearly USD 2.07 Billion.
Tire balance Market Overview
The market is crucial for ensuring smooth and safe vehicle operation by eliminating vibrations caused by imbalanced tires. It is driven by factors such as increasing vehicle production, emphasis on ride comfort and safety, technological advancements, growing awareness and maintenance needs, and the expansion of the commercial fleet sector.

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The tire balance market is expected to grow steadily in the coming years, driven by factors such as increasing vehicle production, emphasis on ride comfort and safety, and technological advancements. The market's expansion is also influenced by the growing maintenance needs of vehicle owners, the expansion of the commercial fleet sector, and the increasing adoption of advanced balancing technologies. As vehicles become more advanced and consumers demand enhanced ride quality, the demand for efficient tire balancing solutions is expected to rise, supporting the growth of the tire balance market.

The competitive landscape is characterized by continuous product innovation, expanding distribution networks, and providing efficient balancing solutions. Key players in the market include Hunter Engineering Company, Snap-on Incorporated, Corghi S.p.A., CEMB S.p.A., Guangzhou Jingjia Auto Equipment Co., Ltd., and Shanghai Balance Automotive Equipment Co., Ltd.Strategic partnerships and collaborations with vehicle manufacturers and service centers are common to offer comprehensive tire balancing solutions.
Tire balance Market Scope and Research Methodology
The global Tire balance Market is analyzed through segments including Vehicle Type, Balancing method, End-user and Region. The report provides an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation and gives a clear business view to the Investors. The Tire balance Market report presents an analysis of market size, share, and growth, trends, cost structure, statistical and comprehensive data of the global market.

The Tire balance Market report covers the key players in the industry, including company profile, revenue, product specifications, and product sales, price, and gross margin sales, market share as well as an in-depth analysis of the market. The report covers a competitive analysis of market drivers, restraints, opportunities and growth. To analyze the impact of micro-economic and macro-economic factors on the market, PORTER and PESTLE analyses were conducted. SWOT analysis was used to study the strengths and weaknesses of the Tire balance industry. The bottom-up approach was used to estimate the Tire balance Market size.
Tire balance Market Dynamics
Tire balance Market Drivers

Increasing Vehicle Production

The growing automotive industry and the rising production of vehicles worldwide are significant drivers of the tire balance market. As vehicle production increases, the demand for tire balancing services also rises to ensure optimal vehicle performance, safety, and comfort. Manufacturers and consumers alike recognize the importance of proper tire balance in reducing vibrations and enhancing overall driving experience.

Emphasis on Ride Comfort and Safety

Ride comfort and safety are key considerations for vehicle manufacturers and consumers. Proper tire balance plays a crucial role in achieving a smooth and comfortable ride while minimizing vibrations. Imbalanced tires can lead to discomfort, decreased stability, and increased tire wear. With a greater focus on ride quality and safety, the demand for tire balancing services is expected to grow, driving the market forward.

Tire balance Market Opportunities

Technological Advancements

The tire balance market presents opportunities for technological advancements in balancing equipment and tools. Innovations in balancing machines, sensors, and software can improve the accuracy, efficiency, and speed of the tire balancing process. Integration of advanced technologies such as artificial intelligence (AI) and machine learning can enable predictive balancing and real-time adjustments, enhancing the overall performance of tire balance services.

Growing Demand for Electric Vehicles (EVs)

The increasing adoption of electric vehicles presents a significant opportunity for the tire balance market. EVs have unique characteristics, including different weight distributions and specific tire requirements. As the demand for EVs continues to rise, specialized tire balancing services tailored to the unique needs of electric vehicles can emerge as a distinct market segment. This includes the development of balancing solutions for EV-specific tires, such as low rolling resistance tires or tires optimized for regenerative braking systems. Capitalizing on the growing EV market can open up new avenues of growth for tire balance service providers.

Tire balance Market Restraints & Challenges

Lack of Awareness and Education

One of the significant restraints in the tire balance market is the lack of awareness and education among vehicle owners about the importance of tire balancing. Many consumers may not be fully aware of the benefits of proper tire balance or the potential consequences of imbalanced tires. This lack of awareness can result in lower demand for tire balance services and hinder market growth. Efforts to educate consumers about the importance of tire balancing and its impact on vehicle performance and safety are necessary to overcome this restraint.

Price Sensitivity and Cost Factors

Price sensitivity among consumers and businesses can be a challenge in the tire balance market. Some customers may perceive tire balancing services as an additional expense and prioritize cost-saving measures over regular maintenance. Moreover, the cost of investing in advanced tire balancing equipment and technologies can be a barrier for small-scale service providers. Balancing machines and tools can be costly, and their maintenance and calibration require ongoing investments. Service providers need to find a balance between offering competitive pricing and maintaining profitability to overcome this challenge. Additionally, providing cost-effective solutions for tire balance equipment and services can attract a broader customer base and stimulate market growth.
Tire balance Market Trends
Increasing Adoption of Road Force Variation Balancing

Road force variation (RFV) balancing is a tire balancing technique that measures and addresses the lateral and radial forces acting on a tire. It helps identify and correct imbalances caused by non-uniform tire stiffness or variations in wheel assembly. RFV balancing provides more accurate and precise balancing results, leading to improved ride quality and reduced vibrations. This trend is driven by the growing demand for higher precision and enhanced performance in tire balancing, particularly in the automotive and commercial vehicle sectors.

Integration of Tire Balancing with Advanced Vehicle Technologies

The tire balance market is witnessing a trend of integrating tire balancing systems with advanced vehicle technologies. Tire balance sensors are integrated with vehicle control systems like ESC and ADAS, optimizing vehicle dynamics, safety, and driving experience. This trend is driven by increasing emphasis on connectivity, automation, and intelligent transportation systems. The integration of tire balance with advanced vehicle technologies is expected to drive the development of smart tire balancing solutions in the market.
Tire balance Market Segmentation
By Vehicle Type
The market is segmented by vehicle type in Passenger vehicles, Commercial vehicles and others. Passenger vehicles are the largest market for tire balancing, with a market share of 70%. This is because passenger vehicles are the most common type of vehicle on the road, and they are also the most likely to experience tire imbalance. Commercial vehicles account for 25% of the market, and other vehicles account for the remaining 5%. The market is segmented by vehicle type because the balancing requirements for different types of vehicles vary. For example, passenger vehicles typically require less balancing than commercial vehicles, as they are lighter and have smaller tires. Other vehicles, such as agricultural and construction vehicles, may require special balancing procedures due to their weight and size.
Tire balance Market Regional Insights
North America
North America is a significant market, driven by a large automotive industry and high vehicle ownership rates. Key contributors include the United States and Canada, which focus on vehicle maintenance and performance. Technological advancements and advanced balancing equipment are prominent trends in the region. Increasing awareness about tire safety and regulations emphasizing proper tire maintenance support market growth.

Europe
Europe has a well-established automotive industry and a mature market for tire balance services, with countries like Germany, France, and the United Kingdom contributing to the market. Stringent regulations and emphasis on road safety drive the demand for proper tire balancing and maintenance. Growing environmental concerns and the adoption of electric vehicles (EVs) present opportunities for specialized tire balance services catering to EV-specific requirements.

Asia Pacific
Asia Pacific is experiencing rapid growth in the tire balance market, driven by the expanding automotive industry and increasing vehicle sales. Countries like China, Japan, India, and South Korea are key markets in the region. Rising disposable income, urbanization, and improving road infrastructure contribute to increased vehicle ownership and the demand for tire balance services. Technological advancements in tire balancing equipment and methods are also witnessing growth.

South America
South America presents a developing tire balance market, with countries like Brazil and Argentina being major contributors. Increasing vehicle sales, economic growth, and infrastructure development drive the demand for tire balance services in the region. Focus on road safety and regulatory initiatives supporting vehicle maintenance contribute to market growth.

Middle East and Africa
The Middle East & Africa region has a growing market for tire balance, driven by the expanding automotive industry and increasing vehicle sales. Countries like Saudi Arabia, UAE, and South Africa are key markets in the region. Extreme weather conditions, rising investment in infrastructure development, and increasing awareness about road safety further drive the market. Understanding these regional insights helps industry players identify growth opportunities and tailor their strategies accordingly.

Tire balance Market Competitive Landscape

The market is highly competitive, with several key players dominating the tire balance industry. Notable companies in the market include Hunter Engineering, Snap-on Incorporated, CEMB, Corghi, Hofmann, Beissbarth, Sice, and John Bean Technologies. These companies offer a wide range of tire balancing machines and equipment designed for different applications and vehicle types. Continuous product innovation, technological advancements, and strategic partnerships are the key strategies employed by these players to gain a competitive edge. These companies focus on improving the accuracy and efficiency of their tire balancing equipment, enhancing user-friendly interfaces, and expanding their service networks to cater to a wider customer base.
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Global Tire balance Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 1.47 Bn.


Forecast Period 2024 to 2030 CAGR:
5%
Market Size in 2030:
US $ 2.07 Bn.


 Segments Covered:
by Product Type
Clip-On Type
Adhesive Type


by Vehicle Type
Passenger vehicles
Commercial vehicles
Others



Tire balance Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Tire balance Key Players
1. Hunter Engineering Company (United States)
2. Snap-on Incorporated (United States)
3. CEMB-USA (United States)
4. John Bean Technologies Corp. (United States)
5. Corghi USA (United States)
6. Perfect Equipment Inc. (United States)
7. Beissbarth GmbH (Germany)
8. Hofmann Maschinen- und Anlagenbau GmbH (Germany)
9. Sice Srl (Italy)
10. Ravaglioli S.p.A (Italy)
11. TECO Automotive Equipment (Italy)
12. Werther International(Italy)
13. Bright Balancer Equipment Co., Ltd. (China)
14. Guilin Guibei Machine Co., Ltd. (China)
15. Shanghai Balance Automotive Equipment Co., Ltd. (China)
16. Beijing Hongtech Co., Ltd. (China)
17. KATS Automotive Service Equipment Co., Ltd. (South Korea)
18. Hiroshima Kasei Limited (Japan)
19. Ortis Equipamentos Automotivos (Brazil)
20. Kratos Equipamentos (Brazil)
21. J.M. Máquinas (Brazil)
22. Selson Automotive Equipments (Brazil)
23. Yateem Oxygen LLC (United Arab Emirates)
24. Rotary Wheel Service Equipment (South Africa)
25. Autostar Garage Equipment Trading LLC (United Arab Emirates)

FAQs
1. What is the forecast market size of the Tire balance by 2030?
Ans: The Tire balance Market size by 2030 is expected to reach USD 2.07 Billion.

2. What is the growth rate of Global Market?
Ans: The Global Market is growing at a CAGR of 5% during forecasting period 2024-2030.

3. Who are the key players in the Tire Balance Industry?
Ans: Hunter Engineering, Snap-on Incorporated, CEMB, Corghi, Hofmann, Beissbarth, Sice, and John Bean Technologies.

4. What is the study period of Market?
Ans: The Global Market is studied from 2018 to 2030.

5. What was the Tire Balance Market size in 2023?
Ans: The Tire Balance Market size in 2023 was valued at USD 1.47 Billion.