Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSThe automotive wheel alignment services market is estimated to garner a hefty amount of revenue by recording a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. 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 market in the upcoming years.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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 is estimated to occupy the largest market share over the forecast period on the back of 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 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.
The automotive wheel alignment services market is further classified on the basis of region as follows:
Our in-depth analysis of the automotive wheel alignment services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are increasing use of automobiles worldwide and growing technological advancements in the automotive sector.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
Lack of Skilled Labor is estimated to hamper the market growth.
Asia Pacific is expected to offer more business opportunities to the market on the back of rapid urbanization across India and China.
The major players in the market are BMW AG, 3M Company, Bridgestone Corporation, Continental AG, Ford Motor Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by vehicle type, product type, service provider, and by region.
The passenger segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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