Technavio analysts forecast the global wheel aligner equipment market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.
The growing popularity of touchless wheel alignment system is one of the major trends being witnessed in the global wheel aligner equipment market 2019-2023. A touchless wheel alignment system is a non-contact wheel-alignment system, which offers quick measurement without setup time. In this system, once the vehicle is positioned between the sensor heads, it provides precise results for all four wheels at the same time. The alignment measurement is carried out by infrared laser projectors in combination with high-resolution cameras.
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According to Technavio analysts, one of the key factors contributing to the growth of the global wheel aligner equipment market is the increasing number of automobiles:
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Global wheel aligner equipment market: Increasing number of automobiles
The improved sales of automobiles can be attributed to the high disposable income of people across the globe. The growth of the global wheel aligner equipment market is closely related to the number of automobiles getting sold as these vehicles will frequently need wheel alignment. The passenger vehicle segment contributes significantly to the global automobile market.
According to a senior analyst at Technavio for research on automotive components, Factors such as sales incentives, the availability of low-interest finance options, the launch of new models, and comfortable repayment options are driving the market for passenger vehicles in APAC and the Middle East. Moreover, favorable government policies in several countries have encouraged many manufacturers to increase production of passenger vehicles. The growing number of automobiles increases the need for wheel alignment checks.
Global wheel aligner equipment market: Segmentation analysis
The global wheel aligner equipment market research report provides market segmentation by technology (CCD aligner and 3D aligner) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The CCD aligner segment held the largest market share in 2018, accounting for nearly 93% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 50%. This region is expected to dominate the market through 2023.
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Five Forces Analysis
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- Vendors covered
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