New growth opportunities emerge due to ageing vehicles, rising annual mileage and safety regulations,finds Frost & Sullivan’s Mobility team

SANTA CLARA, Calif. – Dec. 21, 2016 – Technology convergence is helping scale down large wheel and tire diagnostic garage equipment tools to fit within automobiles. Optimization will create smaller, sophisticated products that utilize sensor-based applications to diagnose real-time service escalation needs. Manufacturers must focus on achieving the right balance of product mix and placement to meet demand expectation and maintain a competitor advantage.

Frost & Sullivan’s Market Engineering Analysis of the Tire and Wheel Equipment Market finds that the overall wheel and tire equipment industry will grow at a compound annual growth rate of 2.5 percent between 2015 and 2022, due to the rising demand for wheel aligners and tire changers.

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Tire and Wheel
“Ageing vehicles, retaining patterns in consumers and rising annual mileage, will create recurring demand for wheel and tire service and maintenance,” said Frost & Sullivan Intelligent Mobility Research Analyst Benson Augustine.

The tire and wheel equipment market is being hindered by improved lifespan and replacement cycles, better-quality equipment, efficient servicing, and lack of awareness around the use of certain equipment. Nonetheless, global revenues are expected to reach $541.4 million in 2022.

“Snap-on, Hunter Engineering Company and Hennessy are the current market leaders. Their key assets are penetration and brand image with state-of-the-art products and a strong mix of high-end and value-line equipment,” noted Augustine. “However, Chinese manufacturers are likely to infuse relatively low-priced products to attract price-sensitive smaller garages.”

Market Engineering Analysis of Tire and Wheel Equipment Market
 is part of Frost & Sullivan’s Mobility: Automotive & TransportationGrowth Partnership Service program.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.

Market Engineering Analysis of Tire and Wheel Equipment Market
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Contact:
Clarissa Castaneda
Corporate Communications – North America
P: 210.477.8481
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E: clarissa.castaneda@frost.com

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success.

Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success.

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