Tire, Wheel Equipment Demand Expected to Grow
Dec. 30, 2016—The market research firm Frost & Sullivan expects the U.S. demand for tire and wheel servicing equipment to grow 2.5 percent annually through 2022.
The firm said global revenues are expected to reach $541.4 million in 2022, with tire changers and wheel alignment equipment leading the way. It identified Snap-on Inc., Hunter Engineering Co. and Hennessy Industries Inc. as the market leaders.
Frost & Sullivan also noted that technology convergence is scaling down large wheel and tire diagnostic garage equipment tools to fit within automobiles. Optimization will create smaller, sophisticated products that use sensor-based applications to diagnose real-time service escalation needs, the firm said. Manufacturers must focus on achieving the right balance of product mix and placement to meet demand expectation and maintain a competitive advantage.