Persistence Market Research (PMR) has released a new market study on the wheel balancing weights market that involves the global industry analysis 2014–2018 and forecast 2019–2029. According the product definition, wheel balancing weights or wheel weights (balance weights) are used to balance a tire and wheel assembly. A wobbling and out-of-balance wheel can adversely affect the quality of ride and shorten the life of bearing, tires, and suspension components. Wheel balancing weights act as an indispensable component offering benefits such as fuel saving, enhanced tire efficiency, and improve comfort and safety.
Additionally, the report offers a thorough analysis of the wheel balancing weights market for the upcoming ten years. The report on wheel balancing weights summarizes macroeconomic factors that could assist and influence the growth of the wheel balancing weights market and forecast factors. Moreover, the report titled- wheel balancing weights market, as per the assessment, it was estimated at ~US$ 420 Mn in 2018 and is anticipated to reach a value of ~US$ 750 Mn by the end of 2029, influenced by the cyclic trend of the automotive industry and new product launches. The wheel balancing weights market is expected to grow at a moderate CAGR of ~6% during the assessment period.
Increasing Use of Responsive Tires Complementing Wheel Balancing Weight Sales
Vehicles are being made lightweight to enhance the performance parameter. Heavier automobile actually helps in providing a smooth ride by dampening vibrations before the driver could sense them. Another factor is the tire and wheel technology, where more responsive tires are being used with lower profiles. As a result, the slightest imbalance can be felt in most vehicles, proliferating the demand for wheel balancing weights.
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Lower environmental impacts and human health coupled with the propensity for steel wheel balancing weights to be made from recycled material appears to position steel wheel balancing weights as the best overall alternative in the upcoming years. Moreover, the growing prominence of alloy wheels around the world is propelling the demand for wheel balancing weights than steel wheels. Several Japan-based and Europe-based OEMs are switching to zinc- and steel-based wheel balancing weights. However, the prevalence of lead-based wheel balancing weights are still high in the aftermarket segment, dampening the sales of alternative wheel balancing weights.
Asian Economies Emerging as Lucrative Markets
South Asia and East Asia are the crucial helms deciding the fate of the automotive industry and acting as a future driver for the wheel balancing weights market. At a global level, steel-based wheel balancing weights have become the replacement material of choice for almost all OEMs and regional/domestic tire retailers. South Asia and East Asia, still account for significant share for clip-on lead-based wheel balancing weights.
Lead has historically been used to manufacture wheel balancing weights due to its distinct characteristics such as high density, softness, and relatively inexpensive to manufacture and market. The Europe wheel balancing weights market is witnessing substantial growth for zinc-based wheel balancing weights due to the regional dynamics of the zinc material. Whereas, in the Americas, the demand for wheel balancing weights is attributed to the growing adoption of steel-based wheel balancing weights.
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Wheel Balancing Weights Market: Competitive Landscape
Few prominent market participants involved in the manufacturing of wheel balancing weights are WEGMANN Automotive GmbH (Brands covered are HOFMANN POWER WEIGHT, Perfect Equipment Inc., Plombco), 3M Automotive, Hennessy Industries, LLC (BADA), Wurth USA, Inc., HARTEC s.a.l (Hatco brand), Cangzhou Yaqiya Auto Parts Manufacturer Co., Ltd., BeiJiaDe Auto Accessory Co., Ltd., BendPak Inc., Banner GmbH, Trax JH Ltd., P.C. Products Company International Limited, Bharat Balancing Weightss, B.S. Wheel Balance Pvt. Ltd., Italmatic Srl, Toho Kogyo Co., Ltd., and TOHO ZINC CO., LTD., among others