Wheel weight industry information in 2024
According to data from Cox Automotive, based on the sales rate of new cars in the first quarter, annual sales in the United States this year are expected to be 15.4 million vehicles, a year-on-year increase of 2.7%.
The global wheel balance weight market size is expected to grow from USD 727.8 million in 2024 to USD 1.35 billion by the end of 2034, at a projected CAGR of 6.4%.
As people with higher disposable income are looking for vehicles that can give them extra comfort and reduce their commuting time.
To enjoy a comfortable ride, your vehicle's tires need to be perfectly balanced, making wheel balance weights one of the most important components. It is important to ensure consistent weight distribution around the circumference of each wheel.
One of the other benefits of these counterweights is that they help reduce vibrations and oscillations that occur when a vehicle is driven at high speeds. The reduction in vibration results in a smoother ride, improved handling and increased safety while driving. Wheel balance weights can also effectively prevent uneven tire wear, helping car owners save money by extending the life of tires and other related features and components.
| Report Attributes | Details |
| Wheel Balancing Weight Market Size (2024E) | US$ 727.8 Million |
| Global Market Growth Rate (2024 to 2034) | US$ 1.35 Billion |
| Canada Market Growth Rate (2024 to 2034) | 6.4% CAGR |
| China Market Value (2034F) | 6.4% CAGR |
| North America Market Share (2024E) | US$ 371.5 Million |
| East Asia Market Share (2034F) | 22.7% |
| Key Companies Profiled | 34.2% |
| Key Companies Profiled | l Shengshiweiye
l Plombco l WEGMANN l HOFMANN l Perfect |
Which market trends for wheel weights are favorable for manufacturers
Balance is an important and integral part of tire maintenance. Whether you're buying new tires or replacing them, your vehicle will need its wheels rebalanced. According to market forecasts, the global balancing blocks market size is expected to reach US$750 million by the end of the forecast period, growing at a CAGR of 5%.
The main reason for the growth of the wheel balancing market size is the necessity of wheel balancing for comfort and control of tire wear. Furthermore, the potential impact on human health and the environment of zinc or lead wheel weight lost on the road is much greater than that of steel, according to considerations outlined in the report.
Therefore, the global steel wheel balance weight market has promising prospects with a CAGR of approximately 6%, mainly driven by Europe and Asia-Pacific regions.Since the advent of autonomous vehicle, the demand for automatic wheel balancing system has been growing rapidly. The balance wheel of the autonomous vehicle is equipped with a precision sensor, which can accurately detect the slightest imbalance in the wheel components to ensure that the load balance is carried out with the highest accuracy.
Steel wheel balance weight adds vitality to the new avenue
According to market consensus, there are mainly two alternatives to traditional lead based wheel balance weights, namely steel based wheel balance weights. Steel wheel counterweights have high density, small volume, environmentally friendly components, and cost advantages, making them the preferred choice for consumers.
According to PlMR estimates, the global automotive aftermarket industry is expected to reach approximately $800 million by 2020. Nowadays, consumers are very clear about replacing wheel components in a timely manner, such as wheel balance weights, to maximize the expected lifespan of the vehicle., Therefore, the increasing demand for wheel balance weights in the aftermarket is expected to create new growth opportunities for this business.
Regulations - Key influencing factors
With changes in laws and regulations in Europe and North America, original equipment manufacturers are taking action to adopt more environmentally friendly wheel balancing alternatives. In order to eliminate the amount of lead based wheelbase balance weights in vehicles, polymer coated zinc or steel wheel balance weights are becoming the only alternative to wheel balance weights.
Compact and medium-sized passenger cars will provide fuel for the wheel balance weight market
Consumer preferences for driving seem to shift towards passenger car accessories, mainly compact and mid size cars. The total annual sales volume of the automobile market in Türkiye and Eastern Europe has exceeded 28 million, which has brought about a significant growth for the wheel balance weight market in the future
In addition, among all types of wheels, alloy wheels are expected to experience strong growth to adopt wheel balancing weights. In addition, alloy wheels are used in new passenger cars to save vehicle weight.
Market competitive wheel balance weight
Shengshi assesses the unprecedented changes in the automotive industry and their potential impact on wheel balancing weight suppliers. Additionally, the prospect of rational manufacturing of wheel balance weights has also boosted sentiment among manufacturers.