The Wheel Stud Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wheel Stud Global Market Report 2024, The wheel stud market size has grown strongly in recent years. It will grow from $3.87 billion in 2023 to $4.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to automotive industry growth, safety and regulations, consumer preferences, globalization of supply chains, economic trends.
The wheel stud market size is expected to see strong growth in the next few years. It will grow to $5.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to electric vehicle adoption, smart manufacturing and industry 4.0, stringent emission standards, rising focus on sustainability, global economic outlook. Major trends in the forecast period include technological advancements, material innovations, smart manufacturing, sustainability and environmental concerns.
The growth of the automobile industry is expected to propel the growth of the wheel stud market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. Wheel studs are highly beneficial for the automotive industry due to the essential role in ensuring wheels' safe and reliable attachment to vehicles. For instance, in May 2023, according to the data published by the European Automobile Manufacturers' Association (ACEA), a Belgium-based motor vehicle manufacturing association, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to 2021. Further, vehicle production in North America increased to 14,901 thousand units in 2022, compared to 13,596 units in 2021. Therefore, the growth of the automobile industry will drive the growth of the wheel stud market.
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The wheel stud market covered in this report is segmented –
1) By Product: Screw-In Wheel Studs, Press-In Wheel studs, Welded-In Wheel Studs
2) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Application: Aerospace, Automotive, Oilfield Machinery, Farm And Garden Machinery, Construction Machinery, Other Applications
Major companies operating in the wheel stud market are focusing on developing innovative products, such as Threadstrong Fasteners, to increase profitability in the market. Thread-strong fasteners such as lug nuts or bolts are durable, safe, and efficient components that secure wheels to wheel studs on a vehicle's axle. For instance, in February 2022, MacLean-Fogg Component Solutions, a US-based automotive components manufacturer, launched Threadstrong, a Made-In-USA aftermarket wheel fasteners. These products are designed to focus on material strength, corrosion resistance, and durability. Moreover, careful engineering and quality control ensure the right amount of friction between the fastener's load-bearing surface and the wheel, preventing unsafe conditions like loose fasteners or stretched studs.
The wheel stud market report table of contents includes:
- Executive Summary
- Wheel Stud Market Characteristics
- Wheel Stud Market Trends And Strategies
- Wheel Stud Market - Macro Economic Scenario
- Global Wheel Stud Market Size and Growth
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- Global Wheel Stud Market Competitive Benchmarking
- Global Wheel Stud Market Competitive Dashboard
- Key Mergers And Acquisitions In Wheel Stud Market
- Wheel Stud Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Meritor Inc.
- Dorman Products Inc
- McGee Company Inc.
- Hendrickson Holdings LLC
- Slidematic Industries Inc.
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