What Has Been the Progress and Growth of the Wheel Stud Market in Recent Years?
The wheel stud market has seen considerable growth due to a variety of factors.
• The market size of wheel studs has witnessed a robust growth in the previous years. The market is projected to expand from a worth of $4.15 billion in 2024 to a value of $4.4 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 6.0%.
The notable growth during the historic period can be traced back to factors such as the expansion of the automotive industry, safety and regulation standards, consumer inclinations, globalization of supply chains, and economic trends.
How Does the Forecast Look for the Wheel Stud Market?
The wheel stud market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the wheel stud is predicted to experience significant expansion in the upcoming years. The value is projected to reach $5.6 billion by 2029 with a compound annual growth rate (CAGR) of 6.2%.
The projected growth during this period can be credited to increased adoption of electric vehicles, smart manufacturing and industry 4.0, stringent emission norms, a rising emphasis on sustainability, and global economic conditions. Major trends anticipated during this period encompass technological advancements, innovation in materials, smart production, sustainability, and environmental concerns.
What Are The Leading Drivers Of Growth In The Wheel Stud Market?
The expansion of the automobile industry is set to stimulate the wheel stud market's progress in the coming years. The automotive sector, which involves designing, manufacturing, marketing, and selling motor vehicles including automobiles, trucks, motorcycles, and other vehicles, benefits significantly from wheel studs due to their crucial role in securely and reliably affixing wheels to vehicles. For example, as per data revealed by the Belgium-based European Automobile Manufacturers' Association (ACEA) in May 2023, there was a global production output of 85.4 million motor vehicles, which signifies a 5.7% increase from 2021. Furthermore, vehicle production in North America rose to 14,901 thousand units in 2022, from 13,596 units in 2021. Hence, the automobile industry's expansion will fuel the wheel stud market's growth. The escalating concern for vehicle safety is projected to boost the wheel stud market's growth in the future. Safety in vehicles refers to the methods and technologies employed to safeguard passengers, pedestrians, and other road users, reducing the likelihood of mishaps while driving or journeying in a motor vehicle. Wheel studs play an integral role in road safety by ensuring the safe and correct installation, torquing, and maintenance of vehicle wheels, consequently reducing road accidents. For instance, an Australian organization, the Bureau of Infrastructure and Transport Research Economics (BITRE), noted 1,194 road accident deaths in their May 2023 report, marking a rise of 5.8 percent from 2021. However, over the last decade, the national death toll has remained relatively stagnant. Therefore, the intensifying emphasis on vehicle safety is propelling the growth of the wheel stud market.
How Are The Segments Defined Within The Global Wheel Stud Market?
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), After market
3) By Application: Aerospace, Automotive, Oilfield Machinery, Farm And Garden Machinery, Construction Machinery, Other Applications
Subsegments:
1) By Screw-In Wheel Studs: Standard Screw-In Studs, Extended Length Screw-In Studs
2) By Press-In Wheel Studs: Standard Press-In Studs, High-Strength Press-In Studs
3) By Welded-In Wheel Studs: Spot Welded Studs, Continuous Welded Studs
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What Emerging Trends Are Influencing The Growth Of The Wheel Stud Market?
The focus for major companies in the wheel stud market, like Threadstrong Fasteners, is on the development of innovative products to enhance their market profitability. Elements such as lug nuts or bolts, which are known as thread-strong fasteners, offer safety and efficiency in fastening wheels onto a vehicle's axle. MacLean-Fogg Component Solutions, an American automotive components maker, for instance, presented 'Threadstrong,' an aftermarket wheel fasteners range 'made in USA', in February 2022. These products have been designed keeping in mind the power of the material, its resistance to corrosion, and durability. Factors like the right amount of friction between the fastener loading surface and the wheel is guaranteed by meticulous engineering and rigorous quality control, avoiding any risks like loose fasteners or overstretched studs.
Who Are the Key Players In The Wheel Stud Market?
Major companies operating in the wheel stud market report are:
• Meritor Inc.
• Dorman Products Inc.
• McGee Company Inc.
• Hendrickson Holdings LLC
• Slidematic Industries Inc.
• Consolidated Metco Inc.
• Asia Bolt Industries LLC
• Accuride Corporation
• MNP Corporation
• Stemco Products Inc.
• The Cold Heading Co Inc.
• Tramec Sloan LLC
• Dayton Parts LLC
• Wilson-Garner Company
• Webb Wheel Products Inc.
• Brunner Manufacturing Co Inc.
• Moroso Performance Products
• Fontaine Fifth Wheel
• B & D Cold Headed Products
• Ken-Tool
• Velvac Inc.
• Associated Fastening Products Inc.
• Crown Automotive Sales Co. Inc.
• Valley Forge and Bolt Manufacturing Co.
• Kluhsman Racing Components
What Is The Most Dominant Region In The Wheel Stud Market?
Asia-Pacific was the largest region in the wheel stud market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wheel stud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
