Lug Wrench Market Highlighting Regional Revenue Share Dominance during 2018-2028
Posted by Arslan on July 5th, 2019
Lug wrenches play a vital role in automobiles as they are critical for changing flat or damaged tires. Hence, the growing number of automobiles is one of the main factors driving the Lug Wrench Market. Even though lug wrenches and spare tires are provided in the trunk of automobiles, there is high demand for lug wrenches from the aftermarket, as they are used by various repair and service centers to conduct repairs.
Lug wrench is a special type of socket wrench that is used for loosening and tightening of the lug nuts on the wheels of automobiles. Lug wrenches are very critical for the continuous running of an automotive vehicle. Commuting through personal or commercial automotive vehicles stresses the need for these vehicles to be in perfect operating condition. Hence, all automotive vehicles are equipped with back-up and spare tires, along with lug wrenches, in case of any unforeseen circumstances such as a flat or blown out tire. Lug wrenches come in different shapes and sizes depending upon the type of vehicle and tire that they are being used for. The most commonly used type of lug wrenches are the X-shaped and L-shaped lug wrenches, which are mostly used for passenger cars and trucks. These are available in various different socket sizes, depending upon the tire and lug size used in the vehicle.
Urbanization is also expected to be one of the main drivers of the lug wrench market. Growing urbanization has been driving migration to urban areas. Hence, growth in the average per capita income has been observed across developing nations in the recent past. This has directly impacted the purchasing power of individuals, which is contributing to growth in the number of automotive vehicles in emerging economies. This is expected to drive the lug wrench market in the coming years. The growing sales of automobiles, coupled with the increasing number of repair and service centers of vehicles across different regions, is expected to significantly boost the lug wrench market during the forecast period.
Europe is one of the leading manufacturers and consumers of automobiles and hence, it is expected to occupy a significant share in the global lug wrench market. North America is expected to follow Europe in terms of market share owing to the high sales of automotive vehicles in the region. Growing economies, such as China and India, are expected to register high CAGR growth in the lug wrench market due to the growing economy and rapid urbanization in the region. India is expected to be one of the prominent markets for lug wrenches in the Asia Pacific region due to high year-on-year sales growth of automobile vehicles in the country. The Middle East and Africa lug wrench market is expected to occupy a significantly lower market share in terms of value, however, it is estimated to register a robust growth rate in the coming years due to growing urbanization in Africa and high volume of automobile sales in the Middle East. Overall, the lug wrench market is expected to witness significant growth opportunities during the forecast period.
Global Lug wrench Market: Key Players
Examples of some of the market participants in the global lug wrench market identified across the value chain include: Ken-Tool, PowerTorque Tools, ACDelco, Dorman Products, Lansing Forge, Inc. Perm-O-Seal, Acme, Tekton, Wilmar Corporation, TAPER PRO INDUSTRIAL, INC. Star Asia, U.S.A., LLC
Brief Approach to Research
The research report presents a comprehensive assessment of the Lug wrench market and contains thoughtful insights, facts, historical data, and statistically supported & industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Lug wrench market segments such as geographies, application and industry.
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About the AuthorArslan
Joined: December 18th, 2017
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