The automotive wheel market is likely to gain substantial growth in the coming years owing to the increasing vehicle production, and the growing demand for lightweight materials. The fast growth of automotive sector across a plethora of industry verticals has benefitted the market as well as its growth.
The application of sensors, electronics, as well as advanced technology in the automotive industry on a large scale, has also led the evolution and growth of consumers demand, which keeps growing as the industry incorporates more technological advancements in its processes and products. The wheels on a truck, car, or bus, are mainly responsible for making sure that a stable grip is maintained on the road, and that the ride is safe and smooth.
There are different types of material used in wheel, the aluminum-based wheels are built in with a mixture of aluminum and nickel. Most of the wheels presently are of cast aluminum alloy, which means the wheels are made by pouring in molten aluminum into a mold. Additionally, aluminum wheels are a perfect choice for a balance of cost, gas mileage, performance, and aesthetics. Aluminum wheels come in a wide assortment of finishes and sizes as well.
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The automotive wheel market is bifurcated in terms of material, product, end-use, vehicle type, and regional landscape.
Based on material, the automotive wheel market is categorized into carbon fiber, magnesium, steel wheels, and aluminum. The steel wheels segment will witness around 5% CAGR over the study timeframe with its installation in heavy duty vehicles.
These wheels are made with an alloy of carbon and iron. The steel-based wheels are durable and much easier to repair as well as refinish. These wheels are much easier to repair in comparison to alloy-based wheels, because steel can frequently be hammered back into its place when it is bent.
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In terms of vehicle type, the overall automotive wheel market is classified into buses & coaches, heavy trucks, light commercial vehicles, passenger cars, and trailers. The buses & coaches segment will witness over 5.5% CAGR over the forecast time frame with increasing demand from fleet owners. The trailers segment will witness growth owing to the rising freight demand from emerging economies and rapid industrialization across the globe.
From a regional frame of reference, Latin America automotive wheel market will witness around 5% CAGR over the forecast timeframe owing to increasing demand of SUVs and light commercial vehicles. The Middle East & Africa region is at a nascent stage and will witness around 4.5% CAGR over the forecast period owing to an increasing demand for premium vehicles.