Rising demand for corrosion resistant, lightweight wheels is projected to drive global automotive wheel market size through 2026. Rise in production of alloy wheels using materials like steel, aluminum, and magnesium to offer enhanced aesthetics is likely to provide impetus to the industry.
Automakers are adopting lightweight wheels for their vehicles to improves overall handling and driving experience. They help the suspension to work through tough terrains easily while enhancing road grip. Given to its significance, Global Market Insights, Inc., estimates that the global market is likely to exceed a valuation of $120 billion through 2026.
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Why are carbon fiber wheels recording high demand?
The carbon fiber segment is projected to grow at a CAGR of more than 6% through the forecast period. Automotive wheels made using carbon fiber offer enhanced stiffness, tensile strength, and lower weight. They provide improved braking performance, and acceleration in comparison with aluminum wheels.
Growing manufacturing of fuel-efficient vehicles using carbon fiber wheels would provide a positive outlook to the segment. Taking 2016 for instance, BMW launched M Carbon compound wheels for its BMW M4 GTS, decreasing the weight of rotational and unsprung mass, resulting in enhanced steering response.
How is the heavy truck segment augmenting market outlook?
Rapid urbanization and industrialization are projected to drive the demand for heavy trucks over the coming years. Introduction of environmental regulations due to increasing concerns about fuel emissions is proliferating the use of light weight wheels in trucks.
Rigidity and strength are some of the key parameters considered while making truck wheels. Adoption of raw materials that support high load carrying capacity will support segment growth through 2026. While surge in freight demand would augment the deployment of heavy trucks over the years.
How would the global automotive wheel market witness growth from North America?
The North America automotive wheel market is poised to observe massive growth primarily due to the presence of prominent industry players across the region. U.S. Wheel Corporation, Wheel Pros, Maxion Wheels, and Superior Industries are some of the key regional wheel manufacturers.
Companies are opting various strategic moves such as acquisitions, collaborations, and investment rounds to enhance business reach. Taking March 2017 for instance, Superior Industries International Inc purchased Uniwheels AG, acquiring 61% shares in the firm. While in 2019, Wheel Pros acquired MHT Luxury Wheels to strengthen its position in the industry.
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On a global scale, the market is inclusive of players such as Topy Industries Limited, Borbet GmbH, Zhejiang Wanfeng Auto Wheel, Titan International, Inc., and Ronal Group among others.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1. Market definitions
1.2. Base estimation & working
1.2.1 North America
1.3. Forecast calculation
1.3.1 COVID-19 impact calculations on industry forecast
1.4. Data sources
188.8.131.52 Paid sources
184.108.40.206 Public sources
Chapter 2 Automotive Wheel Market Summary
2.1. Automotive wheel industry 3600 synopsis, 2016 - 2026
2.1.1 Business trends
2.1.2 Material trends
2.1.3 Product trends
2.1.4 End-use trends
2.1.5 Vehicle trends
2.1.6 Regional trends
Chapter 3 Automotive Wheel Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 - 2026
3.2.1 COVID-19 impact on industry landscape
3.3. Industry ecosystem analysis
3.3.1 Component suppliers
3.3.3 Distribution chain analysis
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