SELBYVILLE, Delaware, May 27, 2020 /PRNewswire/ — According to latest report «Automotive Wheel Market by Material (Aluminum, Steel, Magnesium, Carbon Fiber), Product (Regular, High Performance), End-use (OEM, Aftermarket), Vehicle (Passenger Cars, LCV, Heavy Trucks, Buses & Coaches, Trailers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026», by Global Market Insights, Inc., the market valuation of automotive wheel will cross $120 billion by 2026. Growing demand for lightweight and corrosion resistant wheels will drive the industry growth.
Ongoing innovations to enhance vehicle performance, reduce vehicle downtime, and cost-effectiveness will support automotive wheel market growth. The development of distinct forms of alloys including aluminum, steel, and magnesium to provide improved heat conduction and aesthetics over conventional steel wheels are among the major industry trends. Moreover, advancements in handling capabilities of lighter wheels by reducing unwanted mass, permitting suspension to follow the terrain more carefully, and improving grip will drive product demand.
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Heavy trucks vehicle segment in the automotive wheel market will foresee steady growth over the study timeframe with rapid industrialization and urbanization. Environmental regulations governing the fuel emission levels is escalating the utilization of lighter wheels without compromising strength and rigidity. Development of materials for bearing high load carrying capacities coupled with increased freight demand will provide a positive outlook for the market.
Carbon fiber segment will witness around 6% gains through 2026 owing to high tensile strength, stiffness, and lower weight of carbon fibers. Carbon fiber wheel offers improved braking, acceleration, and consistent performance compared to aluminum wheels. Increasing production of fuel-efficient cars utilizing carbon fiber wheel is fueling the market growth.
North America automotive wheel market size is anticipated to observe more than 6% CAGR during the forecast period impelled by presence of multiple wheel manufacturers including Wheel Pros, U.S. Wheel Corporation, Superior Industries and Maxion wheels. The industry players are acquiring manufacturers to strengthen their regional presence.
Shifting consumer preferences towards customized wheels available at lower prices is driving the automotive wheel aftermarket growth. High quality products conforming with the standards enforced by OEM ensuring the reliability and functionality of the products is gaining a higher visibility. Further, increasing demand for vehicles with improving economic conditions in developed and emerging nations is boosting the industry expansion.
Major automotive wheel market players include Maxion Wheels, Ronal Group, Titan International, Inc., Zhejiang Wanfeng Auto Wheel, Borbet GmbH, Topy Industries Limited, and Superior Industries International, Inc. Product innovation and portfolio expansion will be the key strategies for industry players to enhance their market share.
Industry players are constantly focusing on enhancing their production facilities and upgrading their solutions to differentiate their services from competitors. Additionally, OEMs are adopting several cost reduction initiatives, such as opting for low-cost processes and establishing new commercial partnerships, to increase profitability.
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Table of Contents (ToC) of the report:
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
3.3.4 End users
3.3.5 Profit margin analysis
3.3.6 Value chain disruptions due to COVID-19
3.3.7 Vendor matrix
3.4 Technology landscape
3.4.1 Casting technology
18.104.22.168 Low Pressure Die Casting (LPDC)
22.214.171.124 High Pressure Die Casting (HPDC)
126.96.36.199 Gravity casting
3.4.2 Flow forming technology
3.4.3 Forging technology
3.4.4 High Light Technology (HLT)
3.5 Regulatory landscape
3.6 Industry best practices and key buying criteria
3.6.1 Need recognition
3.6.2 Information search
3.6.3 Evaluation of alternatives
3.6.4 Purchase decision
3.6.5 Post purchase behaviour
3.7 Global automotive production overview
3.7.1 Production data
3.7.2 Automotive production, by country (
188.8.131.52 Passenger cars
184.108.40.206 Commercial Vehicles
3.8 Differentiation in paint layering overview
3.9 Automotive wheel paint layering, by material
3.10 Automotive wheel consumption scenario
3.11 Pricing analysis, 2019 (including COVID-19 impact)
3.11.1 Regional pricing
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
126.96.36.199 Middle East & Africa
3.11.2 Cost structure analysis, 2019
188.8.131.52 Raw material cost
184.108.40.206 Labor cost
220.127.116.11 Other raw material cost
18.104.22.168 Energy & Utilities cost
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.2 Industry pitfall and challenges
3.13 Innovation & sustainability
3.13.1 MICHELIN ACORUS technology
3.13.2 One-piece, super light, hollow carbon fiber wheel technology
3.14 Growth potential analysis, 2019
3.15 Porter’s analysis
3.16 Competitive landscape, 2019
3.16.1 Global company market share analysis, 2019
3.16.2 Company performance analysis, 2019
3.17 Strategy dashboard
3.18 PESTLE analysis
3.19 COVID-19 impact on automotive industry
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