Automotive Wheels Market Size to Reach USD 76.89 Billion by 2030
Tokyo, Jan. 20, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the Automotive Wheels Market Size was valued at US$42.5 billion in 2020. Due to increased demand for passenger, sports and luxury automobiles, the automotive wheel market has gained popularity in recent years. Consumer preferences are changing, resulting in a significant demand for performance-based vehicles. The increase in the number of performance-based automobiles such as luxury vehicles is driving the demand for automotive wheels. Wheels also play an important role in the analysis of vehicle performance, which is expected to drive the growth of the automotive wheel market over the forecast period.
Get the sample copy of the report @ https://www.precedenceresearch.com/sample/1473
Also, due to government mandated standards, car manufacturers are adopting more carbon and aluminum based wheels. Additionally, the new material requires significantly less energy to manufacture and create a perfectly formed wheel with better defined and sharper body lines, making it easier to replace components. On the other hand, alloy wheels hold the largest market share in the automotive wheel market owing to their properties such as ductility, density, and corrosion resistance. Additionally, as hybrid electric vehicle designs become more common, the need for unique wheels for these vehicles has increased.
Report scope automotive wheel market
|Market size in 2020||US$42.5 billion|
|CAGR from 2021 to 2030||6.1||%|
|Biggest earner||Asia Pacific|
|Year of reference||2021|
|forecast year||2021 to 2030|
|Companies covered||Euromax Wheel, Topy Industries Ltd., Prime Wheel Corporation, Aluminum Wheel Co. Ltd, BBS GmbH, Superior Industries International Inc., Center Motor Wheel of America Inc., Foshan Nanhai Zhongnan, Enkei Corporation, Ronal Group|
Asia-Pacific is the largest automotive wheel market segment in terms of region. High urbanization rates combined with increasing consumer purchasing power in markets such as Japan, China, Thailand, India, and South Korea are expected to drive the growth of the wheel market automobiles in the Asia-Pacific region. The demand for automotive wheels is fueled by the availability of low-cost labor in Asia-Pacific countries.
The Europe region is the fastest growing region in the automotive wheel market. The factors such as infrastructure development, consumer purchasing power and changing lifestyle of consumers are driving the demand for automobiles and automobiles, which in turn is driving the demand for automotive wheels. The automotive industry makes a significant contribution to GDP.
Get more information on the report @ https://www.precedenceresearch.com/automotive-wheel-market
- Based on material type, aluminum segment dominated the global automotive wheel market in 2020 with the highest market share. This is attributed to an increase in the demand for lightweight automobiles to improve vehicle fuel efficiency. The use of aluminum wheels by major automobile manufacturers to improve vehicle dynamics is expected to drive the global automotive wheel market.
- Based on vehicle type, the passenger vehicle segment is estimated to be the most opportunistic segment during the forecast period. The demand for luxury passenger automobiles that provide comfort is increasing as people’s disposable income and purchasing power increase worldwide.
Ask himre for more customization study @ https://www.precedenceresearch.com/customization/1473
Rise in vehicle manufacturing
The competitiveness of manufacturing companies has increased dramatically in recent years, forcing automakers to adopt new technologies. Rising production of passenger automobiles and commercial vehicles in developing and developed regions due to expanding transportation industry is expected to boost global revenue growth. As a result, increasing vehicle production is driving the automotive wheel market growth over the forecast period.
Engineering and technological barriers
Technological limitations, such as the difficulty of shaping alloys and magnesium to meet a specific purpose, have also hindered the expansion of the automotive wheel market. Magnesium is a lighter alternative to aluminum or steel. It is a third of the weight of aluminum and a quarter of the weight of steel. Magnesium alloys, on the other hand, are currently used in small quantities in automobiles and are limited to use in a variety of purposes. Joining different metals also poses technological hurdles. Thus, these factors are limiting the growth of the Automotive Wheels Market.
Increase in demand for light vehicles
The surge in demand for lightweight materials in the automotive industry, along with the emphasis on fuel economy, has driven the demand for lightweight vehicles worldwide. Due to increasing urbanization and consumer spending power, the automotive wheel market is expected to grow at the fastest rate throughout the forecast period. Accordingly, the surge in the demand for light vehicles is creating lucrative opportunities for the automotive wheel market growth over the forecast period.
Commodity price volatility
The cost of raw materials has a considerable impact on the price of the final product. Any changes in raw material prices resulting from socio-economic or political factors can affect component prices, which in turn affect final product prices. Aluminum, steel and magnesium are used to make automotive wheels. Thus, the volatility in raw material prices is the biggest challenge for the growth of the automotive wheels market during the forecast period.
Segments covered in the report
By type of material
- Carbon fiber
By type of vehicle
- Tourism vehicle
- Light commercial vehicle
- heavy duty vehicle
Per end user
- Original Equipment Manufacturer (OEM)
- Secondary market
- North America
- Asia Pacific
- Latin America
- Rest of the world
Click here to View full report table of contents
Buy this Premium Research Report @ https://www.precedenceresearch.com/checkout/1473
You can place an order or ask any questions, please feel free to contact at [email protected] | +1 9197 992 333
Precedence Research is a global market research and consulting organization. We provide an unparalleled nature of offering to our customers located all over the world across industry verticals. Precedence Research has expertise in providing in-depth market intelligence as well as market insights to our clients spread across various businesses. We are obligated to serve our diverse customer base in medical services, healthcare, innovation, next-generation technology, semiconductor, chemical, automotive, aerospace and defence, among the various companies present in the world.
For the latest update, follow us: