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Automotive Wheel Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast

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Increased manufacturing of cars alongside a rising consumer preference for comfortable and fuel-efficient vehicles has inflated the size of the automotive wheel market. Choosing the right wheels is a part of the car design which depends on the car d
Automotive Wheel Market Global Trends, Market Share, Industry Size, Growth,
Opportunities, and Market Forecast 2019 to 2029
The global automotive wheel market is forecasted to value around USD 81
Billion by 2029 end and is expected to register a CAGR of 3.6% over the forecast
period 2019-2029.
Increased manufacturing of cars alongside a rising consumer preference for
comfortable and fuel-efficient vehicles has inflated the size of the automotive wheel
market. Choosing the right wheels is a part of the car design which depends on the
car dimensions and total vehicle expenditure. Foreign variables include economic
pricing, high capacity for transport and reduced weight and corrosion resistance,
which help companies to increase the customer purchase over the expected period.
The automotive wheel market is divided into by rim size, by material, by end-users,
by vehicle class, and by vehicle type. On the basis of rim size, 18''-20'' is expected to
dominate the growth of the market. The trend of wheels of higher rim size is inflating
the demand of 18'' to 20''.
Based on material, the alloy is expected to lead the market. Establishment of
lightweight alloys alongside improved vehicle dynamics has been encouraging the
growth of the market. Carbon fiber and others are also expected to inflate the
market owing to the increasing demand for high-performance vehicle and
technological innovations.
Based on vehicle type, the vehicle segment passenger vehicle is expected to
dominate the growth of the market. Rapid demand of passenger vehicle in
economies like India and China is witnessed to trigger the growth of the market.
Based on end-users, the OE segment is expected to propel the market during the
forecast period. Wheels are designed so that they can last for a long time with the
vehicle. The only time when the wheels are replaced or removed is during an
accident. Compared to OE, the demand for the wheel is less in the aftermarket.
On the basis of vehicle class, luxury cars are escalating the market. Luxury vehicles
are better performing vehicles. They play a significant role in improving the dynamics
of the vehicle. The rise in disposable income coupled with the growing demand for
comfort and safety features have fueled the growth of luxury vehicles.
In terms of region, the Asia-Pacific region is forecasted to be a lucrative region for
the manufacturers. The increased spending of infrastructure coupled rise in per
capita income in developing nations like China and India have spurred the size of the
market.
Rising ownership of vehicles and registrations worldwide play a significant role in the
development of the sector due to the growing disposable income. In addition, the
elevated level of market penetration by car finance firms, facilitated leasing and
access to credit have a positive effect on automotive property development. The
automotive wheel market should be favored in the course of the research with
enhancement in car aesthetics, together with the performance improvement
obtained through high efficiency and personalized wheels. The need for the use of
lightweight parts in cars is driven by stringent emissions and fuel economy
regulations.
The key industry players present in the global automotive wheel market include
Changchun Faway Automobile Components Co., Ltd., Maxion Wheels, Zhejiang
Wanfeng Auto Wheel, Ronal Group, Topy Industries Limited, Titan International,
Inc., Superior Industries International, Inc., and Borbet GmbH among others.
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Global Automotive Wheel Market Segmentation
By Rim Size
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13"-15"
16"-18"
19"-21"
Above 21"
By Material
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Steel
Alloy
Carbon Fiber
Others
By Vehicle Type
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Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
By Vehicle Class
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Economy
Mid-Priced
Luxury-Priced
By End-Use
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OE
Aftermarket
By Region:
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North America
Latin America
Europe
Asia-Pacific
Rest of the World
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Competitive Landscape:
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Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants
FutureWise Key Takeaways
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Latest advancements and the need for the high-performance vehicle will be the key
factor behind the expansion of vehicle type segment, material and rim size segment.
Asia-Pacific region is expected to inflate the market during the forecast period
Objectives of the Study:
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To provide an exhaustive analysis of the global automotive wheel market on the
basis of rim size, vehicle type, vehicle class, material, end-use, and region
To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America,
Europe, Asia Pacific, Latin America, and the rest of the world
To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core
competencies
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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