"Global Automotive Wheel Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global automotive wheel market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global automotive wheel market report has been segmented on the basis of material, end-user, vehicle type, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Automotive wheel is a component that rotates and transmits the drive from the axle of the vehicle to the road. The automotive wheel comprises a rim, spoke, and hub. They are also able to endure harsh climatic conditions so there is a lower risk of technical failure. Demand for light weight wheels, which offers greater strength has continued to grow in recent years.
Consumers are becoming more conscious about the external styling of the vehicles and better riding quality, which is pushing the market towards growth. Increasing investment and increasing R&D activities by OEMs will drive the automotive wheel market. In addition, necessity for lightweight wheels to reduce the vehicle weight and enhance fuel efficiency will propel the automotive wheel market. Moreover, technological advancement and product innovations in material and design have further enhanced the market growth. Recent trend shows that, several aftermarket operators are also offering custom wheels due to the high demand from youth consumers, as customized automotive wheels are aesthetically appealing. Rising pollution levels coupled with increasing road congestion are encouraging several countries to heavily invest in public transport systems. Further, several countries are promoting the sale of electric vehicles as an alternative to internal combustion engines on roads. This in turn will propel the automotive wheel market growth over the forecast period.
Geography wise, Asia Pacific market accounts for a major share of the global automotive wheel market, owing to increased manufacturing, sales, and export activities especially in China, India, Japan, and Korea. Rapid expansion in industrialization and technological advancements in the automotive production sector are fueling the market in this region. In addition, increasing competition in the automotive industry, luxury and premium car manufacturers are increasing their focus on high-performance vehicles. These companies along with wheels’ manufacturers are investing heavily in R&D to develop lightweight and high-strength wheels, which will help boost the car performance.
According to the report published by Organization Internationale des Constructeurs d’Automobiles (OICA) analysis, in 2016, around 24.37 million units of passenger cars were sold in China up from 21.21 million units in 2015. Moreover, 2.967 million units and 4.15 million units of passenger cars were sold in India and Japan, respectively in 2016. In July 2017, the U.S. was the only major car market in the world with light vehicle sales down 7%.
Segmentation on the basis of Material:
- Carbon Fiber
Segmentation on the basis of End-user:
Segmentation on the basis of Vehicle:
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Segmentation on the basis of Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2017 Estimated Year 2018 Forecast Period 2018–2028 Revenue in US$
- Superior Industries International
- Steel Strips Wheels
- Hitachi Metals
- Citic Dicastal
- Zhejiang Wanfeng Auto Wheel
- Mangels Industrial
- Mefro Wheels
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