Global Automotive Wheel Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2026

“Global Automotive Wheel Market” report has been recently produced by MarketResearch.biz. The report offers in-depth insights, historical and projected revenue details, and other important information regarding the global automotive wheel market. It includes various trends, drivers, restraints, opportunities, and threats in the target market and further offers insightful and detailed information regarding the key players operating in the market, along with their financials, technological innovations, key developments, 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.

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Overview

An automotive wheel is a component that rotates and transmits the drive from the axle of the vehicle to the road. An automotive wheel comprises a rim and hub. Wheels are designed to endure harsh climatic conditions so there is a lower risk of technical failure. Demand for lightweight wheels which offers greater strength has continued to grow in recent years.

Dynamics

Consumers are becoming more conscious about the external styling of vehicles and better riding quality, which is supporting market growth. Increasing investment and R&D activities by OEMs will also continue to drive growth of the automotive wheel market. In addition, necessity for lightweight wheels to reduce vehicle weight and enhance fuel efficiency will propel growth of the automotive wheel market. Moreover, technological advancements and product innovations in material and design have further enhanced market growth. Recent trend shows that several aftermarket operators are offering custom wheels due to high demand from younger consumers as customized automotive wheels are aesthetically appealing. Increasing pollution coupled with increasing road congestion is prompting governments in several countries to invest in public transport systems. Furthermore, various countries are promoting the sale of electric vehicles as an alternative to internal combustion engines vehicles on roads. This in turn will propel growth of the automotive wheel market over the forecast period.

Regional analysis

The Asia Pacific market accounts for major revenue share in the global automotive wheel market currently, owing to increased manufacturing, sales, and export activities, especially in China, India, Japan, and South Korea. Rapid expansion in industrialization and technological advancements in the automotive production sector is fueling growth of the market in this region. In addition, owing to increasing competition in the automotive industry, luxury and premium car manufacturers are increasing focus on high-performance vehicles. These companies along with wheels’ manufacturers are investing significantly in R&D to develop lightweight and high-strength wheels, which will help boost car performance.

Global Automotive Wheel Market Segmentation:

Segmentation on basis of material:

• Aluminum
• Steel
• Magnesium
• Carbon Fiber

Segmentation on basis of end-user:

• OEM
• Aftermarket

Segmentation on basis of vehicle:

• Passenger Vehicle
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

Segmentation on basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa