Automotive Wheel Market Growth, Industry Outlook and Opportunities 2022 – 2029 | DataM Intelligence

DataM Intelligence
The Global Automotive Wheel Market is estimated to reach a high CAGR during the forecast period (2022-2029).

Market Overview

A car wheel is a hoop-fashioned factor that surrounds a wheel’s rim to transfer a vehicle load from the axle through the wheel to the floor and offer traction at the surface over which the wheel travels. Moreover, wheels are pneumatically increased systems that provide an adjustable pad that retains stun because the tire turns over tough features on a superficial degree. In addition, it affords a footprint, known as a contact fix, that is meant to coordinate with the heaviness of the automobile with the bearing electricity of the floor that it turns over by giving heading stress that may not disfigure the surface unreasonably.

 

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Market Dynamics

An increase in stringent vehicle performance norms is expected to grow the market length for automotive wheels at some stage in the forecast period due to the ongoing weight loss fashion in cars, in keeping with CAFÉ requirements notified in 2017 by using the Union Ministry of Power (MoP) under Energy Conservation Act, 2001. The law is beneath the gas intake standards of 2015 to increase vehicles’ gas efficiency by using 35% by means of 2030. In addition, the regulation was added in two-goal levels: A carbon dioxide emission goal of 129 gram/kilometres through 2022-23 and 112.5 g / km 2022-23 onwards. Moreover, technological advancement and product improvements in cloth, design, and aerodynamics have furthermore desirable the industry’s growth. Also, the rising inclination of car proprietors towards greater silent and environment-friendly motors and the increasing R&D sports via the OEMs expects a boost to the marketplace growth. In addition, the increasing consumer call for & spending on automobiles and attractive aesthetic wheels are expected to pressure the marketplace in the course of the forecast length.

However, volatility in uncooked material prices hinders market increase. In addition, the dearth of standardization within the production strategies of the automobile wheel is expected to limit the market. Furthermore, growth in the adoption of carbon fibre in the automobile enterprise and a surge in wheel design funding for higher aerodynamics provide profitable possibilities for the automobile wheel marketplace. Moreover, the car wheel marketplace turned into size at around USD 33 billion in 2017 and is predicted to grow at a CAGR of 5.50% at some stage in the forecast length.

 

Market Segmentation

By Type

l Alloy Wheels

l Split Rim Wheels

l Forged & Cast Wheels

l Steel Wheels

l Bottom Line

l Others

 

By Material

l Steel

l Alloy (Aluminum, Magnesium and Others)

l Carbon Fiber

l Others

 

By Rim Size

l 12”-16”

l 17”-19”

l More Than 20”

 

By Vehicle Type

l Passenger Vehicles

l Light Commercial Vehicles

l Heavy Commercial Vehicles

 

By Region

l North America

l Europe

l South America

l Asia-Pacific

l Middle East and Africa

 

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Competitive Landscape

The Automotive Wheel market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. Ronal AG, CITIC DICASTAL Co. Ltd, Superior Industries International, Borbet, Hitachi Metals, BBS Kraftfahrzeugtechnik AG, Euromax Wheel, MHT Luxury Wheels, LIZHONG WHEEL GROUP, Topy Industries are the major player in the wheel market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the Automotive Wheel market globally.

Ronal AG, CITIC DICASTAL Co. Ltd, Superior Industries International, Borbet, Hitachi Metals, BBS Kraftfahrzeugtechnik AG, Euromax Wheel, MHT Luxury Wheels, LIZHONG WHEEL GROUP, Topy Industries

 

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