Carbon fiber automotive wheel market share is estimated to grow at 6% CAGR up to 2026 on account of high tensile strength, lower weight and robust strength traits of carbon fibers. Incorporation of carbon fiber wheel in vehicles offers improved acceleration, braking as well as consistent performance as compared to aluminum wheels.

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Increasing production of fuel-efficient cars requiring light weight material like carbon fiber wheel will support product demand. For instance, BMW introduced M Carbon compound wheels for the M4 GTS model in 2016. The new compound aided in reducing the weight of rotational and unsprung masses, further resulting in improved steering response as well as vibration levels.

In terms of segmentation by vehicle, the global automotive wheel market from the heavy trucks segment is likely to observe a burgeoning demand stemming from rapid urbanization and industrialization over the predicted timeframe. Changing consumer preferences, alongside material development that provides high load-bearing capacities are anticipated to bolster the automotive wheels’ demand for heavy commercial vehicles.

Shifting trends towards customized wheels for better output and aesthetics, available at lower prices is driving the sales of wheels in aftermarket. Manufacturers in the automotive aftermarket offer high quality products conforming with the standards enforced by OEMs. Assured reliability and functionality of the products available in aftermarket at lower price points is resulting in increased product consumption.

Rising demand for corrosion resistant and lightweight wheels is likely to boost the global automotive wheel market outlook over the forecast spell. Manufacturers are increasingly focusing on innovations to reduce downtime, improve performance, and produce cost-effective vehicles. On the other hand, the demand for premium and luxury vehicles is also witnessing a major upsurge, which will contribute to the rising popularity of the product.

The production of distinct alloy forms, including magnesium, steel, and aluminum, is on the rise, encouraging the delivery of enhanced heat conduction and aesthetic appeal over conventional steel wheels. These advancements will positively influence the automotive wheel market trends in the coming years.

Likewise, rapid evolutions in the handling capabilities of lightweight wheels by improving grip, permitting suspension to move more cautiously along the terrain, and reducing unwanted mass will augment industry demand.

On the regional front, North America automotive wheel market is anticipated to record a CAGR of 6% through 2026. This can be attributed to the presence of numerous wheel manufacturers such as Wheel Pros and U.S. Wheel Corporation, among others. These market players are entering acquisition deals to strengthen the regional presence. For example, Superior Industries acquired Uniwheels AG in March 2017, with 61% shares under its ownership.

Major automotive wheel industry participants include Borbet GmbH, Zhejiang Wanfeng Auto Wheel, Topy Industries Ltd., Ronal Group, and Maxion Wheels, among others. Key growth strategies adopted by these industry players are portfolio expansion and product innovation. They are focusing on enhancing the solutions and production facilities to have a distinct advantage over their competitors.

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Data Tables

TABLE 1. Automotive wheel industry 360⁰ synopsis, 2016 - 2026

TABLE 2. Automotive wheel market estimates and forecast, 2016 – 2019, (Thousand units) (USD Million)

TABLE 3. Automotive wheel industry estimates and forecast, 2020 – 2026, (Thousand units) (USD Million)

TABLE 4. Automotive wheel industry revenue, by material, 2016 – 2019, (Thousand units)

TABLE 5. Automotive wheel industry revenue, by material, 2020 – 2026, (Thousand units)

TABLE 6. Automotive wheel market revenue, by material, 2016 – 2019, (USD Million)

TABLE 7. Automotive wheel industry revenue, by material, 2020 – 2026, (USD Million)

TABLE 8. Automotive wheel industry revenue, by product, 2016 – 2019, (Thousand units)

TABLE 9. Automotive wheel market revenue, by product, 2020 – 2026, (Thousand units)

TABLE 10.   Automotive wheel industry revenue, by product, 2016 – 2019, (USD Million)

TABLE 11.   Automotive wheel industry revenue, by product, 2020 – 2026, (USD Million)

TABLE 12.   Automotive wheel market revenue, by end-use, 2016 – 2019, (Thousand units)

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