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Automotive Wheel Market size is set to exceed USD 144.6 billion by 2026. 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.
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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.
Rising demand for corrosion resistant and lightweight wheels is likely to boost the global automotive wheel industry 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.
With regards to the material spectrum, the carbon fiber segment is poised to register a CAGR of nearly 6% through 2026, owing to high stiffness, tensile strength, and reduced weight. As compared to aluminum wheels, automotive wheels from the carbon fiber segment offer consistent performance, enhanced braking, & acceleration.
In addition, accelerating penetration of fuel-efficient cars with carbon fiber wheels will amplify industry expansion over the estimated timeframe. For instance, Bayerische Motoren Werke (BMW) unveiled M Carbon compound wheels for use in BMW M4 GTS in 2016. This introduction helped in reducing the rotational & unsprung masses weight and resulted in an enhanced steering response and vibration levels. However, the aluminum segment is slated to proliferate at a rapid pace as well, due to improved mechanical properties, styling flexibilities, and weight savings.
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.
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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Some Point from Table of Contents:
Chapter 5 Global Automotive Wheel Market, By Product
5.1. Global automotive wheel industry share by product, 2019 & 2026
5.2. Regular
5.2.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.2.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
5.3. High performance
5.3.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.3.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
Chapter 6 Global Automotive Wheel Market, By End-Use
6.1. Global automotive wheel industry share by end-use, 2019 & 2026
6.2. OEM
6.2.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
6.2.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
6.3. Aftermarket
6.3.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
6.3.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
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