The carbon wheel market is expected to grow massively through 2030 owing to increasing demand for electric vehicles across the world. In addition, rising consumer preference for premium vehicles is likely to propel market growth over the forecast timeframe.

The initial stages of the COVID-19 pandemic posed a threat to the carbon wheel industry due to strict lockdowns, shortage of labor, and disruption in the global supply chain. However, mounting demand for premium vehicles as a result of purchasing capacity of buyers, particularly in developed and emerging nations, has propelled the demand for carbon fiber wheels. Moreover, government initiatives to increase EV adoption have stimulated the automotive industry positively.

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Key participants in the carbon wheel market have been engaging in product innovation, expanding product portfolio, strategic collaborations, and mergers to boost their position, which has enhanced overall industry dynamics. For instance, in May 2022, Dymag Group Ltd., a wheel manufacturing firm, partnered with Hankuk Carbon Co. Ltd., to mass manufacture cutting-edge carbon composite wheels for the automotive market.

To cite another instance, in June 2021, BST launched the GP TEK, the lightest carbon fiber wheel in the world. The launch was intended to broaden the company's customer base in light of the prevalent demand for electric vehicles.

In another notable instance, in September 2021, Thyssenkrupp AG, a German engineering firm, inked a strategic partnership deal with Primetals Technologies, a prominent company in the metals sector, to introduce Sequence Impulse Process technology. The innovation promised to aid companies in improving their business presence in different countries.

The carbon wheel market has been bifurcated based on vehicle, end-use, and region.

In terms of vehicle, the carbon wheel industry has been divided into commercial vehicles, premium/ luxury vehicles, two-wheelers, and passenger cars. The commercial vehicles segment is anticipated to grow at a CAGR of over 45.7% and reach a valuation of more than $10,162.7 million by 2030 as a result of the advent of the hub & spoke model in developing countries, which is providing lucrative opportunities for LCV sales for goods carriage and transportation.

In the regional landscape, the LATAM carbon wheel market is primed to expand massively through the analysis period. The significant presence of automotive manufacturers in the Latin America region is foreseen to propel OEM end-users demand in the coming years.

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Meanwhile, the MEA carbon wheel industry is slated to witness robust progress to attain a valuation of about USD 40,406.5 million by 2030. Consumers in the region are purchasing luxury cars easily owing to several factors, such as a supportive tax regime, favorable financing and insurance options, and cost-effectiveness of fuel, which is foreseen to bolster the Middle East & Africa carbon wheel market growth over the forecast timeline.

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