Carbon Wheels Market: Regional Outlook, Trends and Demand Growth to 2026
The size of carbon wheels market was registered at USD 65.3 million in the year 2019 and is anticipated to cross USD 450 million by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 32.3%.
The global carbon wheels market is estimated to foresee tremendous growth due to the increasing sales of premium vehicles globally. Carbon wheels are witnessing immense demand from luxury vehicle as well as other automobile segments due to the several benefits they offer over conventional aluminum-based wheels. Carbon wheels are much lighter than aluminum wheels, which is why they are used for aero wheels. Additionally, the stiffness to weight ratio of these wheels is also much better than the conventional aluminum wheels, which improves ride quality and performance tremendously.
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However, higher cost of production and raw material, and drastic impact of Covid-19 pandemic may hamper growing market demand in the near future. Light weight wheels are basically used in bicycles, where aluminum wheels has said to be as effective as carbon wheels but slightly heavier in some applications, bolstering a competitive market environment.
in terms of vehicle, the carbon wheels market from passenger cars segment is projected to observe growth at a tremendous CAGR of 33% over the forthcoming timeframe. This growth is being ascribed to the increasing adoption of passenger vehicles to fulfill traveling demands. In addition, growing per capita income and developing public road transport infrastructure across the world should positively impel the segment share through 2026.
Growing focus of automobile manufacturers towards improving their respective production capacities while also ensuring the incorporation of the latest technologies in their vehicles would foster product demand, thereby propelling the overall market share.
The OEM end-use segment is slated to foresee significant revenue expansion over the coming years owing to increasing focus of industry participants towards developing products that address OEM requirements. Today, carbon wheels are increasingly being produced in conformance to the manufacturing capabilities as well as quality standards of OEMs so as to effectively maintain the brand value.
Subsequently, market players are entering into various strategic partnerships to manufacture products that fulfill OEM requirements. Taking October 2019 for instance, Carbon Revolution reportedly announced its partnership with Henkel to produce OEM authorized single construction carbon fiber wheels.
As per end-use, the classification of global carbon fiber wheel market size is divided into OEM and aftermarket. To maintain brand value, carbon wheels are manufactured in accordance to OEM manufacturing standards and quality for customer. Several companies in the industry are undergoing strategic collaborations in a view to produce enhanced products to meet with OEM requirements.
For an example, to produce OEM authorized single construction carbon fire wheels, Carbon Revolution announced its collaboration with Henkel in October 2019. To curb CO2 emissions strict compliance has been passed by European Union will encourage automobile manufacturers to use lightweight carbon fiber wheels in vehicles.
The Europe carbon wheels market is projected to observe significant revenue growth due to the strong presence of several of the world’s most renowned luxury and premium vehicle manufacturers in the region. Companies like Daimler, Ferrari, and Porsche have a strong foothold across Europe and are among the leading automotive industry players. In addition, stringent regulations imposed by the European Union to cut CO2 emissions throughout Europe is likely to encourage these industry players to use lightweight carbon wheels in their respective vehicles.
Furthermore, product differentiation and innovation are also gaining higher popularity in carbon wheel manufacturers, which would also influence the market outlook. Taking November 2018 for instance, Ronal Group established an innovation center under Ronal Technologies that focuses specifically on distinct and innovative projects for automotive industry applications.
Key companies in the carbon wheels market are making efforts to gain a competitive edge over other players through strategies like acquisitions, collaborations, and frequent new product launches. Taking May 2020 for instance, Zipp, a US-based carbon composite bicycle wheels manufacturer, launched its new 303 Firecrest Tubeless Disc-brake wheelset which is considerably lighter and faster than their previous products.
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Some Point from Table of Contents;
Chapter 4 Global Carbon Wheels Market, By Vehicle
4.1 Global carbon wheels market share by vehicle, 2019 & 2026
4.2 Passenger cars
4.2.1 Global carbon wheels industry estimates and forecast from passenger cars, 2016 - 2026, (Units) (USD Thousand)
4.2.2 Global carbon wheels industry estimates & forecast from passenger cars, by region, 2016 - 2026(Units) (USD Thousand)
4.3 Premium vehicles
4.3.1 Global carbon wheels industry estimates and forecast from premium vehicles, 2016 - 2026, (Units) (USD Thousand)
4.3.2 Global carbon wheels industry estimates & forecast from premium vehicles, by region, 2016 - 2026(Units) (USD Thousand)
4.4 Commercial vehicles
4.4.1 Global carbon wheels market estimates and forecast from commercial vehicles, 2016 - 2026, (Units) (USD Thousand)
4.4.2 Global carbon wheels industry estimates & forecast from commercial vehicles, by region, 2016 - 2026(Units) (USD Thousand)
4.5 Two-wheelers
4.5.1 Global carbon wheels industry estimates and forecast from two-wheelers, 2016 - 2026, (Units) (USD Thousand)
4.5.2 Global carbon wheels industry estimates & forecast from two-wheelers, by region, 2016 - 2026(Units) (USD Thousand)
Chapter 5 Global Carbon Wheels Market, By End-use
5.1 Global carbon wheels market share by end-use, 2019 & 2026
5.2 OEM
5.2.1 Global carbon wheels industry estimates and forecast from OEM, 2016 - 2026, (Units) (USD Thousand)
5.2.2 Global carbon wheels industry estimates & forecast from OEM, by region, 2016 - 2026(Units) (USD Thousand)
5.3 Aftermarket
5.3.1 Global carbon wheels industry estimates and forecast from aftermarket, 2016 - 2026, (Units) (USD Thousand)
5.3.2 Global carbon wheels market estimates & forecast from premium end-uses, by region, 2016 - 2026(Units) (USD Thousand)
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