Carbon Wheels Market | Industry Analysis Report 2030

Growth of the global economy has fostered carbon wheels market trends, as introduction of several economic reforms has increased the buying power of individuals. Rising number of ultra-high & high-net-worth individuals and distinctive features such as sleek design, luxurious interiors, precision engineering and superior performance will uplift demand for luxurious premium vehicles, where carbon-based components are increasingly being installed.
Advantages of carbon wheels owing to which they are extensively used in these elite class of vehicles are durability, improved efficiency to reduce fuel consumption, enhanced performance and aesthetics of the vehicle. According to new research report, global carbon wheels market size is anticipated to surpass US$450 million by 2026.
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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.
The end-users in the automobile sector are classified into two-wheelers, commercial vehicles, three-wheelers, passenger cars and premium vehicles. With rising preferences for safe, comfortable and hassle-free travelling, carbon wheels industry share from passenger cars will record over 33% CGAR over 2020-2026.
The upgradation of public road transport infrastructure and increased per capita income has influenced product demand from automobile industry. Due to increased consumer buying capability, importance among automobile manufacturers to increase their production capacities by incorporating innovative technology will bring industrial transformation.
In two-wheeler segment, carbon bike wheels that improve performance and overall ride experience are being used in high end two-wheelers on a large scale. The extra advantages these sturdy carbon bike wheels bring into two-wheelers are handling and steering, in enhanced breaking, long service life and corrosion resistance.
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.
Due to the presence of several premium and luxury automobile manufacturers including Porsche AG, Ferrari S.p.A and Daimler AG, Europe carbon wheels market size will exceed 30% CAGR from 2020 to 2026.
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Prominent manufacturers of global carbon wheels are Dymag Group ltd., Carbon Revolution Limited, ESE Carbon Company, Ronal Group, Geric B.V., Blackstone Tek, Phoenix Wheel Company Inc., thyssenkrupp AG, and Rotobox D.O.O. The adoption of advanced technology in manufacturing has led to the making of innovative and wide range of products. For an example, to focus on distinct projects for automotive applications, Ronal Group established an innovation center under Ronal Technologies GmbH in November 2018.
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