High Performance Wheels Market to amass hefty proceeds by 2027

The high performance wheels market is projected to witness notable expansion by 2027 on account of surging demand for efficient braking and acceleration systems in vehicles.
High performance wheels offer a variety of benefits, including reduced weight and superior braking and acceleration capabilities, for vehicles. Prevalent weight reduction trends in the market have encouraged industry leaders to innovate and design enhanced high performance wheels, which has propelled product demand in recent years.
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Notably, industry players are implementing strategic initiatives to gain a competitive edge in the market, which has favorably impacted the global business dynamics. For instance, in July 2021, KMC Wheels, a prominent manufacturer of performance on- and off-road wheels, inked a partnership agreement with Subaru Motorsports USA, a dominant Rallysport team in North America. Under the agreement, Subaru's team vehicles were intended to be outfitted with new custom-built wheels made by KMC for the 2021 season. The deal strengthened KMC's position in the market as a premium high performance wheels supplier.
To cite another instance, in September 2021, Alcoa Wheels, a major U.S.-based aluminum wheels manufacturer, launched its novel aluminum Dual Valve wheel. The Alcoa Dual Valve wheels have been designed to incorporate a second valve stem that allows the TPMS (tire pressure monitoring system) sensor to efficiently operate on one valve while the other valve is serviced for air pressure. The novel dual valve wheel innovation increased the efficiency of the tire pressure monitoring system.
Similarly, in May 2019, HRE Wheels, a major provider of wheels for luxury vehicles and high performance sports, released a revised version of its HRE3D+ titanium wheel in collaboration with GE Additive, a leader in additive technology. The partnership enabled HRE to improve its HRE3D+ concept by leveraging GE Additive's 3D printing manufacturing systems.
The high performance wheels market has been segregated based on vehicle class, material, end-use, and region. From the material point of view, the market has further been divided into carbon fiber, aluminum, magnesium, and steel. The steel sub-segment is set to witness considerable growth at a CAGR of above 4% over the projected timeframe.
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In terms of vehicle class, the high performance wheels market has been classified into mid-size luxury segment, premium compact segment, entry-level luxury segment, and others (motorcycles, ultra luxury cars, high-end luxury, and luxury SUV/crossover). The others sub-segment is anticipated to garner significant gains by 2027, expanding at a CAGR of around 5.5% over the forecast period.
On the regional spectrum, the Latin America high performance wheels market is foreseen to attain a considerable revenue share of more than 5% by the end of 2027. Meanwhile, the Middle East & Africa high performance wheels market held a volume share of over 6% in 2020 and is slated to register exponential growth over the assessment timeline.