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The automotive wheel market is projected to grow by USD 11.20 billion with a CAGR of 4.57% during the forecast period 2021 to 2026.
The market report also offers information on several market players, including Accuride Corp., BBS GmbH, BORBET GmbH, Central Motor Wheel of America Inc., CITIC Ltd., CLN Coils Lamiere Nastri Spa, Enkei Corp., Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., Fuel Off-Road Wheels, Hitachi Metals Ltd., Iochpe Maxion SA, Klassic Wheels Ltd., Mangels Industrial SA, RONAL AG, Steel Strips Wheels Ltd., Topy Industries Ltd., Trelleborg AB, TSW Group, Wanfeng Group Co. Ltd., and Wheel Pros LLC among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges market.
Key Driver
The increasing number of vehicles globally is one of the key drivers supporting the growth. Modern vehicles have more rigid construction and a long-lasting and highly durable engine and undergo maintenance at regular intervals. This is leading to an increase in the lifespan of vehicles. Hence, the demand is rising globally. Moreover, passenger cars and utility vehicles, such as sports-utility vehicles (SUVs), multi-purpose vehicles (MPVs), crossovers, and pickup trucks, are popular in the global automotive market. Furthermore, these vehicles are used for a longer duration by the user, which creates a high demand for preventive maintenance services of essential automotive components. Such factors will positively impact the market during the forecast period.
Key Trend
The development of ultra-lightweight automotive wheels for CVs is one of the key trends contributing to the market growth. Vehicle light-weighting has been a key area of focus for automotive OEMs for several years. Therefore, the development of lightweight automotive technology is proving to be highly beneficial. In addition to the reduction of carbon emissions, such designs improve the fuel efficiency of vehicles, which further leads to improved energy efficiency. Thus, the development and adoption of ultra-lightweight wheels are expected to positively impact sales during the forecast period.
Key Challenge
Limitations of steel wheels are one of the factors hindering the growth. The fitment of steel products is associated with compatibility issues. Steel products are not compatible with vehicles that have large items. They also cannot replace large alloy products. They are not suitable for performance vehicles, such as performance sedans, sports cars, supercars, and hypercars. They cannot provide the intended performance that is demanded by the powerful powertrain of such performance vehicles, owing to rapid acceleration and deceleration. In terms of looks, they are not aesthetic. Hence, several car owners replace them with alloy ones. Such limitations of steel pose a challenge to the demand of the market during the forecast period
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market demand. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market’s competitive landscape and offers information on several market players, including:
This statistical study of the market encompasses successful business strategies deployed by the key players. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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35% of the market’s growth will originate from Europe during the forecast period. Germany, Italy, and France are the key markets for the market in Europe. The demand of this market in this region will be faster than the growth of the market in North America.
Technological advancements in automotive components will facilitate the demand of the market in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The market share growth in the commercial vehicles segment will be significant during the forecast period. Commercial vehicles, particularly medium and heavy-duty commercial vehicles, travel a significantly greater distance than passenger cars. Therefore, users of commercial vehicles prefer in-vehicle comfort. Considering this, commercial vehicle manufacturers are focusing on integrating advanced wheels in their vehicles. The expansion of the construction and e-commerce sectors and the increase in mining output are anticipated to fuel the demand for commercial vehicles during the forecast period.
The Market sees robust revenue amidst the digital era's transformation in the automotive industry, emphasizing connectivity, mobility, and autonomy. Despite financial and manufacturing constraints, new rivals and technologies drive innovation. Report Scope covers rim size, material, and end-users, highlighting growth factors and core application areas. Key players like Iochpe-Maxion and Superior Industries International engage in mergers, acquisitions, and strategic alliances to navigate market dynamics, focusing on product innovation and addressing challenges like galvanic corrosion. Regional insights from PwC Autofacts indicate investment in R&D, software solutions, and mobility services, enhancing manufacturing capacity amid evolving market demands.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.57% |
Market growth 2022-2026 |
USD11.20 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.2 |
Regional analysis |
Europe, North America, APAC, the Middle East and Africa, and South America |
Performing market contribution |
Europe at 35% |
Key consumer countries |
US, Canada, Japan, Germany, Italy, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Accuride Corp., BBS GmbH, BORBET GmbH, Central Motor Wheel of America Inc., CITIC Ltd., CLN Coils Lamiere Nastri Spa, Enkei Corp., Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., Fuel Off-Road Wheels, Hitachi Metals Ltd., Iochpe Maxion SA, Klassic Wheels Ltd., Mangels Industrial SA, RONAL AG, Steel Strips Wheels Ltd., Topy Industries Ltd., Trelleborg AB, TSW Group, Wanfeng Group Co. Ltd., and Wheel Pros LLC |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Vehicle Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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