The global automotive wheel market is forecasted to value around USD 81 Billion by 2029 end and is expected to register a CAGR of 3.6% over the forecast period 2019-2029. Increased manufacturing of cars alongside a rising consumer preference for comfortable and fuel-efficient vehicles has inflated the size of the automotive wheel market. Choosing the right wheels is a part of the car design which depends on the car dimensions and total vehicle expenditure. Foreign variables include economic pricing, high capacity for transport and reduced weight and corrosion resistance, which help companies to increase the customer purchase over the expected period.
The automotive wheel market is divided into by rim size, by material, by end-users, by vehicle class, and by vehicle type. On the basis of rim size, 18''-20'’ is expected to dominate the growth of the market. The trend of wheels of higher rim size is inflating the demand of 18'’ to 20'’.
Based on material, the alloy is expected to lead the market. Establishment of lightweight alloys alongside improved vehicle dynamics has been encouraging the growth of the market. Carbon fiber and others are also expected to inflate the market owing to the increasing demand for high-performance vehicle and technological innovations. Based on vehicle type, the vehicle segment passenger vehicle is expected to dominate the growth of the market. Rapid demand of passenger vehicle in economies like India and China is witnessed to trigger the growth of the market. Based on end-users, the OE segment is expected to propel the market during the forecast period.
Wheels are designed so that they can last for a long time with the vehicle. The only time when the wheels are replaced or removed is during an accident. Compared to OE, the demand for the wheel is less in the aftermarket.
On the basis of vehicle class, luxury cars are escalating the market. Luxury vehicles are better performing vehicles. They play a significant role in improving the dynamics of the vehicle.
The rise in disposable income coupled with the growing demand for comfort and safety features have fueled the growth of luxury vehicles. In terms of region, the Asia-Pacific region is forecasted to be a lucrative region for the manufacturers. The increased spending of infrastructure coupled rise in per capita income in developing nations like China and India have spurred the size of the market.
Rising ownership of vehicles and registrations worldwide play a significant role in the development of the sector due to the growing disposable income. In addition, the elevated level of market penetration by car finance firms, facilitated leasing and access to credit have a positive effect on automotive property development. The automotive wheel market should be favored in the course of the research with enhancement in car aesthetics, together with the performance improvement obtained through high efficiency and personalized wheels. The need for the use of lightweight parts in cars is driven by stringent emissions and fuel economy regulations. The key industry players present in the global automotive wheel market include Changchun Faway Automobile Components Co. , Ltd. , Maxion Wheels, Zhejiang Wanfeng Auto Wheel, Ronal Group, Topy Industries Limited, Titan International, Inc. , Superior Industries International, Inc. , and Borbet GmbH among others. Request a Sample Report @ https://www.futurewiseresearch.com/request-sample.aspx?id=2282&page=requestsample Global Automotive Wheel Market Segmentation By Rim Size • 13"-15" • 16"-18" • 19"-21" • Above 21" By Material • Steel • Alloy • Carbon Fiber • Others By Vehicle Type • Passenger Vehicle • Light Commercial Vehicle • Heavy Commercial Vehicle By Vehicle Class • Economy • Mid-Priced • Luxury-Priced By End-Use • OE • Aftermarket By Region: • North America • Latin America • Europe • Asia-Pacific • Rest of the World Purchase a Copy of this Premium Research Report & Ask For Discount: https://www.futurewiseresearch.com/request-sample.aspx?id=2282&page=askfordiscount Competitive Landscape: • Tier 1 players- established companies in the market with a major market share • Tier 2 players • Emerging players which are growing rapidly • New Entrants FutureWise Key Takeaways • Latest advancements and the need for the high-performance vehicle will be the key factor behind the expansion of vehicle type segment, material and rim size segment. Asia-Pacific region is expected to inflate the market during the forecast period Objectives of the Study: • To provide an exhaustive analysis of the global automotive wheel market on the basis of rim size, vehicle type, vehicle class, material, end-use, and region • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) • To evaluate and forecast micro-markets and the overall market • To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions • Profiling of companies to evaluate their market shares, strategies, financials and core competencies Browse Corresponding Automotive Market Research Reports & Consulting Inquire further details about this report at: email@example.com About FutureWise Research: We specialise in high-growth niche markets, assuring flexibility, agility and customised solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry – a position secured for far more than the near future. Contact Us: Company Name: FutureWise Research Contact Person: Vinay Thaploo Email: firstname.lastname@example.org Phone: +44 141 628 9353 / +1 970 279 4295 City: Leeds Country: United Kingdom Website: www.futurewiseresearch.com.