Press release
Maxion Wheels, Ronal AG - Automotive Wheel Market 2024 Global Key companies are United Wheels Group, Trelleborg, Otto Fuchs, CLN Group, Mefro, Jantsa, Starco, ALCAR Holding, Titan Europe, SuperAlloy and 13 others.
Automotive Wheel Market
Aluminum is anticipated to grow at over 4.8% over the forecast timespan. Its demand is growing at a faster pace in developing economies including India, Japan, China owing to increasing number of manufacturing units in these regions. Growing fuel productivity and affluence in acceleration owing to lower vehicle weight are important driving factors for automotive wheel market development.
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Passenger cars will worth over USD 77 billion by 2024. Shifting lifestyles and growing disposable income are the key driving factors of industry growth. Heavy research and development initiatives coupled with emergence of cost efficient passenger cars will further stimulate the product demand.
Industry Growth drivers:
1 Recovering automotive sector
2 Driving comfort along with superior braking and acceleration
3 Weight reduction trends in vehicles
Aftermarket is set to witness gains around 5% up to 2024. Growth in auto components industry along with increasing consumer awareness regarding safety and convenience will drive the business growth. Shifting consumer preference for customized and high-performance vehicles will drive the automotive wheel market.
Automotive Wheel Market, By Material
• Aluminum
• Steel
• Magnesium
• Carbon fiber
Automotive Wheel Market, By Product
• Regular
• High performance
Automotive Wheel Market, By End-Use
• OEM
• Aftermarket
Automotive Wheel Market, By Vehicle
• Passenger cars
• Lightweight commercial vehicles
• Heavy trucks
• Buses & coaches
• Trailers
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Asia Pacific automotive wheel market is expected to value more than USD 53 billion by 2024. Growing vehicle manufacturing particularly in India and China remains the significant driving factor for industry growth. Development of manufacturing units owing to favorable socio-economic environments will drive the regional demand.
Europe automotive wheel market will witness growth over 4% up to 2024. Rising demand for premium vehicles coupled with recovery from economic recession are the key factors supporting the industry growth. Presence of key industry players provides a positive outlook for the regional demand.
High performance automotive wheel market was worth over USD 11.4 billion in 2016. Rise in demand for sports, premium and luxury vehicles particularly in Europe and North America will support the industry demand. Enhanced acceleration, smooth braking and improved comfort are the driving factors for product scope in high-performance vehicles.
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Regular automotive wheel market generated over 410 million units in 2016. Increase in consumer spending on vehicles along with growing population will drive the industry demand. Inclination towards nuclear families due to rapid urbanization will propel the product penetration.
Expansion in global transportation industry accompanied by rise in frequency of public travelling are among the major factors fueling the industry demand. High production costs due to comprehensive manufacturing process may affect the price trend. Availability of substitute alloy materials along with high product prices may restrain the industry growth.
Ronal Group, Maxion, Alcoa, Dicastal, Steel Strips and Enkei are the major industry players. Global industry share is highly fragmented due to presence of large number of regional manufacturers. Product innovations, new product launches offering large number of product choices for customers are the major strategies adopted by industry players.
The above information is provided on a regional basis for the following:
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Russia
• Czech Republic
• Poland
• Slovakia
• Spain
• Turkey
• Asia Pacific
• China
• India
• Japan
• South Korea
• Thailand
• Australia
• Malaysia
• Philippines
• Taiwan
• Vietnam
• Indonesia
• Latin America
• Brazil
• Argentina
• Mexico
• Colombia
• Middle East & Africa
• Iran
• South Africa
• Morocco
• Egypt
• Algeria
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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