Press release
Automotive Wheel Market Growth Trends by Company: Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited and More
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Automotive wheel is a component that rotates and transmits the drive from the axle to the road. It also provides a means to affix the tires. The automotive wheel comprises a rim, spoke, and hub. The quality of wheels are tested and checked using advanced technology to accomplish customers’ demand and standards of the automobile industry.
Technological advancements and growth in vehicle standards contribute to the growth of the automotive wheel market globally. Moreover, rapid increase in sales of high-end cars boost the demand for advanced vehicles and thus drives the growth of the market.
According to the Guardian UK, the number of cars to roll off in UK production lines rose by 7.3% in August 2018, as compared to 2017. The UK government is encouraging growth in its transportation industry. Road transport in the UK carries 90% of passengers and 65% of domestic freight. Enhanced road infrastructure has ensured swift transition from railroads to roadways for transportation, which drives the demand for wheels in the country.
The Asia-Pacific automotive wheel industry is largely controlled by government policies, which encourage sustainable manufacturing and investments in the sector. Furthermore, increased passenger car and vehicle registration in the Asia-Pacific creates lucrative opportunities for the expansion of the automotive wheel market.
The major players operating in the global automotive wheel market are Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.
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These players have focused on vital market strategies, such as mergers, acquisitions, collaborations, and partnerships, to strengthen their market reach; thereby, retaining their position in the competitive market.
Related Report
Global Automotive Multi-wheel Drive Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023
This report focuses on the Automotive Multi-wheel Drive in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
The worldwide market for Automotive Multi-wheel Drive is expected to grow at a CAGR of roughly xx% over the next five years, will reach xx million US$ in 2023, from xx million US$ in 2017, according to a new study.
Market Segment by Manufacturers, this report covers ZF, BorgWarner, Jtekt, Eaton, Dana, Magna, Continental, American Axle, GKN and Oerlikon.
Read More: https://www.researchbeam.com/global-automotive-multi-wheel-drive-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023-market?utm_source=OPR&utm_medium=CC
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