Press release
Global Automotive Wheel Market Revenue & Growth Analysis 2024 By Top Players Ronal Group, Maxion, Alcoa, Dicastal, Steel Strips and Enkei
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.
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Automotive Wheel Market is estimated to exceed USD 105 Billion by 2024; according to a new research report.
Growth in global automobile production to meet the rising vehicle demand remains the key driver for automotive wheel market growth. As per analysis, global vehicle production reached around 95 million in 2016. Changing income trends along with improving living standards are the kay factors driving the industry demand.
Increasing capital investment and R&D spending by the OEMs particularly on passenger cars will drive the automotive wheel market. Global passenger car sales surpassed 69 million in 2016. Moreover, rising operating margins for OEMs coupled with recovery of automobile industry has enhanced the product demand.
Necessity for lightweight wheels to reduce the vehicle weight and enhance fuel efficiency will propel the automotive wheel market. Technological advancement and product innovations in material, design and aerodynamics have further enhanced the industry growth.
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.
Asia Pacific automotive wheel market is anticipated to value over USD 53 billion by 2024. Increasing vehicle production particularly in China and India remains the key driving factor for industry growth. Increasing manufacturing facilities, owing to favorable socio-economic conditions will drive the regional demand.
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.
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Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Automotive Wheel Industry Insights
Chapter 4 Automotive Wheel Market, By Material
Chapter 5 Automotive Wheel Market, By Product
Chapter 6 Automotive Wheel Market, By End-Use
Chapter 7 Automotive Wheel Market, By Vehicle
Chapter 8 Automotive Wheel Market, By Region
Chapter 9 Company Profiles
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