Press release
Automotive Wheel Market is estimated to touch USD 47,355.3 Million by 2025 | Key Players are United Wheels Group, CLN Group, Borbet, Topy Industries Limited, Accuride Corporation
The Global Automotive Wheel Market Size was valued at USD 30,011.3 million in 2017 and is projected to reach USD 47,355.3 million by 2025, growing at a CAGR of 5.7% from 2018 to 2025
Browse details of 235 number of pages research report developed on Automotive Wheel Market @
https://www.researchcosmos.com/reports/automotive-wheel-market-by-material-type-alloy-steel-and-carbon-fiber-vehicle-type-passenger-c/132971134
Automotive Wheel Market Overview:
The wheel is an essential element of the automotive industry. The wheels must be strong enough to support the weight of a vehicle and withstand the stress caused by the operation.
Automotive Wheel Market Growth Drivers and Restraints:
The wheel is a component that turns and transmits the unit of the axle to the road. It also provides a way to place the tires. The automobile wheel includes a rim, spokes and a hub. Alloy wheels are gaining popularity because of their aesthetic appeal. They are lightweight and dissipate heat from tires and brakes more effectively than steel wheels. The automotive wheel market is driven by the evolution of light and aesthetically appealing cars and has experienced considerable growth in both developed and developing regions. Giants in the automotive industry are increasingly focusing on the manufacture of light vehicles in response to growing concerns about environmental pollution. The increase in vehicle production and the steady trend of vehicle weight reduction is fueling the growth of the motor vehicle wheel market. The need for lightweight wheels to reduce vehicle weight and improve fuel efficiency drives the automotive wheel market.
However, volatility in commodity prices hampers market growth. In addition, it is expected that the lack of standardization in automobile wheel manufacturing processes will constrain the market.
In addition, the increasing adoption of carbon fiber in the automotive industry and the increased investment in wheel design to improve aerodynamics offer lucrative opportunities for the automotive wheel market in passenger cars, light commercial vehicles and heavy commercial vehicles.
Geographic Insights of the Automotive Wheel Market:
The Asia-Pacific region accounted for 45.3% of total market revenue in 2016. Consumer preferences, government policies, environmental regulations and competition are key factors driving the growth of the automotive sector in the region. Manufacturers are creating new concepts and manufacturing processes to meet the changing demands of consumers. North America is one of the world's leading markets for automotive metals. Government initiatives to increase vehicle fuel efficiency and reduce carbon dioxide emissions are expected to open new opportunities for the market in the coming years.
Key Players of the Automotive Wheel Market:
Leading manufacturers in the global automotive wheel market include Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, Accuride Corporation
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Automotive Wheel Market Key Segmentation:
By Material Type:
• Alloy (Aluminum & Magnesium)A
• Steel
• Carbon Fiber
By Vehicle Type:
• Passenger Car Pas
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)
By End User
• Original Equipment Manufacturer (OEM)
• Aftermarket
By Region:
• North America
• Europe
• Asia-Pacific
• LAMEA
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Research Cosmos is a provider of standard and customized market research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending market reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.
Kevin Stewart
Global Sales Manager
Research Cosmos
www.researchcosmos.com
Blog: https://acutemarketinsights.com
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