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Automotive Wheel Market Analysis, 2021 Specification, Growth Drivers, Industry Analysis Forecast 2026
Automotive Wheel Market
The global automotive wheel market generated $30.01 billion in 2017 and is expected to reach $47.35 billion by 2025, registering a CAGR of 5.7% from 2018 to 2025. Rise in vehicle production and ongoing trend of reducing the kern weight of vehicles to improve fuel efficiency facilitate the growth of the industry. However, fluctuating prices of raw materials and lack of standardization in manufacturing processes hinder the market growth. On the other hand, rise in adoption of carbon fiber, technological advancements, and heavy inflow of investments to improve wheel design for enhanced aerodynamics create new pathways for the industry.
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The passenger car segment contributed more than one-third of the total market share in 2017 and is projected to maintain its lead by 2025, owing to an increase in urbanization and rise in premium automobile production worldwide. However, the heavy commercial vehicle (HCV) segment would register the fastest CAGR of 7.2% from 2018 to 2025, owing to an increase in usage of HCVs in supply chain and logistics. The light commercial vehicle (LCV) segment is expected to witness steady growth during the forecast period.
Asia-Pacific contributed nearly half of the total market share in 2017 and would continue its dominance throughout the forecast period. This is due to the rise in passenger car and vehicle registrations in populous countries such as India and China. However, Latin America, Middle East and Africa (LAMEA) would register the fastest CAGR of 7.1% from 2018 to 2025, owing to technological advancements and trend of upgrading the safety & security standards for vehicles in the region.
The leading market players analyzed in the research include,
* Iochpe-Maxion S.A.
* Hitachi Metals
* CITIC Dicastal Wheel Manufacturing
* American Eagle Wheels
* Steel Strips Wheels
* CLN Group
* United Wheels Group
* Topy Industries Limited
* Borbet GmbH
* Accuride Corporation.
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These market players have adopted various strategies such as collaborations, new product launches, joint ventures, mergers & acquisitions, and others to gain a stronghold in the industry.
Driving factors for the market
1 Increase in vehicle production
2 Weight reduction trends in vehicle
Market Restraints and Opportunities:
1 Volatility in raw material prices
2 Increased adoption of carbon fiber in the automotive industry
3 Increasing investment on wheel design for better aerodynamics
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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