High Performance Wheels Market Incredible Possibilities, Growth with Industry Study, Detailed Analysis and Forecast To 2027
This along with the introduction of new vehicle segments is anticipated to foster high-performance wheels market growth in the coming years. Production of high-performance wheels significantly depends on raw material and energy costs. The product also requires advanced technologies and skilled labor to tailor. This evidentially makes high-performance wheels an expensive accessory. However, the product’s aesthetic look and lightweight feature is expected to encourage sales in the coming years. With an anticipated increase in product demand, Global Market Insights, Inc., suggests that high performance wheels market may touch USD 19.5 billion mark by the year 2026.
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The aftermarket replacement segment has witnessed a steady growth over the past few years. Growing instance of insurance reimbursement for accidental vehicles would act as a major driver for segment growth. Apparently, insurance claims cannot be made on original parts. This would urge consumers to opt for aftermarket products to fulfill their vehicular requirements.
As for regional landscape, developing countries such as Turkey and other GCC nations have shown a significant rise in demand for luxury, sport, and premium compact vehicles. This growth can be contributed to changing consumer trends in style and preference, and increasing disposable income. This has further influenced buyers to install high-performance rims to their premium vehicles.
Availability of cheap natural gas and easy finance options may also play a crucial role in proliferating regional industry growth. Meanwhile, abundant accessibility to raw materials like magnesium and aluminum may foster the High Performance Wheels Market outlook across the aforementioned regions.
In the U.S., initiatives to develop passenger and commercial vehicles may boost high-performance wheels market size. Citing an instance, in 2016, U.S. Energy Department revealed that it has allotted USD 137 million for investing in passenger and commercial automobiles. Such initiatives would likely generate new opportunities for product development.
Meanwhile, in Middle East & Africa, there is facing degrowth in economy. However, supportive federal programs to support the private sector may alleviate economy stance. It is also suggested that MEA may become a vital market for high-performance wheels.
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Currently, the High Performance Wheels Market consist of key players namely Iochpe-Maxion, OZ S.p.A, Konig Wheels, Carbon Revolution, HRE Performance Wheels, Alcoa Wheels, Konig Wheels, Euromax Wheels, BBS ALCAR Holding among others.
Manufacturers have recognized the importance of aesthetics and performance in their product offerings. They are also seemingly striving to enhance their portfolio by opting for new designs and looks. Taking November 2016 for instance, KMC Wheels and Wheel Pros LLC release Rockstar III which enables drivers to modify their wheels with off shelf accessories. Thus, with new product launches and increasing production capacity, High Performance Wheels Market is anticipated to secure commendable growth in the forthcoming years.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model & forecast
1.1.3 Industry insights and validation
1.1.4 Definitions, assumptions & forecast parameters
1.2 Data Sources
Chapter 2 High Performance Wheels Market Summary
2.1 High performance wheels industry 3600 synopsis, 2018 - 2026
2.1.1 Business Trends
2.1.2 Material Trends
2.1.3 Vehicle Trends
2.1.4 End-Use Trends
2.1.5 Regional Trends
Chapter 3 High Performance Wheels Market Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2016 -2026
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.4 Raw material trends
3.5 Global automotive wheels market overview
3.5.1 Current automotive wheels trend
3.5.2 Current consumer preferences
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About Global Market Insights, Inc.
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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