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Accelerating the Global Market: Unveiling the High-Performance Wheels Industry Forecast 2023-2032 || Topy Industries Ltd., Maxion Wheels GmbH, Accuride Corporation
High Performance Wheels Market
The Business Research Company's High Performance Wheels Global Market Report 2023 identifies the rising sale of luxury cars is the major driver for the high performance wheels market's growth in the forecast period. Luxury cars provide increased performance, status, comfort, and quality compared to regular vehicles for an increased price. High-performance wheels are used in luxury vehicles to provide better grip and cornering ability and dissipate heat much faster than standard rubber. For instance, in January 2023 according to a report released by Rolls Royce, a UK-based luxury vehicle manufacturer, the sales of Rolls Royce luxury cars increased from 5,586 in 2021 to 6,021 in 2022. Therefore, the rising sale of luxury cars will drive the high-performance wheels market.
The global high-performance wheels market is expected to grow from $19.23 billion in 2022 to $20.59 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The high-performance wheels market is expected to reach $25.93 billion in 2027 at a CAGR of 5.9%.
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Major competitors in the high performance wheels market are Topy Industries Ltd., Maxion Wheels GmbH, Accuride Corporation, Steel Strips Wheels Ltd., Wheel Pros LLC, Alcoa Wheels, Weds Co. Ltd., ALCAR Holding GmbH, SuperAlloy Industrial Co. Ltd.
A key trend in the high performance wheels market includes product innovation. Major companies operating in the high-performance wheels market are focusing on increasing the metallurgical properties of their high-performance wheel's offerings. For instance, in September 2022, Maxion Wheels, a Germany-based vehicle parts manufacturer, launched a new assortment of 22.5x11.75 steel wheels for trucks and trailers that are weight-optimized. The new innovative high-performance wheels save up to four kilograms of weight per wheel compared to prior wheel types. The weight of a typical tractor-trailer combination is lowered by up to 32 kg.
Read More On The Global High Performance Wheels Market Report Here: https://www.thebusinessresearchcompany.com/report/high-performance-wheels-global-market-report
The high performance wheels market is segmented -
1) By Product Type: Aluminum, Steel, Magnesium, Carbon Fiber
2) By Coating: Painted, Polished, Chromed, Machined
3) By Manufacturing Process: Gravity Casting, Low-Pressure Casting, High-Pressure Die Casting
4) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket
5) By Application: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses And Coaches, Trailers, Motorcycles, Motorsports
6) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the high-performance wheels market
The Business Research Company's "Global High Performance Wheels Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The High Performance Wheels Market Include:
1. Executive Summary
2. High Performance Wheels Market Characteristic
3. High Performance Wheels Market Trends And Strategies
4. High Performance Wheels Market - Macro Economic Scenario
5. High Performance Wheels Market Size And Growth
……………
27. High Performance Wheels Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The High Performance Wheels Market
29. High Performance Wheels Market Future Outlook And Potential Analysis
30. Appendix
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