Automotive Carbon Wheels Market is expected to grow at a CAGR of 9.9% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Automotive Carbon Wheels Market size accounted for USD 631.5 Million in 2022, growing at a CAGR of 9.9% from 2023 to 2033. The Automotive Carbon Wheels Market refers to the industry segment that involves the manufacturing, distribution, and sale of automotive wheels made primarily from carbon fiber composite materials. Carbon wheels offer several advantages over traditional materials such as aluminum or steel, including reduced weight, improved strength, and enhanced performance characteristics. These wheels are commonly used in high-performance and luxury vehicles, where the benefits of carbon fiber contribute to overall vehicle dynamics.

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The Automotive Carbon Wheels Market is primarily driven by the increasing demand for lightweight materials to enhance fuel efficiency and performance, as well as the growing interest in high-end and sports cars. Carbon wheels are known for their aesthetic appeal, aerodynamic efficiency, and improved handling, making them a sought-after option among automotive enthusiasts.

Key Players
Some of the major Automotive Carbon Wheels Market players holding high market shares include Ronal Group, HITACHI METALS LTD., Rolko Kohlgrüber GmbH, Litespeed Racing LLC and dymag group limited. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Phoenix Wheel Company, Inc., Carbon Revolution, thyssenkrupp ag, ROTOBOX d.o.o. and ESE Carbon.

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Segmental Analysis
Based on Vehicle Type, the Automotive Carbon Wheels Market is segmented into Passenger Car, and Commercial Vehicle. Passenger Car accounted for the largest market share. As more passenger vehicles are on the road, the demand for replacement wheels will likely increase. This can encourage more manufacturers to produce automotive wheels to meet the demand, as well as lead to more innovation in wheel design and materials.

Based on Sales Channel, the Automotive Carbon Wheels Market is segmented into OEM Automotive, and Aftermarket. OEM Automotive accounted for the largest market share. OEM wheels are generally considered to be of higher quality than aftermarket wheels, as they are designed specifically for the vehicle and are often made from higher-quality materials.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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