Press release
High Performance Wheels Industry Expected to Reach $28.66 Billion by 2029 at 6.1% CAGR
High Performance Wheels
High Performance Wheels Market Value Projection: How Much Will the Market Size by 2025?
The market size for high performance wheels has seen progressive growth over the recent years. Having a jump from $21.67 billion in 2024 to $22.63 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 4.4%. The historic increase is due to factors such as augmenting demand for high-performance vehicles, a surge in demand for customized wheels, escalating interest in motorsports, the expansion of the automotive industry, and an increase in disposable income.
What Will Be the Market Growth Forecat for High Performance Wheels in 2029?
The market size for high-performance wheels is anticipated to witness significant growth in the coming years, projected to reach a value of $28.66 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.1%. This expected growth during the forecast period can be associated with several factors such as increased sales of luxury cars, vehicle electrification, the rise in customization preferences, higher demand for fuel-efficient vehicles, alongside a growing enthusiasm for racing and performance events. The forecast period is set to see major trends including innovation in high-performance wheel solutions, progressive advancements in vehicle technology, the emergence of off-road compatible wheels, and an increasing focus on sustainability.
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What Are the Core Competitive Drivers in the High Performance Wheels Industry?
The upscale car market's spike in sales is playing a pivotal role in advancing the high-performance wheel market. Luxury vehicles, which are synonymous with superior performance, status symbol, comfort, and superior quality, despite being higher priced than typical vehicles, feature high-performance wheels. These high-performance wheels offer enhanced grip, better cornering abilities, and rapid heat dispersion compared to standard rubber wheels. In line with data from the US Energy Information Administration (EIA), a government agency, luxury cars made up 18% of all new vehicle sales in Q2 2023, marking an uptick from 14%. Hence, the burgeoning sales of upscale vehicles will continue to propel the high-performance wheels market.
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Which High Performance Wheels Market Segment Is Projected to See the Fastest Growth?
The high performance wheels market covered in this report 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), After market
5) By Application: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses And Coaches, Trailers, Motorcycles, Motorsports
Subsegments:
1) By Aluminum: Cast Aluminum Wheels, Forged Aluminum Wheels, Lightweight Aluminum Wheels
2) By Steel: Standard Steel Wheels, Alloy Steel Wheels, Performance Steel Wheels
3) By Magnesium: Cast Magnesium Wheels, Forged Magnesium Wheels, Lightweight Magnesium Wheels
4) By Carbon Fiber: Full Carbon Fiber Wheels, Carbon Fiber Reinforced Wheels, Lightweight Carbon Fiber Wheels
Which Trends Are Opening New Opportunities in the High Performance Wheels Market?
Prominent companies in the high-performance wheels market are capitalizing on product innovation as the main trend. These firms are focusing on enhancing the metallurgical features of their high-performance wheels. Demonstratively, in September 2022, Maxion Wheels, a vehicle parts manufacturer based in Germany, rolled out a fresh range of weight-optimized 22.5x11.75 steel wheels for trucks and trailers. The new and improved high-performance wheels are up to four kilograms lighter than previous models, reducing the overall weight of a conventional tractor-trailer by up to 32 kilograms. These lighter wheels offer the benefit of fuel efficiency without compromising on performance or durability. The weight reduction is achieved via several innovations, including stress-optimized rim contours, exclusive utilization of high-strength low-alloy steels, and a redesigned wheel structure.
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Who Are the Leaders in the High Performance Wheels Market?
Major companies operating in the high performance wheels market include 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., Enkei Wheels Limited, Carbon Revolution Ltd., OZ S.p.A, American Eagle Wheels, Forgeline Motorsports, HRE Performance Wheels, Vossen Wheels , TSW Alloy Wheels, Raceline Wheels, Nutek Forged Wheels, RAYS Co. Ltd., Ultra Wheels Inc., CITIC Dicastal Co. Ltd., Konig Wheels, Automotive Wheels Ltd., Schott Wheels, Mubea Performance Wheels Gmbh, Euromax Wheels, Fikse Wheels, Green Manufacturing Inc., Work Wheels USA.
Which Regional High Performance Wheels Markets Offer the Greatest Growth Potential?
Europe was the largest region in the high-performance wheels market in 2024. The regions covered in the high performance wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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