Press release
Automotive Wheel Hub Market: Trends and Forecast by 2025
Automotive Wheel Hub Market, Automotive Wheel Hub Market share, Automotive Wheel Hub Market size
Rising demand of automobiles are estimated to increase the demand for automotive wheel hub in the market. The expansion of the automotive industry is further anticipated to increase the demand for automotive wheel hubs in the market. Rising average age of vehicles, globally, is likely to increase the demand for automotive wheels in the automotive aftermarkets. Currently, vehicle penetration per 1,000 population is very low in emerging countries such as China and India.
Vehicle penetration per 1,000 population in both China and India are in double digits. Rising vehicle penetration in emerging economies including China, India, Russia and South Africa is estimated to increase the demand for automotive wheel hubs in the market. A major restraint faced by the automotive wheel hub market is the high price of wheels in aftermarkets. A major opportunity in the automotive wheel hub market is the increasing focus of automotive firms such as Volvo, Tesla, BMW AG to produce electric vehicles and hybrid electric vehicles.
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This is anticipated to create a considerable demand for automotive wheel hubs in the market. Both Volvo and BMW plan to sell 1 million electric vehicles by 2025 and 2017 respectively. Furthermore the advent of advanced driver assistance system (ADAS) and autonomous driving (AD) is likely to generate requirement of high quality wheels and hubs.
In terms of materials the global automotive wheel hub market can be segmented into aluminium wheels, steel wheels and alloy wheels. The market when segmented on the basis of wheel type are tube wheels and tubeless wheels. In terms of application, the market can be segmented into original equipment manufacturers (OEMs) and aftermarkets.
In terms of end-users the market can be segmented into light commercial vehicles, heavy commercial vehicles, passenger vehicles, off-road vehicles and two wheelers. Steel wheel hub segment has a major share in the automotive wheel hub market. Moreover tube wheels segment commands a major share as compared to tubeless wheel segment in the market, however the share of tubeless wheels is rising. Passenger vehicles are a prominent segment in the end-user category.
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In terms of geography the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific is a significant market for automotive wheel hub. China is a prominent market for automotive wheel hub in Asia Pacific. In Asia Pacific China recorded significant y-o-y growth in vehicle sales in 2016. India and Japan are other major automotive wheel hub markets in the region.
The automotive wheel hub market in India is estimated to expand as India follows China in terms of y-o-y growth in vehicles sales. The automotive wheel hub market in Japan is anticipated to contract due to decrease in vehicles sales in the region. North America follows Asia Pacific in terms of market size in the automotive wheel hub market. The U.S is a prominent market for automotive wheel hub market in North America followed by Canada and Mexico. Europe follows North America in terms of market size in the global automotive wheel hub market. Germany is a significant market for automotive wheel hub in Europe. The other major automotive wheel hub markets are the U.K, France, Italy, and Spain. Brazil is an important automotive wheel hub market in Latin America, however the market is likely to contract due to recession in Brazil. The recession is estimated to be over by the end of 2017.
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