Press release
Automotive Wheel Market Size to Go Beyond USD 105 billion by 2024
Automotive Wheel Market size is poised to surpass USD 105 billion by 2024; according to a new research report.
OEM automotive wheel market registered over 368 million units demand in 2016. Development in internal combustion engine with introduction of V2V technology are the factors driving the industry demand. Increasing vehicle customization and component replacement due to increasing accident, corrosion and scratches will propel the aftermarket industry.
The U.S. automotive wheel market was worth over USD 10 billion in 2016. Stringent vehicle safety norms associated to efficient braking system will stimulate product demand.
Asia Pacific automotive wheel market, led by China, India and Japan will witness growth over 5% up to 2024. Increasing manufacturing facilities owing to favorable government policies and availability of resources will propel the regional demand. The region expects high growth in buses and coaches segment due to rising government focus on better transportation services.
Global industry share is fragmented in nature with presence of substantial number of domestic players. Key industry players in terms of revenue generation and geographical presence in the automotive wheel market include Magnetto, Ronal Group, Enkei, UNI Group, Borbet, Alcoa, Maxion and Mefro. Other manufacturers include Saint Jean, Alcar, Fondmetals, Otto Fuchs, HRE and Breyton.
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The above information is provided on a regional and country basis for the following:
North America
Europe
Asia Pacific
Latin America
MEA
Automotive Wheel Market, By Material
• Aluminum
• Steel
• Magnesium
• Carbon fiber
Automotive Wheel preparation market by Application:
• OEM
• Aftermarket
Automotive Wheel Market, By Product
• Regular
• High performance
Automotive Wheel Market, By Vehicle
• Passenger cars
• LCV
• Heavy trucks
• Buses & coaches
• Trailers
Growth drivers:
• Industry pitfalls & challenges
• Innovation & sustainability
Increasing investments on budget cars by OEM's in emerging countries will drive the industry growth. Factors such as advancement in technology, tax incentives along with rise in sales of passenger cars will propel automotive wheel market size.
Shift in consumer preference on improved driving including enhanced acceleration, quick braking and better performance will support the automotive wheel market growth. Necessity to enhance fuel efficiency due to increasing emission standards will remain key factors driving product demand.
Enhanced promotions on budget cars by manufacturers will create new opportunities in the forecast year. Global automotive industry witnessed significant growth with vehicle production over 95 million units in 2016.
Regular automotive wheel contributes for over 90% of overall industry share in 2016. Strong demand for cost effective passenger cars and commercial vehicles are expected to propel the industry growth. Technological advancement accompanied by rising demand for corrosion resistance components will drive automotive wheel demand.
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Introduction of online portals for vehicle component sales at reasonable price will impact automotive wheel price trend. Stringent regulations on carbon emissions encouraged the OEMs to manufacture lightweight vehicles. High initial investment along with low adoption of the high-performance products may restrain the industry growth.
Passenger cars dominated the overall automotive wheel industry share accounting for more than 80% in 2016. China is among the key contributors with over 24 million units passenger car production in 2016.
Aluminum automotive wheel market will value over USD 55 billion by 2024. Lightweight and innovative designs delivering higher performance is expected to drive product demand. Steel market size is driven by competitive pricing and convenient manufacturing process.
Trailer market will observe growth over 2.5% through 2024. Road transportation industry expansion due to limited railway network particularly in Nordic countries will drive product demand. In addition to this, improved aftersales services to customers will drive the overall industry growth.
Related Report:
Global (North America, Europe and Asia-Pacific, South America, Middle East and Africa) Automotive Steering Wheel Switch Market 2017 Forecast to 2022
This report studies the automotive steering wheel switch market. It used to allow more functions to be controlled without increasing the number of switches on the steering wheel, enabling drivers to s
https://www.marketstudyreport.com/reports/global-north-america-europe-and-asia-pacific-south-america-middle-east-and-africa-automotive-steering-wheel-switch-market-2017-forecast-to-2022/?utm_source=RR-SL
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