Pune, India, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The global high performance wheels market is set to gain momentum from the rapid developments and innovations in the automotive industry. This information is given by Fortune Business Insights™ in a new report, titled, “High Performance Wheels Market Size, Share & COVID-19 Impact Analysis, By Material Type (Aluminum, Steel, Magnesium, Carbon Fiber), By Sales Channel Type (Original Equipment Manufacturer (OEM) and Aftermarket), By Vehicle Type (Top-End Luxury, Midsize Luxury, and Others), and Regional Forecast, 2020-2027.” The report further states that the high-performance wheel market size was USD 22.38 billion in 2019 and is projected to reach USD 32.92 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.
COVID-19 Pandemic to Decline Growth Backed by Reduced Sales of Passenger Cars
The emergence of the COVID-19 pandemic has resulted in the shutdown of automobile manufacturing facilities by major companies across the globe. Besides, it has halted the cross-border trade temporarily. The lockdown measure has also declined the sales of passenger cars. Nowadays, people are inclining rapidly towards private vehicles from public transportation to prevent the transmission of coronavirus. Though the pandemic may hamper growth, the high demand for passenger cars is expected to surge sales of high performance wheels.
List of the Top Companies Profiled in the Global High Performance Wheels Market are:
- MAXION Wheels (Michigan, United States)
- Steel Strips Wheels Ltd (Punjab, India)
- ESE Carbon (Florida, United States)
- Accuride Corporation (Indiana, United States)
- Superior Industries International, Inc. (Michigan, United States)
- Iochpe-Maxion (São Paulo, Brazil)
- Trelleborg AB (Trelleborg, Sweden)
- Carbon Revolution (Geelong, Australia)
- Alcoa Wheels (Pennsylvania, United States)
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How Did We Develop This Report?
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
Drivers & Restraints
Increasing Development of Environment-friendly Components to Aid Growth
Increasing air pollution is mainly caused by the automotive sector worldwide. Vehicles often release toxic greenhouse gases that result in severe damages to the human race and the environment. Governments of various countries are imposing strict rules and regulations to compel automotive manufacturers to develop environment-friendly components and vehicles. These also contain high performance wheels and lightweight products. Hence, prominent companies are trying to keep up with the norms and are developing vehicles that are less likely to cause damage to the environment. However, increasing fluctuation in the prices of raw materials may hinder the high performance wheels market growth in the coming years.
Segment
Aluminium Segment to Lead Fueled by Its Cost-effectiveness
Based on material type, the carbon fiber segment generated 11.1% in terms of the high performance wheels market share in 2019. The aluminium segment is set to dominate the market in the near future because of the lightweight nature and decent appearance of these wheels. At the same time, they have less complicated designs and are more cost-effective, as compared to the carbon fiber and magnesium wheels.
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Regional Analysis
Europe to Remain at the Forefront Stoked by Early Adoption of Novel Technologies
Regionally, Europe held USD 15.26 billion in terms of revenue in 2019. It is expected to lead throughout the forthcoming years backed by the rapid shift of consumers towards luxury vehicles, as well as the early adoption of advanced technologies.
Asia Pacific, on the other hand, is expected to retain its second position in the market for high performance wheels attributable to the rising disposable incomes of consumers and the surging production & sales of vehicles in this region.
Competitive Landscape
Key Players Focus on Acquisition Strategy to Gain a Competitive Edge
The market for high-performance wheels houses several companies that are currently aiming to compete against their rivals by adopting the merger and acquisition strategy.
Below is one of the latest industry developments:
September 2019: Maxion Wheels acquired ZF OPENMATICS to create the world’s first fully-integrated wheel connectivity solution. The multiservice sensor is targeted at the commercial vehicle market. It will broadcast, analyze, and capture key data, such as fleet managers, tire pressure and temperature, infrastructure authorities, and wheel load.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/high-performance-wheels-market-104443
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- COVID-19 Impact
- Global High Performance Wheels Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Top End Luxury
- Mid-Level Luxury
- Others
- Market Analysis, Insights and Forecast – By Sales Channel Type
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Material Type
- Aluminum
- Steel
- Carbon Fiber
- Magnesium
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued…!
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