Selbyville, Delaware, Nov. 01, 2021 (GLOBE NEWSWIRE) --
The high performance wheels market revenue is anticipated to record a valuation of USD 12 billion by 2027, according to the most recent study by Global Market Insights Inc. Weight reduction for better handling and ride along with improved braking performance is expected to spur product demand.
Growth in the automotive industry tends to drive the high-performance wheels market owing to urbanization and a rise in disposable incomes. A global increase in demand for superior automotive spare parts will fuel the industry growth exponentially. Wheels witness frequently modification as a single and relatively simple alteration can significantly change the vehicle’s characteristics and appearance. In recent years, raw material cost, economic factors, and consumer preference to maintain aged vehicles have been critical industry influencing factors.
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This factor will make wheel and tire pairing simple and more functional. Moreover, the off-road vehicle and 4x4 segments are also likely to augment the high performance wheels market demand in the near future. The high product cost due to its complex nature and the need for skillful labor in the manufacturing process may obstruct the high performance wheels industry growth over the coming years.
In line with wheel materials, carbon fibers are expected to garner over 15% revenue share by 2027. Carbon fibers are strong thin fibers, which are mostly used in high performance wheels. As a compound, it is admired for being lighter & tougher than other compounds; furthermore, it is lighter than aluminum & tougher than steel. Carbon fiber prices are higher than other compounds.
Based on vehicle class, the mid-size luxury segment is estimated to grow at around 6% CAGR by 2027. The mid-size luxury segment is commonly known as executive cars, especially in Britain, and includes large family vehicles. Executive cars are positioned and engineered as premium vehicles with better performance and technology conveniences along with the use of high performance wheels.
Asia Pacific led by China, is the major region in high performance wheels market and will witness around 7% CAGR. In addition, the availability of economic resources for manufacturing and assembling automotive in Asian nations, such as China, India, Thailand, and South Korea, is another factor driving the market growth.
Some of the major findings in the high-performance wheels market report include:
- Carbon fibers are new materials used in these superior wheels. They are lightweight and durable; however, are costly than conventional materials.
- Steel is among the strong materials utilized in the manufacturing of automotive wheels with increased tensile. In addition to this, steel damage is easily repairable compared to its other counterparts.
- OEM high performance wheels are manufactured as per specifications laid down by vehicle manufacturers.
- Executive vehicles generally have limited production and sales compared to others owing to the issue of sharp depreciation, especially with cars from less admired brands.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 High performance wheels industry 360° synopsis, 2017 - 2027
2.1.1 Business Trends
2.1.2 Material Trends
2.1.3 Vehicle Trends
2.1.4 End-use Trends
2.1.5 Regional Trends
Chapter 3 High Performance Wheels Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2017 - 2027
3.2.1 Impact analysis of coronavirus (COVID-19) pandemic
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.4 Raw material trends
3.5 Global automotive wheels market overview
3.5.1 Current automotive wheels trend
3.5.2 Current consumer preferences
3.6 Pricing trends
3.6.1 Cost structure analysis
3.7 Technology & innovation
3.7.1 Casting Technology
3.7.1.1 Low Pressure Die Casting (LPDC)
3.7.1.2 High Pressure Die Casting (HPDC)
3.7.1.3 Gravity Casting
3.7.2 Flow Forming Technology
3.7.3 Forging Technology
3.7.4 High Light Technology (HLT)
3.8 Automotive industry landscape, by region
3.9 Regulatory landscape
3.9.1 North America
3.9.2 U.S.
3.9.3 EU
3.9.4 China
3.9.5 Japan
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 The recovering automotive sector
3.10.1.2 Driving comfort along with superior braking and acceleration
3.10.1.3 Weight reduction trends in vehicles
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial set up costs
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 Competitive landscape, 2020
3.13.1 Strategy dashboard
3.14 PESTEL analysis
3.15 COVID-19 impact analysis on the end-use industry
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
