Wilmington, Delaware, United States, April 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Surge in adoption of automotive carbon wheels in SUVs and electric vehicles is expected to propel the market. Rapid pace of development of innovative carbon fiber engineering technology by original equipment manufacturers (OEMs) for automotive applications is expected to boost the market size.
The global automotive carbon wheel market was valued at US$ 880.0 Mn in 2022, and it is anticipated to expand at a CAGR of 6.6% from 2023 to 2031 and reach US$ 1.6 Bn by the end of 2031.
Automotive manufacturers are preferring composites over metals in the vehicle body and wheels to reduce the overall weight and comply with the latest fuel economy standards. Rise in initiatives by automakers to adopt carbon in vehicle wheels is ascribed to constantly increasing need to bolster fuel-efficiency of passenger vehicles, especially utility vehicles.
Vehicle weight reduction leads to significant reduction of watt - hours per mile (Wh/mi) in EVs. OEMs consider adoption of carbon wheels leads to better noise, vibration and harshness (NVH) characteristics and enhances braking and cornering abilities of the vehicle.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 880.0 Mn | |
| Estimated Value | USD 1.6 Bn | |
| Growth Rate - CAGR | 6.6% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 230 Pages | |
| Market Segmentation | Rim Size (Inches), Production Process, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Blackstone Tek, Bucci Composites, Carbon Revolution, Dymag Group Limited, ESE Carbon Co., Geric, Hitachi Metals Ltd., HRE Wheels, LITESPEED RACING, Phoenix Wheel Company, Inc., Rotobox d.o.o., Rolko Kohlgrüber GmbH, Ronal Group, Thyssenkrupp AG | |
Key Findings of Study
- Surge in Demand for Carbon Wheel by Automotive OEMs: Rise in adoption of carbon wheels in vehicles is expected to be driven by increased focus on reducing vehicle weight. Automotive OEMs are expected to incorporate carbon wheels in next-generation vehicles, as they bolster their initiatives for improving fuel economy of light-duty vehicles in order to comply with fuel economy standards in developed and developing countries.
- Based on sales channel, the OEM segment held the majority share in 2022, and it is anticipated to retain its dominant share from 2023 to 2031.
- Rise in Usage of Automotive Carbon Wheels in SUVs and Premium Vehicles: Automotive manufactures are extensively adopting materials that reduce the weight of the vehicle. They are adopting carbon fiber composites in wheels for SUVs and premium vehicles in order to enhance ride comfort as well as improve the fuel economy of the vehicle.
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Key Drivers
- Surge in production and sales of passenger vehicles in several countries, especially electric vehicles (EVs), is a key trend that is likely to drive the automotive carbon wheel market.
- OEMs are focusing on augmenting the driving range of EVs, which is likely to boost the adoption of automotive carbon wheels.
- Rise in sales of luxury vehicles is expected to propel adoption of automotive carbon wheels by original equipment manufacturers and vehicle owners in the aftermarket. Stringent implementation of regulations pertaining to fuel economy standards focus in reducing greenhouse gas emissions of heavy-duty trucks.
- Increasing initiatives by automotive companies to shift from aluminum and steel to carbon composite to boost the performance of next-generation vehicles is likely to fuel market growth.
Regional Growth Dynamics
Europe accounted for the leading market share in 2022. The region is projected to hold significant share of the global market from 2023 to 2031. Prominent presence of numerous automotive OEMs in the region is expected to propel the market.
Surge in commercialization of electric vehicles and rise in sales of high-end vehicles are key market trends that are expected to fuel the market.
North America is also a lucrative market for automotive carbon wheel market. Rapid increase in demand for vehicles with high fuel-efficiency is expected to offer significant revenues to companies in the region.
Rapid rise in sales of EVs in China, Brazil, India, and Mexico is expected to accelerate market development. Increasing trend of vehicle electrification, especially in passenger vehicles, is expected to augment the automotive carbon wheel market size in these regions.
Competition Landscape
Leading players in automotive carbon wheel industry are focusing on collaborations to mass manufacture carbon wheels. Key players are expected to strengthen their R&D investments in wheel weight reduction technology by adopting advanced manufacturing technology in order to stay ahead of their competitors.
Prominent companies in the automotive carbon wheel market are Blackstone Tek, Bucci Composites, Carbon Revolution, Dymag Group Limited, ESE Carbon, Geric, HRE Wheels, Hitachi Metals Ltd., Litespeed Racing, and Rotobox d.o.o
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Automotive Carbon Wheel Market Segmentation
Rim Size (Inches)
- Up to 19”
- 20”
- 21”
- 22” and Above
Production Process
- Flow Forging
- Dry Fiber
Vehicle Type
- Two Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Truck
- Bus & Coach
- Off-road Vehicle
Sales Channel
- Aftermarket
- OEM
Regions Covered
- Europe
- Asia Pacific
- North America
- Middle East & Africa
- South America
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