April 29, 2020
According to the research report titled ‘Automotive Wheel Market Size By Material, By Product , By End-Use , By Vehicle, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, global automotive wheel industry is expected to record a remunerative growth rate during 2018-2024.
Growing inclination towards improved driving experience in consort with rising adoption of lightweight vehicles in order to reduce the carbon footprint are major factors fueling the growth of automotive wheel industry. Increasing trend of using advanced materials to provide advantages such as component durability, fuel efficiency and corrosion resistance has resulted in the development of innovative automotive wheels.
Flourishing sales of sports and luxury cars which need high-performance parts is also stimulating the industry outlook. Furthermore, advancements in technology pertaining automotive wheel have allowed for the development of vehicles with better aesthetic appeal and reduced weight. Favorable federal regulations which promote vehicular safety is further propelling the market expansion.
In terms of material type, aluminum segment was worth USD 45 billion in 2018 and is expected to record a continuous growth during the forecast period. Shifting focus among manufacturers to expand their production capacities in order to meet the growing demand for automotive wheel is driving the segmental growth.
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As per the product type, regular automotive wheel market segment is presumed to expand with a CAGR of 2% through 2024, owing to upsurge in demand for passenger and commercial vehicles.
Citing the end-use landscape, OEMs segment generated USD 65 billion in the year 2018. Rising per capita income have escalated automobile sales across the globe, hence creating revenue for OEMs.
By vehicle type, passenger cars segment is reckoned to witness a growth rate of 3% between 2018 and 2024. Rising number of personal vehicles owing to rapid urbanization as well as evolving consumer lifestyle are swaying the business dynamics.
Considering the geographical landscape, Asia-Pacific automotive wheel market is set to register 4% CAGR through 2024. Improving disposable income along with swift urbanization and flourishing automotive industry are promoting the business scenario in APAC.
The major contenders in global automotive wheel market are ALCAR Holding, Starco, Jantsa, Otto Fuchs, Titan Europe, Trelleborg AB, Maxion, Mefro and CLN Group among others.