January 17, 2020
According to the research report titled ‘High Performance Wheels Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Vehicle Class (Premium Compact, Entry-level Luxury, Mid-Size Luxury), By End Use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019-2026’, available with Market Study Report LLC, the global high performance wheels market is expected to cross a market valuation of USD 19.5 billion by the year 2026.
Growing demand for premium vehicles along with introduction of novel products by key industry players are the key factors driving growth of the high performance wheels industry. High performance wheels are light in weight and help improve the aesthetic appeal of the vehicle. High demand for aesthetically rich vehicles coupled with favorable insurance policies are aiding the market expansion.
Production process of high performance wheels is not labor-intensive while energy costs and raw materials cost form a major part of the total cost. Easy availability of raw materials such as magnesium and aluminum will upsurge the production of high performance wheels. However, high cost of production of such wheels may hinder the market growth.
In terms of vehicle type, premium compact vehicles segment is slated to command appreciable gains, due to rising per capita income and high product demand for luxury vehicles, especially in Turkey and GCC countries.
As per the regional analysis, Europe high performance wheels market is expected to register substantial growth during the forecast period, owing to expanding automotive sector in the region. On the other hand, increasing government initiatives which are aiding the private sector will contribute towards the popularity of the product across Middle East & Africa.
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OZ S.p.A., Carbon Revolution, American Eagle Wheels Corporation, ALCAR Holdings, Steel Strips Wheels Ltd., Nutek Forget Wheels, Mandrus Wheel Company, Euromax Wheels, Topy Industries Ltd., Accuride Corp., Performance Wheels Australia, Weds Co. Ltd., SuperAlloy Industrial Co. Ltd., United Wheels Group, Konig Wheels, Fikse Wheels, RAYS Co. Ltd., HRE Performance Wheels, Ronal AG, CiTiC Dicastal Wheel Manufacturing Co. Ltd., Enkei Wheels, Automotive Wheels Ltd., Wheel Pros., Work Wheels USA., Vossen Wheels and Iochpe-Maxion are the prominent companies operating in the high performance wheels market.
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