Carbon Wheels Market Size By Vehicle (Passenger Cars, Premium/Luxury Vehicles, Commercial Vehicles, Two-wheelers), By End-use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Carbon Wheels Market size surpassed USD 65.3 million in 2019 and is estimated to grow at over 32.3% CAGR between 2020 and 2026. Shifting consumer inclination towards lightweight components to reduce emissions will escalate the market demand.
 

Carbon wheels are lightweight and high strength wheels manufactured using carbon fiber reinforced polymers. These wheels find wide application in luxury and premium cars to provide higher speed efficiency. Rising ownership of premium and luxury vehicles with increasing number of Ultra-High and High Net worth Individuals (HNWI) will support the industry proliferation. Moreover, ongoing initiatives by vehicle owners to improve efficiency, performance, and aesthetics will surge aftermarket carbon wheels demand.
 

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Increasing range of hybrid and electric vehicles owing to growing concern towards climate change and global warming will boost the carbon wheels market demand. Carbon wheels reduce the overall weight of the vehicle, fuel consumption, and charging time. Further, the introduction of e-commerce platforms, such as Amazon, Alibaba, and eBay, will increase the availability and accessibility of the wheels that will encourage its adoption.
 

High product cost will limit the market size over the coming years. The wheels cost is five to six times higher than conventional aluminum & magnesium alloy wheels. This is owing to the high raw material and labor costs that account for around 85% of the total product cost. Raw materials, such as carbon fibers and thermosetting resins, require extraction and processing before its application, incurring significant costs when compared to aluminum alloys. Labor cost is the second major contributor to the product cost as its manufacturing requires skilled workforce to perform complex operations.
 

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Increasing premium and luxury vehicles adoption to fuel the market growth

In 2019, premium vehicles accounted for over 95% share in carbon wheels market. Growing disposable income and easy credit facility have positively influenced the luxury vehicles demand. Automotive OEMs are equipping the vehicles with innovative components to enhance vehicle efficiency. Lightweight carbon wheels improve vehicle efficiency by reducing fuel consumption to 2% - 6% in comparison to aluminum wheels, reducing CO2 emissions from vehicles. Further, emerging emission regulation across the globe will induce significant growth potential in the industry landscape.
 

Increasing vehicle sales to escalate market revenue generation from OEMs

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The OEM segment in the carbon wheels market generated over USD 50 million revenue in 2019 due to increasing availability of high-end vehicles. For instance, in September 2019, Carbon Revolution announced that 2020 edition of Ford Shelby GT500 will install carbon wheels manufactured from high pressure molding. Moreover, increasing propensity towards product reliability, quality and after sales services will propel segment penetration.
 

North America to drive the carbon wheels market growth

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North America held around 25% of the overall market volume in 2019 and is likely to grow at a significant rate during the forecast period. This is attributed to presence of several automotive giants in the region such as Ford, General Motors, and Tesla Inc. Huge investment flow in the regional automotive industry will propel the market demand.
 

Latin America carbon wheels market will foresee substantial growth from 2020 to 2026 impelled by increasing demand for SUVs and light commercial vehicles. Increasing presence of automotive manufacturers, the in region will further strengthen market demand across the region. For instance, in October 2018, Nissan inaugurated a new business unit in Latin America. Increasing availability of premium and luxury vehicles will support the industry expansion.
 

Geographic expansion to emerge as a vital growth strategy

Geographic expansion and product innovation will be the key strategies for industry players to enhance their market share. Market participants are constantly focusing on expanding their production facilities and upgrading solutions to differentiate their services from competitors.
 

The key companies in the market include Carbon Revolution Limited, Ronal Group, ESE Carbon Company, Dymag Group ltd., Rotobox D.O.O., Geric B.V., Blackstone Tek, Thyssenkrupp AG, and Phoenix Wheel Company, Inc.
 

The carbon wheels market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD Thousand from 2016 to 2026, for the following segments:
 

Market, By Vehicle

• Passenger Cars
• Premium Vehicles
• Commercial Vehicles
• Two-wheelers

Market, By End-use

• OEM
• Aftermarket

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • Italy
  • Russia
  • UK
  • Czech Republic
  • Poland
  • Slovakia
  • Spain
  • Turkey
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
  • Australia
  • Malaysia
  • Philippines
  • Taiwan
  • Vietnam
  • Indonesia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Colombia
• Middle East & Africa
  • Iran
  • South Africa
  • Morocco
  • Egypt
  • Algeria