Carbon Wheels Market Size By Vehicle (Two-wheelers, Luxury/Premium Vehicles, Passenger Cars, Commercial Vehicles), By End-use (Aftermarket, OEM), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 - 2030

Industry Drivers

Carbon Wheels Market size exceeded USD 81.1 million in 2021 and is projected to grow at a CAGR of above 34% from 2022 to 2030. Changing lifestyles and escalating disposable incomes will augment the demand for premium vehicles, which will further boost the demand for carbon wheels.
 

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Notably, the U.S. witnessed steady growth in the sale of premium executive cars due to the growing divergence across the U.S., Europe, and China where consumers seek powertrain, which is driving performance, interior design & functionality, exterior design, brand, and connectivity. Moreover, government initiatives to foster the uptake of electric vehicles owing to increasing concerns regarding climatic conditions and global warming will also propel product uptake.
 

Rising environmental concerns will transform the carbon wheel market outlook. Companies have been engaging in expanding their product range and strategic acquisitions to maintain their market standing. Additionally, major brands would benefit from surging demand for premium vehicles. As manufacturing firms set up new production plants worldwide, the demand for carbon wheels will observe a substantial rise.
 

High product costs may restrain industry progression

The cost of carbon fiber wheels is almost six times higher than conventional magnesium alloy & aluminum wheels due to the high raw material & labor costs that account for 85% of the total product cost, which is posing as a major factor restraining the industry dynamics. Nonetheless, continuous efforts made by market players to reduce production costs will enhance the business scenario.
 

Precision engineering to push premium vehicles segment growth

In terms of vehicle, the carbon wheels market is classified into passenger cars, premium vehicles, commercial vehicles, and two-wheelers. The premium vehicles segment is poised to register a 34% growth rate to surpass a valuation of over USD 1.07 billion by 2030. The growth is attributed to the luxurious interiors and precision engineering that make these vehicles coveted by drivers as well as lucrative for OEMs.
 

High-quality standards to accelerate carbon wheel adoption among OEMs

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The original equipment manufacturer (OEM) segment in the carbon wheels market is anticipated to reach USD 705 million and is expected to expand at more than 34% growth rate between 2022 and 2030. Carbon wheels for OEM end-users are manufactured in conformance to OEM manufacturing capabilities and quality standards that maintain their brand value, which will simulate the uptake of carbon wheels by OEMs.
 

Consistent product innovations to aid Europe emerge as a prominent revenue pocket

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The Europe carbon wheels market is predicted to witness 35% gains to attain a valuation of USD 375 million by 2030, impelled by higher visibility of significant innovation and product differentiation among carbon wheel manufacturers in the region.
 

Another region that may emerge as a key revenue hub is Asia Pacific. The growth will be driven by increasing luxury vehicle sales in the APAC region, especially in China as it is one of the key forces in global automotive sales.
 

Strategic partnerships and collaborations among leading players

Top companies operating in the carbon wheels market are Carbon Revolution Limited, Dymag Group ltd., Ronal Group, Geric B.V., ESE Carbon Company, Rotobox D.O.O., Blackstone Tek, Thyssenkrupp AG, and Phoenix Wheel Company, Inc. Numerous partnership opportunities and ongoing product development will shape the competitive landscape. In addition, consistent measures to reduce the carbon footprint of overall operations will benefit industry participants.
 

For instance, in May 2022, Dymag Group Ltd. partnered with Hankuk Carbon Co., Ltd. to mass produce carbon composite wheels for the automotive industry. This partnership rapidly scaled up carbon composite wheel production, bringing higher cost efficiencies and volumes, thereby fortifying the market position of both companies.
 

Impact of COVID-19 on the carbon wheels market trends

The COVID-19 pandemic hampered the industry owing to strict lockdowns and supply chain disruptions in the initial phases. However, surging demand for premium vehicles on account of the increasing disposable income of consumers has bolstered the demand for carbon fiber wheels, proliferating the product outlook. Furthermore, government emphasis on EV adoption has also influenced the automotive sector positively, which, in turn, has boosted the industry growth of carbon wheels.
 

Propelled by the rise in electric vehicle sales and high product penetration in the premium vehicles sphere, the industry is set to showcase a massive growth in the upcoming period.
 

The carbon wheels market research report includes in-depth coverage of the industry with forecast & estimates in terms of volume in units and revenue in USD Thousand from 2018 to 2030, 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