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

Published Date: Dec 2019  |  Report ID: GMI246  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 293   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

High Performance Wheels Market size valued at USD 13.02 billion in 2018 and will grow at a CAGR of 5.2% from 2019 to 2026.
 

High Performance Wheels Market

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High performance wheels offer reduced weight, superior acceleration and high braking. These are extensively used in premium automotive applications to improve both aesthetic appearance of the vehicle and complement the performance. Owing to application needs these wheels are manufactured either from magnesium, aluminum, steel or carbon fiber. Aesthetics plays very important role for creating high performance wheels market demand. For instance, use of aluminum wheels did not start as lightweight alternative, aluminum wheels were introduced for styling purpose. In 2018, aluminum segment accounted for more than 50% market by volume. Superior quality wheels’ consumption has witnessed a high growth mainly in developed regions including Western Europe, North America, and South-East Asia. This trend is highly associated with demand of premium vehicles in these region and high frequency of replacement. Another important factor is reduced weight for superior braking and acceleration coupled with improved aesthetics. These are the major growth factors currently driving the high-performance wheels industry. However, the manufacturing methods of high-performance wheels are more complex as compared to other wheels owing to the advanced technologies involved such as casting, forging, and skilled manpower. This could place hindrance to overall industry. Additionally, currently China and India, first and fourth largest automotive markets are facing slowdown in automotive industry, which can play temporary setback for the overall demand. However, consumer buying power along with escalting demand from the aftermarket sector in these regions will create opportunity for the high performance wheels market in the future.
 

High Performance Wheels Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: USD 13.02 Billion
Historical Data for: 2016 to 2018 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 5.2% 2026 Value Projection: USD 19.55 Million
Pages: 293 Tables, Charts & Figures: 232
Geographies covered (20): U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, India, Japan, Thailand, South Korea, Brazil, Mexico, Argentina, South Africa, GCC, Turkey
Segments covered: By Material (Aluminum, Steel, Magnesium, Carbon Fiber), Vehicle Class (Premium Compact Segment, Entry-level Luxury Segment, Mid-Size Luxury Segment), End Use (OEM, Aftermarket)
Companies covered (30): Iochpe-Maxion, Vossen Wheels, Work Wheels USA., Wheel Pros., Automotive Wheels Ltd., Enkei Wheels, CiTiC Dicastal Wheel Manufacturing Co., Ltd., Ronal AG, HRE Performance Wheels, RAYS Co. Ltd., Fikse Wheels, Konig Wheels, United Wheels Group, SuperAlloy Industrial Company Ltd., Weds Co. Ltd., Performance Wheels Australia, BBS Kraftfahrzeugtechnik AG, Alcoa Wheels, Accuride Corporation., Topy Industries Limited, Euromax Wheels, Mandrus Wheel Company, Nutek Forged Wheels, Steel Strips Wheels Limited, ALCAR Holding, American Eagle Wheels Corporation, Carbon Revolution, OZ S.p.A
Growth Drivers:
  • Recovering automotive sector
  • Driving comfort along with superior braking and acceleration
  • Weight reduction trends in vehicles
Pitfalls & Challenges:
  • High initial set up cost
  • Auto industry slowdown in China and India

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Carbon fiber is the highest growing segment

Aluminum was the largest market in 2018 and will show decent growth rate over 5.5% during forecast period. On the other hand, carbon fiber is witnessing very strong growth owing to properties such as extremely high strength along with reduced weight, exclusive design, high fabrication, and large resource availability. In 2018, Carbon fiber held more than 20% high performance wheels market share by revenue.
 

Premium compact vehicles are high in demand

Global high-performance vehicles market revenue share by vehicle, 2016-2026
Global high-performance vehicles market revenue share by vehicle, 2016-2026

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Premium compact segment was responsible for more than 50% market share by volume in 2018. Growing disposable income accompanied with availability of numerous competent option by major players such as Nissan, Volkswagen, Bentley, Rolls Royce, etc. is the key factor increasing the share for the premium segment.
 

Aftermarket likely to drive product demand

Original Equipment Manufacturers (OEM) was the largest segment in 2018,  and generated revenue over USD 10 billion in the same year. Aftermarket is highest growing segment with more than 5.5% compounded annual growth rate. Poor driving conditions and weather are the major reasons leading to the damage of original wheel, which gives scope to the aftermarket replacement high performance wheels market.
 

Asia Pacific is witnessing major changes in automotive industry

Global high performance wheels market revenue share by region, 2018 & 2026
Global high performance wheels market revenue share by region, 2018 & 2026

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In the era of self-driving cars and upcoming of new hybrid or electric vehicles Asian automotive industry is set for changes. Companies in the region bringing new vehicles models with improved road safety security. Asia Pacific, led by China, is among the major markets for high performance wheels market. In addition to this, the availability of economic resources for manufacturing and assembling of automotive in Asian nations such as China, India, Thailand and South Korea is another reason for market growth. Also, shift in consumer preference towards luxury cars due to rise in disposable income will boost the high performance wheels demand.
 

Europe held the over 35% high performance wheels market share in 2018 and is likely to dominate market in the coming years. This is highly associated with prevalence high performance vehicles manufactures in the region along with comparatively high demand for premium vehicles. There are numerous government initiatives and policies to promote lightweight vehicles, fueling product demand. Concerns regarding fuel economy and emission standards enforced by the European Commission (EC) have made OEMs focus on producing lightweight vehicles, which is contributed by the use of light weight high performance wheels. Along with this, the demand for corrosion-resistant, sturdy, and stable automobile components drives the demand for magnesium, zinc, and aluminum die-cast components.
 

Introduction of new product to portfolio is essential

Industry is undergoing through major transformation and to keep up with this, companies are trying to innovate new products with high performance and superior quality. For instance, in September 2019, Iochpe-Maxion, an automobile components manufacturer based in Mexico, opened innovation center in Berlin.
 

companies take participation in auto shows and exhibitions to increase the product visibility and to penetrate the high performance wheels market. Continuous upgradation and introduction of new products is very crucial for the players. Vossen Wheels in involved in frequent new product launches to stay ahead of the competition. For example, through its hybrid forged series, the company introduced 18 new products recently. Major players involved in the business are Iochpe-Maxion, OZ S.p.A, Carbon Revolution, Alcoa Wheels, Weds Co. Ltd., Konig Wheels, RAYS Co. Ltd., HRE Performance Wheels, Konig Wheels, ALCAR Holding, Euromax Wheels, etc.
 

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

By Material

  • Aluminum
  • Steel
  • Carbon Fiber
  • Magnesium

By Vehicle

  • Premium compact segment
  • Entry-level luxury segment
  • Mid-size luxury segment
  • Others (High-end luxury, Ultra luxury cars, Luxury SUV/Crossover, Motorcycles)

By End Use

  • OEM
  • Aftermarket

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

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
  • Latin America (LATAM)
    • Brazil
    • Argentina
    • Mexico
  • Middle East and Africa
    • GCC
    • Turkey
    • South Africa

 

Frequently Asked Questions (FAQ) :

High performance wheels offer reduced weight, superior acceleration and high braking. These are extensively used in premium automotive applications to improve both aesthetic appearance of the vehicle and complement the performance.
Europe held over 35% market share in 2018 and is likely to dominate the market in the coming years. This is highly associated with prevalence high performance vehicles manufactures in the region along with comparatively high demand for premium vehicles.
Aftermarket is highest growing segment with more than 5.5% CAGR till 2026. Poor driving conditions and weather are the major reasons leading to the damage of original wheel, which gives scope to the aftermarket replacement high performance wheels.
Aluminum wheel was the largest market in 2018 and will show decent growth rate of over 5.5% during the forecast period.

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