High Performance Wheels Market Analysis

High Performance Wheels Market Analysis

Magnesium material is predicted to record above 40% of the high performance wheels market share by 2027. Increasing demand for lightweight materials in automotive wheels has led to the evolution of non-ferrous alloys such as magnesium. Production of magnesium remarkably for racing is prominent owing to its thrilling lightness, high resistance to vibration, and nor can it be dented by rapid friction.

Original Equipment Manufacturers (OEMs) dominate the end-use segment and is poised to generate around USD 10 billion by 2027. The wheels are installed during the manufacturing of new vehicles and are also supplied to garages for replacements. Rising purchasing power parity led by increasing disposable incomes is enhancing the demand for luxury & sports cars.
 

The premium compact vehicle segment is estimated to account for more than 12 billion units shipments by 2027. Growing disposable income is a key factor improving the buying power of the customers, in terms of premium cars, resulting in an upsurge in demand for high performance wheels. Moreover, the increasing trend toward reducing vehicle weight is further driving the industry growth.
 

Stringent regulations on reducing carbon emissions are among the factors boosting product penetration. A vehicle with high performance requires high-end products, which include high performance wheels manufactured from aluminum & magnesium alloys that increase the weight of convention wheels, delivering greater power to high-end premium vehicles.
 

The European high performance wheels market size is forecast to register growth rate of nearly 4% through 2027. Increase in demand for premium vehicles and government initiatives & policies to promote lightweight vehicles, fueling the regional market value. Recovery in the European market from the 2010 economic recession is estimated to enhance stability in the automotive sector. An increase in the number of lightweight automotive mechanism acts as a standpoint in automotive die casting market in the region.