High Performance Wheels Market Size

High Performance Wheels Market Size

High Performance Wheels Market size exceeded USD 8.42 billion in 2020 and is anticipated to exhibit 5.4% CAGR from 2021 to 2027. The rising automobile industry expansion globally is a major driver in the high performance wheels demand. Increasing consumer consciousness regarding improvements in vehicle performance is fueling the business expansion.

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Shifting automotive trends including weight reduction & modified and aesthetically appealing cars will support product penetration by 2027. Reduced weight in high performance wheels improves the acceleration and enhances the braking system of the vehicle.

Growing demand for luxury vehicles, sports. and premium compact vehicles is expected to propel the market growth. For instance, in 2019, Rolls-Royce units sales witness an increase of around 25% as compared to 2019. A shift in automotive trends toward weight reduction, fuel efficiency, and vehicle customization is further support the high performance wheels market revenue.

The production procedures of high performance wheels are much more intricate compared to other wheels due to the advanced techniques involved such as forging, skilled manpower, and casting. High performance wheels are high priced compared to their other counterparts such as steel, i.e., up to 80%. In the case of damage, superior performance wheels are also expensive similar to other wheel types. High initial and maintenance costs are anticipated to act as a challenge to the market expansion by 2027.