Automotive Wheel Market size is set to exceed USD 144 billion by 2026, according to a new research report by Global Market Insights Inc.
Growing adoption innovative manufacturing process to meet consumer demand will induce significant growth potential in the industry landscape. Manufacturers are investing in R&D to introduce products that prevent damage to wheel assembly.
Regular automotive wheels segment is projected to register 5.5% CAGR through 2026 impelled by growing economic car sales in emerging economies. Minimal maintenance, cost-effectiveness, and high durability are the key properties offered by regular wheels. Easy availability of these wheels at automotive outlets in conjunction with the optimum performance will drive the segment penetration. OEMs are expected to remain the largest consumer segments for regular wheels owing to a significant emphasis on offering economical vehicle models for price-sensitive consumer segment.
Magnesium wheels to bank upon superior performance
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Magnesium wheels market is set to witness significant growth through 2026 led by superior manufacturability and lightweight. Magnesium is approximately 30% lighter than aluminum and 70% than steel. High vibration damping capacity, strength, and reduced overheating make the material suitable for high-speed applications. Magnesium wheels are majorly applied to premium vehicles for better acceleration. However, high acquisition costs as compared to aluminum and steel wheels will limit the product adoption.
Passenger cars leads the global automotive wheel market on account of high penetration of these vehicles in overall automotive production. Rising disposable income and availability of easy credit have positively influenced the passenger cars sales. Additionally, availability of multiple choices in wheel designs and material composition will support the aftermarket for these vehicles.
Browse key industry insights spread across 355 pages with 795 market data tables & 14 figures & charts from the report, “Automotive Wheel Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-use (OEM, Aftermarket), By Vehicle (Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Increasing vehicle service life to support the aftermarket penetration
Automotive wheels aftermarket is likely to observe more than 6% CAGR through 2026 driven by increasing average vehicle age of vehicles. Increasing vehicle customization activities to enhance vehicle aesthetics to enhance product demand. Further, emergence of e-commerce channels offering automotive parts & accessories sales is improving the product availability. Expansion in the sales platform and consumers’ freedom to compare product features are projected to foster industry growth.
Europe accounted for around 25% of the automotive wheel market share in 2019 due to increasing adoption premium vehicles. Stringent European Union compliances to curb CO2 emissions have influenced automotive OEMs to integrate lightweight aluminum and magnesium wheels. Moreover, dominance of automotive giants namely Ford, General Motors and Fiat Chrysler Automobiles coupled with huge investments in automotive industry is propelling the automotive wheels demand.
Mergers and acquisition to emerge as a key strategy for market expansion
Strategic mergers and acquisitions are gaining a higher visibility for expanding production capabilities and establishing wide distribution networks catering variety of automotive wheels. For instance, in June 2018, Accuride Wheels completed the acquisition of Mefro wheels GmbH strengthening its position in international market extending its geographical reach.
The key automotive wheel market players include Trelleborg AB, Maxion Wheels, CLN Group, ALCAR Holding, Mefro, Otto Fuchs, Titan Europe, Jantsa, and SuperAlloy Industrial Company