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Carbon Wheel Market worth over $1.1 Bn by 2030
- Published Date: August 12, 2022
Global Carbon Wheel Market size is set to surpass USD 1.1 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies notable initiatives by market players to reduce product cost and burgeoning demand for luxury vehicles as the chief drivers for the carbon wheel industry. For instance, in October 2021, Vision Wheels, a leading wheel manufacturer, introduced its first carbon fiber wheel at the CAMZ exhibition in Dallas, Texas, which is not only lighter but can be manufactured in high volumes at lower costs.
Rising purchase parity to fuel passenger car demand
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The passenger cars segment is anticipated to reach a valuation of USD 18.8 million and is predicted to observe a 38% growth rate through 2030. The increasing disposable income and easy credit facility will positively influence passenger car sales, thus fueling product penetration.
Browse key industry insights spread across 200 pages with 421 market data tables & 27 figures & charts from the report, “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” in detail along with the table of contents
Expanding eCommerce sector to spur industry growth from aftermarket segment
The aftermarket segment is expected to cross USD 405 million and is estimated to attain 33.5% gains by 2030. The report further cites heavy demand for carbon wheels across aftermarket end-use applications. Booming e-commerce platforms around the world facilitate promotional offers and lower costs for wheels, which will bolster segmental growth in the forthcoming years.
Strong presence of industry leaders to push market growth across the North America region
The North American carbon wheel industry is projected to register USD 295 million in revenue, growing at a CAGR of 35% over 2022-2030. The region may emerge as a major hub for this market owing to the expansion plans of wheel manufacturers in the region. Increasing demand for luxury and premium vehicles in the country may also help transform the market outlook in the region.
New product launches to define the competitive overview
Key companies operating in the industry are Thyssenkrupp AG, Geric B.V., Carbon Revolution Limited, ESE Carbon Company, Ronal Group, Blackstone Tek, Rotobox D.O.O., Phoenix Wheel Company, Inc., and Dymag Group ltd.
The strategic landscape of the market is poised to witness a series of product innovation projects and product range expansion by prominent market players. For instance, in April 2020, Thyssenkrupp Carbon Components introduced braided carbon fiber wheels for the new BMW superbike S 1000 RR. The product launch helped reduce the overall vehicle weight as well as improve its fuel efficiency.
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