Carbon Wheels Market size is estimated to surpass USD 450 Million by 2026, according to a new research report by Global Market Insights Inc.
Carbon wheels are lightweight high strength wheels manufactured using carbon fiber reinforced polymers. Superior performance of these wheels has increased their application in luxury/premium cars, passenger vehicles and two-wheelers over the recent years.
Increasing concerns over climate changes and global warming is shifting consumer focus toward fuel efficient vehicles. Additionally, low ownership costs, charging infrastructure deployment, cost-effective maintenance, and effective energy utilization will surge fuel efficient vehicles growth. Installation of carbon fibers over traditional wheels improves efficiency, performance, and aesthetics, thereby enhancing carbon wheels market growth over the forecast period.
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Limited supply of goods and temporary closure of manufacturing facilities across the globe due to COVID-19 pandemic will affect emerging industry players. Controlled supply of raw materials and limited demand for products may result in the closure of some small businesses. However, this will provide expansion opportunities for industry leaders through strategic acquisitions and mergers that will enhance industry growth potential.
Browse key industry insights spread across 190 pages with 212 market data tables & 30 figures & charts from the report, “Carbon Wheels Market Size By Vehicle (Passenger Cars, Premium/Luxury Vehicles, Commercial Vehicles, Two-wheelers), By End-use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Commercial vehicles will witness over 35% CAGR in carbon wheels market and is attributed to weight optimization initiatives for light commercial vehicles. Rising environmental concerns pertaining to high fuel emissions from commercial vehicles will support product demand. Further, the advent of manufacturing technology with low scrap rate coupled with increasing investments in R&D programs will significantly lower the production costs and help in increasing the penetration of carbon wheels among commercial vehicles.
Two-wheelers will foresee steady growth in the carbon wheels market with several manufacturers focusing on the use of lightweight composites to reduce fuel consumption and vibrations in vehicles. New product launches from manufacturers, such as Thyssenkrupp, and Carbon Revolution will support wheel adoption. For instance, In April 2020, Thyssenkrupp Carbon Components launched braided carbon fiber wheels for the new BMW superbike S 1000 RR.
High performance capabilities to support aftermarket growth
The aftermarket will witness around 30% CAGR from 2020 to 2026. This is owing to the increasing demand for custom wheels that deliver innovative wheel designs and composite technologies. Rising e-commerce platforms offering promotional offers that lowers acquisition cost is supporting industry proliferation. Shifting consumer preferences to upgrade high-end premium cars with high performance wheels to improve aesthetic appeal of the vehicle and reduce fuel consumption will drive product demand.
Proliferating vehicle production in Asia Pacific will surge product demand
Asia Pacific will dominate the carbon wheels market size over the forecast period. In 2019, the regional vehicle production surpassed 49 million units accounting for over 50% of the global production share. Rising establishment of manufacturing plants for vehicle and components in emerging economies including, China and India will positively drive carbon wheels. Moreover, increasing adoption of luxury vehicles will support industry expansion over the study period.
Investment in product innovation and differentiation to enhance competition
Major manufactures in carbon wheels market include Carbon Revolution Limited, Ronal Group, ESE Carbon Company, Dymag Group ltd., Rotobox D.O.O., Geric B.V., Blackstone Tek, thyssenkrupp AG, and Phoenix Wheel Company, Inc. The industry players are primarily focusing on product innovation activities to attain competitive edge in the industry. In October 2017, Geric B.V. received patent approval for Self-Centering Thermal Expansion System (SCENTES) solution that enables a superior joint of the carbon fiber wheel rim with a light aluminum alloy wheel center.
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