High Performance Wheels Market size to exceed $12 Bn by 2027
Published Date: November 1, 2021 Authors: Kiran Pulidindi, Akshay Prakash
High Performance Wheels Market size is set to surpass USD 12 billion by 2027, according to a new research report by Global Market Insights Inc.
The usage of superior quality wheels has observed high progress primarily in developed regions such as North America, Western Europe, and Southeast Asia owing to the escalated sales of luxury and premium vehicles. Car manufacturers, especially luxury ones, require high-quality wheels with a great performance from wheel suppliers. They should meet all the necessities of standard driving conditions and be able to resist severe misappropriation. Moreover, increasing demand for luxury cars has also spurred the industry revenue.
Decreased weight for superior acceleration and braking along with corrosion protective ends for improved aesthetics are major drivers that will augment high performance wheels market demand. These factors will also help drivers to enhance car handling and riding comfort through the reduction of unsprung mass, allowing the suspension to follow the terrain more closely and thus improving grip. However, weight reduction also helps in the reduction of fuel consumption.
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Aluminum wheels will aid market expansion significantly
Aluminum material is poised to hold around 30% of the high performance wheels market share by 2027. Aluminum is suited for high performance wheels as it is one of the lightest compounds notable for its density and specialized for its characteristics to resist corrosion impelled by the passivation phenomenon. Its alloy is important to the automotive industry for manufacturing aluminum-based high performance wheels. Aluminum is rich and most of its derivatives exhibit low toxicity, which in turn, is expected to increase consumption of this compound.
Browse key industry insights spread across 250 pages with 219 market data tables & 9 figures & charts from the report, “High Performance Wheels Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By End-use (OEM, Aftermarket), By Vehicle Class (Premium Compact Segment, Entry-level Luxury Segment, Mid-size Luxury Segment), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, End-use Industry Growth Potential & Forecast, 2021 – 2027”, in detail along with the table of contents:
High performance wheel aftermarket is estimated to witness more than 5.5% CAGR through 2027. The replacement of these wheels due to scratches or accidents is the reason for their increasing consumption. Furthermore, these wheels are low-priced than OEMs, depending upon the vehicle and application of use. The insurance claim offered after the damage is another factor fueling consumption in the aftermarket replacement segment. Insurance claims cannot be made on the original equipment; therefore, there is a tendency of consumer preference shift toward aftermarket.
Entry-level luxury vehicles are also known as compact executive cars will observe steady growth during 2021 to 2027. These have better transmission, independent suspension, and are expensive than the premium compact segment. The demand for high performance wheels is prone to increase with the growing trend for weight reduction in automobiles and fuel efficiency.
The mature North American automobile industry to expand consumption
The North America high performance wheels market size is anticipated to register growth rate of over 6% till 2027. A major trend prompting the automobile industry is consumer preference for safe and lightweight vehicles. In response, the quality of accessories supplied by automotive manufacturers has increased dramatically. Increasing weight reduction requirements present a good chance for regional market growth.
Prominent participants in the high performance wheels industry include Alcoa Wheels, Iochpe-Maxion, Carbon Revolution, OZ S.p.A, RAYS Co., Ltd., Konig Wheels, HRE Performance Wheels, ALCAR Holding, Konig Wheels, Euromax Wheels, Weds Co., Ltd. and several others.
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