High Performance Wheels Market Size to hit $19.5bn by 2026
Published Date: December 5, 2019 Authors: Kiran Pulidindi, Hemant Pandey
High Performance Wheels Market size is estimated to reach USD 19.5 billion by 2026; according to a new research report by Global Market Insights, Inc.
High performance wheels are very crucial for premium automotive vehicles performance due to their superior quality and technology. Product is extensively used high-end premium vehicles and in high demand from different automotive manufactures around the world. Rising preference for using premium cars and vehicles will propel the high performance wheels market demand. Driving comfort, increased safety and security, enhanced breaking and acceleration are some of the factors influencing product growth. Increasing disposable income in emerging economies and recovering automotive sector in Europe are key factors driving product industry growth. However, high initial cost is anticipated to act as a challenge to the industry growth. Manufacturing costs will continue to be a major factor in terms of profitability and economic feasibility.
Economy of scale can reduce the product cost further
The increasing demand for comfort, luxury and better interior design impacts positively for the growth of the market in forecast time frame. Low-cost production methods and large orders have led to achievement of economy of scale. Premium leading brands such as BMW, Audi, Mercedes-Benz, Jaguar Land Rover, Porsche, and Maserati are looking to achieve significant growth with the launch of new models. However, temporary slowdown in U.S., China and India automotive market likely to reduce growth rate for short term period.
Browse key industry insights spread across 293 pages with 219 market data tables & 14 figures & charts from the report, “High Performance Wheels Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Vehicle Class (Premium Compact, Entry-Level Luxury, Mid-Size Luxury), By End Use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019-2026” in detail along with the table of contents:
Magnesium wheels will remain the major segment
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Magnesium wheels are famous for its thrilling lightness and high resistance to vibration. Magnesium wheels are tremendously tough and stiff. Magnesium wheels likely to play major part of high-performance wheels industry during forecasted period on account of their widespread applications in luxury vehicles.
Entry level luxury will drive high performance wheels market
Entry level luxury vehicles also known as compact executive cars or even defined as small family cars. These have better transmission, independent suspension and are expensive than premium compact segment. High performance wheels demand is prone to increase with increasing trend for weight reduction in automobile.
Remodeling and aesthetics likely to drive aftermarket demand
Aftermarket segment held more than 15% industry share in 2018 and is likely to exhibit maximum gains from 2019 to 2026. New wheel replacement for existing vehicles will remain important factor responsible for aftermarket growth. Furthermore, increasing demand of premium vehicles, technological advancement in the auto sector shall boost the product value over the forecasted period.
North America shall increase its market share
North America held second largest market for high performance wheels in 2018. Owing to development of hybrid vehicles and increased demand for eco-friendly automobiles. Companies in the value chain are constantly involved in new product launch in order to suffice the increasing product demand due to changing customer preference.
Increasing production capacity is driving force
Companies are increasing its production capacity in meet the market demand. For instance, in December 2016, Carbon Revolution decided to increase its car wheel production workforce by 300, after completion of a USD 50 million capital-raising drive. By 2021, the company targeted to produce 6,000 carbon fiber wheels a year to over 100,000 at Waurn Ponds, with a further manufacturing capacity of 250,000 units.
Some of the major players involved in the high performance wheels industry are Euromax Wheels, HRE Performance Wheels, Iochpe-Maxion, OZ S.p.A, Carbon Revolution, Konig Wheels, Alcoa Wheels, Weds Co. Ltd., Konig Wheels, RAYS Co. Ltd., ALCAR Holding, etc.
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