Automotive Wheel Market expected to register over 3% CAGR via passenger car segment by 2024. Increasing personal car ownerships owing to the urbanization and changing consumer lifestyle are supporting the segment growth. For instance, the European Automobile Manufacturers’ Association (ACEA) announced around 12 million new passenger car vehicle registrations with a growth rate of 2.5% in 2018.
Asia Pacific automotive wheel market will observe more than 4% growth up to 2024. High urbanization rate coupled with the increased consumer spending in China, India, Thailand, and Indonesia will propel the regional industry growth. The region holds the highest potential in the industry due to its large scale production and sales ratio in the automotive industry.
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Rising spending capabilities of consumers across the globe is also fueling the product demand. Of late, consumers have been prioritizing comfort, durability, and product design, which will provide a significant impetus to global automotive wheel industry. In fact, estimates claim automotive wheel market to surpass USD 100 billion in terms of revenue by the end of the year 2024.
Major automotive manufacturers across North America and Europe are treading towards the production of lightweight vehicles, owing to the increasing concerns over environmental pollution. Aluminum is one of many materials that is used to construct these light weight vehicles, and has also been gaining popularity pertaining to the benefits it provides such as low weight, improved design, and excellent performance. The aluminum-based automotive wheel market will also experience commendable growth in the ensuing years pertaining to enhanced car handling and riding comfort, in tandem with the reduction of unsprung mass.
The escalating development of global automotive sector will generate lucrative growth avenues for automotive wheel market. Automobile producers have been adopting new manufacturing techniques to comply with emission control regulatory norms. Researchers have also been implementing novel product designs and improvised concepts to increase the fuel efficiency of vehicles, which in turn, will boost automotive wheel industry size.
Key players in the automotive wheel market include CLN Group, Mefro, Maxion, Trelleborg AB, Titan Europe, Otto Fuchs, Jantsa, Starco, and ALCAR Holding. Joint ventures and partnerships are among the key strategies adopted by the industry players to improve market share and advanced product development. For instance, in October 2017, Advance One Wheels partnered with Dymag Group to launch its first carbon fiber ADV7.2 CF.2 Advanced Series.
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Chapter 4 Global Market, By Material
4.1 Global automotive wheel market share by material, 2017 & 2024
4.2.1 Market and forecast, 2013 – 2024, (Thousand units) (USD Million)
4.2.2 Market and forecast, by region, 2013 – 2024, (Thousand units) (USD Million)
4.3.1 Market and forecast, 2013 – 2024, (Thousand units) (USD Million)
4.3.2 Market and forecast, by region, 2013 – 2024, (Thousand units) (USD Million)
4.4.1 Market and forecast, 2013 – 2024, (Thousand units) (USD Million)
4.4.2 Market and forecast, by region, 2013 – 2024, (Thousand units) (USD Million)
4.5 Carbon fibre
4.5.1 Market and forecast, 2013 – 2024, (Thousand units) (USD Million)
4.5.2 Market and forecast, by region, 2013 – 2024, (Thousand units) (USD Million)
Chapter 5 Global Market, By Product
5.1 Global automotive wheel market share by product, 2017 & 2024
5.2.1 Market and forecast, 2013 – 2024, (Thousand units) (USD Million)
5.2.2 Market and forecast, by region, 2013 – 2024, (Thousand units) (USD Million)
5.3 High performance
5.3.1 Market and forecast, 2013 – 2024, (Thousand units) (USD Million)
5.3.2 Market and forecast, by region, 2013 – 2024, (Thousand units) (USD Million)
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