High Performance Wheels Market share will reach USD 160 billion by 2024; according to a new research report by Global Market Insights, Inc.
Potential outlook in premium compact, entry-level and mid-size luxury vehicles will escalate the high performance wheels market growth. Increasing consumer preference for vehicle customization, weight reduction and improved fuel efficiency will support the industry growth.
Recovery of the global automotive industry coupled with increase in luxury vehicle sales are the factors enhancing the product demand. Heavy R&D on wheel designs for better aerodynamics along with evolution of advanced materials including carbon fiber will encourage the product development.
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OEMs dominate the end-use segment accounting for over 80% of the overall high performance wheels market share. Rising global automotive demand accompanied by rising manufacturing facilities will fuel the demand.
Demographic and income trends have caused a shift in consumer preference towards improved comfort, easy handling, better rides with reduced unpleasant vehicle vibrations. Improved acceleration, impact absorption and enhanced braking system are the additional factors fueling revenue growth.
Aluminum high performance wheels market will observe growth around 6%. Huge load carrying capacity, optimum dimension, corrosion resistance, low density along with ductility and malleability properties are the factors fueling the product demand. Increasing adoption by both aftermarket and OEMs due to its significant performance parameters are the fueling factors of business growth.
Magnesium accounted for more than 30% of the 2015 overall industry share. Exceptional lightweight property enhances the steering precision, improves braking system and reduces carbon emissions & vibrations. Steel high performance wheels market size will witness gains over 4.5% by 2024. Cost-efficiency, strength, durability coupled with excellent mechanical properties will fuel the demand in this segment.
Expensive initial set up and increased costs associated with alloyed materials are the restraining factors of price trend. Moreover, low consumer consciousness regarding product benefits may hinder industry growth.
High performance wheels market volume from premium compact segment dominated the overall industry catering for over 50% in 2015. This is due to lightweight, fuel efficient and less expensive vehicles than entry-level luxury segment. Increasing consumer spending along with inclination towards enhanced visual appearance will trigger the demand.
Entry-level segment high performance wheels market was valued over USD 25 billion in 2015. Independent suspension, improved transmission and maximized interior space are some of the properties enhancing product penetration.
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Increasing preference for customized vehicle designs have enhanced the product consumption in the aftermarket. Rising road accidents coupled with availability and low costs of replacement parts are driving factors of product demand in this segment.
U.S. high performance wheels market will witness growth exceeding 5% by 2024. Regulatory compliance, technological advancements accompanied by increasing manufacturing facilities are the supporting factors of the market demand in this region.
In Europe, increasing consumer awareness pertaining to safety, comfort and carbon emissions will certainly influence the regional demand. Presence of leading OEMs particularly in Germany, France, Poland and Italy will enhance the product development in this region.
In terms of units, Asia Pacific high performance wheels market will witness fastest growth during the forecast timeframe. Rapid automotive industry expansion due to cheap labor and extensive raw material accessibility will enhance the regional demand. Japan will witness significant gains, owing to the presence of leading manufacturers.
Global high performance wheels industry share is fragmented due to wide presence of local manufacturers particularly in China. United Group, Fikse, ALCAR Group, OZ S.p.A, BBS Kraftfahrzeugtechnik AG, Euromax, Carbon Revolution, Steel Strips and Topy Industries are the key industry players.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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