Market Research Report
Automotive Wheel Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||938184|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Automotive Wheel Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 90 Pages||
The Automotive Wheel market is anticipated to register a CAGR of about 6 %, during the forecast period (2020 - 2025).
Passenger Car Captures Major Market Share
Among vehicle types, the passenger car segment is expected to be the market leader during the forecast period. Majority of premium vehicles and mid-sized luxury vehicles are equipped with alloy wheels, to improve the visual appearance and comfort for the vehicle owner. The demand for premium and luxury vehicles are increasing in developing economies like China and India. This is majorly because of the increase in disposable income of people living in the region. There are many players in the market who are spending heavily to increase their reach to supply their products to OEMs and are locating their manufacturing units near the OEM facilities, so that they can understand the OEM requirement and the regional market can be analyzed better. For instance, in February 2018, Maxion Wheels initiated the construction process for aluminum wheels in Pune India.
Asia-Pacific Remains as the Market Leader
With almost 60% of vehicles of the world in the region, it is expected that during the forecast period the demand of automobiles in the region will be highest in the world, owing to the highest population percentage in the world as the region consists of two densely populated nation China and India. Also, the income level of the people in this region is also growing on a very rapid pace as the major developing economies of the world. The region accounts for a large share of mid income level people and are concerned with the fuel economy of vehicles. With reduction in overall weight of the vehicle, the fuel economy is expected to go up. So, with the demand of automobiles the wheels market is also expected to boost during the forecast period.
The Automotive Wheels market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the automotive wheels market are Thyssenkrupp, Superior Industries, Enkei Wheels, HRE Wheels, and others. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies.
In March 2020, EDAG Group together with eight partners announced that they have developed an aluminum alloy for use in the car, which is able to provide both higher strengths and higher elongations at the break as part of the BMBF-backed "CustoMat_3D" research project.
In September 2019, ZF OPENMATIS, a subsidiary of* ZF and*Maxion Wheels*announced the joint development of the world's first fully-integrated wheel sensor system. The multi-service Smart Wheel Connectivity Solution will track, analyze and broadcast key data such as tire pressure, temperature, wheel load, and other wheel and tire performance metrics to drivers, fleet operators, mobility providers, and infrastructure authorities. This integration of technology in wheels will drive its competitors to adapt with the advancement to maintain their position in the market. As this development will attract major OEMs in the market to prefer wheels with such sensors which provides hand on data about wheel performance.