Automotive Wheel Market Future Challenges and Industry Growth Outlook By 2021-2026

By Ronak Bora

Automotive wheel market is anticipated to record a CAGR of 5.8% through 2026. Rising demand for corrosion resistant and lightweight wheels is likely to boost the global automotive wheel industry outlook over the forecast spell. Manufacturers are increasingly focusing on innovations to reduce downtime, improve performance, and produce cost-effective vehicles. On the other hand, the demand for premium and luxury vehicles is also witnessing a major upsurge, which will contribute to the rising popularity of the product.
Automotive wheel market is witnessing a significant shift in consumer preferences to customized wheels, which in turn, will impel aftermarket growth. Additionally, manufacturers are emphasizing on conforming their products to the OEM standards while ensuring functionality and reliability. Rising improvement of economic conditions in emerging and developed nations is projected to propel the automotive wheel industry expansion, owing to proliferating automotive demand.
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In terms of segmentation by vehicle, the global automotive wheel market from the heavy trucks segment is likely to observe a burgeoning demand stemming from rapid urbanization and industrialization over the predicted timeframe. Changing consumer preferences, alongside material development that provides high load-bearing capacities are anticipated to bolster the automotive wheels’ demand for heavy commercial vehicles.
With regards to the material spectrum, the carbon fiber segment is poised to register a CAGR of nearly 6% through 2026, owing to high stiffness, tensile strength, and reduced weight. As compared to aluminum wheels, automotive wheels from the carbon fiber segment offer consistent performance, enhanced braking, & acceleration.
North America automotive wheel market is anticipated to record a CAGR of 6% through 2026. This can be attributed to the presence of numerous wheel manufacturers such as Wheel Pros and U.S. Wheel Corporation, among others. These market players are entering acquisition deals to strengthen the regional presence. For example, Superior Industries acquired Uniwheels AG in March 2017, with 61% shares under its ownership.
Major automotive wheel market participants include Borbet GmbH, Zhejiang Wanfeng Auto Wheel, Topy Industries Ltd., Ronal Group, and Maxion Wheels, among others. Key growth strategies adopted by these industry players are portfolio expansion and product innovation. They are focusing on enhancing the solutions and production facilities to have a distinct advantage over their competitors.
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Partial Chapter of the Table of Content
Chapter 5    Global Automotive Wheel Market, By Product
5.1. Global Market share by product, 2019 & 2026
5.2. Regular
5.2.1    Market estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.2.2    Market estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
5.3. High performance
5.3.1    Market estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.3.2    Market estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
Chapter 6    Global Automotive Wheel Market, By End-Use
6.1. Global Market share by end-use, 2019 & 2026
6.2. OEM
6.2.1    Market estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
6.2.2    Market estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
6.3. Aftermarket
Charts & Figures
FIG. 1    Automotive wheel market segmentation
FIG. 2    Industry landscape, (Units) (USD Million), 2016 - 2026
FIG. 3    Industry ecosystem analysis
FIG. 4    Cost structure analysis
FIG. 5    Labor compensation cost, (USDhour)
FIG. 6    Growth potential analysis, 2019
FIG. 7    Porter’s analysis
FIG. 8    Company market share analysis, 2019
FIG. 9    PESTLE analysis
FIG. 10    Market share by material, 2019 & 2026
FIG. 11    Market share by product, 2019 & 2026
FIG. 12    Market share by end-use, 2019 & 2026
FIG. 13    Automotive wheel market share by vehicle, 2019 & 2026
FIG. 14    Market share by region, 2019 & 2026
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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