North America Automotive Wheel Market to is Expected to Grow Significantly By 2026
Category: #business  By Ronak Bora  Date: 2022-05-27
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North America Automotive Wheel Market to is Expected to Grow Significantly By 2026

North America automotive wheel market size is forecast to showcase growth rate of more than 6% through 2026 due to the presence of major wheel manufacturers in the region, including U.S. Wheel Corporation, Wheel Pros, Maxion Wheel and Superior Industries.

Ongoing innovations to reduce vehicle downtime, increase cost-effectiveness and enhance vehicle performance will positively impact developments in automotive wheels. Auto manufacturers are focused on innovating materials for wheels offering high load bearing capacities for heavy commercial vehicles. Increased demand for luxury, premium vehicles and high performance vehicles is further prompting manufacturers to incorporate innovative material and technology in new models.

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Growing consumer spending on vehicle customization along with demand for lightweight and corrosion resistant wheels is likely to drive global automotive wheel market outlook. There is large-scale usage of distinct forms of alloys including steel, magnesium and aluminum to provide improved heat conduction and better aesthetics over conventional steel-made wheels. The Automotive Wheel Market is set to observe growth rate of over 5.8% till 2026.

Technological advancements in handling capacities of lighter wheels by cutting down unwanted mass and aiding suspension to follow the terrain more carefully with improving grip will fuel product demand in the coming years.

Shifting trends towards customized wheels for better output and aesthetics, available at lower prices is driving the sales of wheels in aftermarket. Manufacturers in the automotive aftermarket offer high quality products conforming with the standards enforced by OEMs. Assured reliability and functionality of the products available in aftermarket at lower price points is resulting in increased product consumption.

Carbon fiber automotive wheels industry share is estimated to grow at 6% CAGR up to 2026 on account of high tensile strength, lower weight and robust strength traits of carbon fibers. Incorporation of carbon fiber wheel in vehicles offers improved acceleration, braking as well as consistent performance as compared to aluminum wheels.

Increasing production of fuel-efficient cars requiring light weight material like carbon fiber wheel will support product demand. For instance, BMW introduced M Carbon compound wheels for the M4 GTS model in 2016. The new compound aided in reducing the weight of rotational and unsprung masses, further resulting in improved steering response as well as vibration levels.

Some industry players are acquiring other wheel manufacturing companies to strengthen their regional presence. For instance, Superior Industries International Inc acquired Uniwheels AG in 2017, with an ownership of 61% shares.

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Some Point from Table of Contents:

Chapter 4    Global Automotive Wheel Market, By Material

4.1. Global automotive wheel industry share by material, 2019 & 2026

4.2. Aluminum

4.2.1    Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)

4.2.2    Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)

4.3. Steel

4.3.1    Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)

4.3.2    Automotive wheel market estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)

4.4. Magnesium

4.4.1    Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)

4.4.2    Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)

4.5. Carbon fibre

4.5.1    Automotive wheel market estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)

4.5.2    Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)

Chapter 5    Global Automotive Wheel Market, By Product

5.1. Global automotive wheel market share by product, 2019 & 2026

5.2. Regular

5.2.1    Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)

5.2.2    Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)

5.3. High performance

5.3.1    Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)

5.3.2    Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)

Browse complete Table of Contents (ToC) of this research report @

https://www.decresearch.com/toc/detail/automotive-wheel-market

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About Author

Ronak Bora

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 spo...

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