Asia Pacific high performance wheels market will witness gains over 7% up to 2024.
Sellbyville, DE -- (SBWIRE) -- 11/26/2018 -- The U.S. high performance wheels market is estimated to worth over USD 60 billion by 2024. Increased sports car production and facility expansion will enhance the product penetration in this region. Increasing disposable income along with presence of large number of car manufacturers including Shelby, SRT, Ford, Chevrolet, Dodge, Buick, Acura and Cadillac will further drive the industry growth.
Asia Pacific high performance wheels market will witness gains over 7% up to 2024. Rising research & development accompanied by demand for sports cars is projected to drive the industry growth. Favorable government policies including 100% FDI will further support the industry demand.
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European high performance wheels market is estimated to value around USD 60 billion up to 2024. Rise in premium vehicle usage coupled with government promotions to enhance lightweight vehicles is the key factors enhancing the product penetration in this region.
Growth in automotive industry along with increase in luxury vehicle sales are the key drivers of the high performance wheels market. Heavy research & development on rim design for improved aerodynamics coupled with emergence of advanced materials will encourage the product demand.
Rising demand from the passenger cars due to its significant properties including heavy load carrying capacity, proper replacement, optimum dimension and correct fitment will create new opportunities for the industry growth. High performance wheels reduce the overall weight, thus improving energy efficiency and performance of the vehicles.
Changing income and demographic trends have enhanced the demand for personal cars. Moreover, shifting consumer preference towards easy handling, better comfort & rides with reduced vehicle vibrations will trigger the demand. Improved acceleration, enhanced braking and impact absorption system are the additional factors fueling the high performance wheels market.
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Development of carbon composite wheels as a substitute to conventional aluminum products will help in overall weight reduction, thereby improving durability and efficacy. High performance wheels are heat treated which increases their strength and operating life. However, high initial setup cost and complex manufacturing process may restrain the industry growth.
Aluminum will grow at over 6% up to 2024. Improved mechanical properties including corrosion resistance, lightness, durability, malleability and low density coupled with appealing appearance will fuel the product scope. Besides, low weight of aluminum eases acceleration and improves fuel efficiency.
Premium compact holds over 50% of the global high performance wheels market in 2015. Changing lifestyle coupled with shifting preference for safety and comfort will drive product demand. Technological advancement in modern vehicle models along with rising demand for luxury vehicles will encourage the product development.
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Original Equipment Manufacturers accounted for over 80% of overall industry share. Growth in automobile manufacturing to meet the increased consumer demand will drive the industry growth. Rise in number of manufacturing facilities along with capacity expansions mainly in emerging economies will provide positive outlook to the industry.
Global high performance wheels market is fragmented with presence of many regional manufacturers. Some of the major players include Carbon Revolution, ALCAR, Steel Strips, Nutek Forged, Mandrus, Euromax, Topy Industries and Accuride. Other prominent manufacturers include SuperAlloy, Alcoa, United Group, Konig, Fikse, RAYS, Ronal.
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