High Performance Wheels Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

High Performance Wheels Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of High Performance Wheels Market

The high performance wheels market size was valued at USD 22.38 billion in 2019, and the market is now projected to grow USD 74.2 billion in 2032, exhibiting a CAGR of 10.52% during the forecast period of 2024-2032.

The COVID-19 has especially affected the import and export of new and used vehicles leaving automobile firms shut down across the world. This led to low sales of passenger car and raise in overall raw material cost which damage the high performance wheels production. Nonetheless, due to the enhanced usage of own vehicles to practice social distancing, the demand for high-performance wheel is anticipated to increase. Higher passenger car sales in this period are expected to drive this market.

The automotive industry is one the primary sources of increasing global emissions, greenhouse gases from automobiles affect the environment and health of consumers. To counter this, governments around the world have set highly stringent emission standards to promote manufacturing of eco-car as well as other green parts and accessories such as lightweight and aerodynamically superior wheels. Consequently, major stakeholders are aiming at developing vehicles with low impact on the environment than ICE vehicles. This transition processes are pushing the need for ecofriendly automotive components.

Various innovations being implemented in auto production have forced OEMs to rely on light weight parts that will minimize vehicular emissions and fuel consumption. The probabilities that have arisen from the realization of fuel-efficient vehicles through carbon fiber, magnesium and aluminum are a result of demands from the consumers. Carbon fiber wheels eventually take its place more in luxury cars like the 2020 Ford Mustang Shelby GT500 that unveiled carbon fiber wheels in September 2019. This is a trend that associate the industry with lighter vehicles that are more efficient than the previous generations.

Comprehensive Analysis of High Performance Wheels Market

The high performance wheels market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly presents a detailed local analysis based on the forces such as supply and demand which define the industry. These segmentations are methodically segregated by material type analysis, by sales channel type analysis and by vehicle type analysis. By material type analysis include aluminum, steel, magnesium (mag wheels), and carbon fiber. By sales channel type analysis include OEM and aftermarket. By sales channel type analysis include top-end luxury, mid-level luxury, and others.

The Europe region lead the high performance wheels market share by benefitting a market size of USD 15.26 billion in 2019 due to early adoption of advanced technologies.

The top players have a significant responsibility in the automotives industry for confirming industrial prospectus growth and determining the market trends. These players include, MAXION Wheels, Steel Strips Wheels Ltd, ESE Carbon, Accuride Corporation, Superior Industries International, Inc., Iochpe-Maxion, Trelleborg AB, Carbon Revolution, Alcoa Wheels these market players provide a level-playing competitive landscape.

In June 2021, Carbon Revolution announced the release of Diamond Weave Technology with Ferrari 296GTB, setting a new performance benchmark through extraordinary weight reduction and advanced technology.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion) & Volume (Thousand Units)

Segmentation By Material Type

Aluminum

Steel

Magnesium

Carbon Fiber

By Sales Channel Type

OEM

Aftermarket

By Vehicle Type

Top End Luxury

Mid-Level Luxury

Others

By Geography

North America (U.S., Canada, and Mexico)

Europe (U.K., Germany, France, and Rest of Europe)

Asia-Pacific (China, Japan, India, South Korea, and Rest of AsiaPacific)

Rest of the World