In a recent published report, Kenneth Research has updated the market report for High Performance Wheel Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for High Performance Wheel Market products.
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The High Performance Wheel Market was valued at USD 11.6 billion by 2017, growing with 5.1% CAGR during the forecast period, 2018-2025
High performance wheels are the ones that are used in sports cars and luxury cars. The growing demand for luxury vehicles, sports cars and premium compact vehicles will boost the growth of the industry. The change in automotive trends towards vehicle personalization, fuel efficiency, and weight reduction will drive the growth of the high-performance tire market. The increasing demand of original equipment manufacturers (OEMs) due to the increase in global automotive production will drive the growth of the industry.
The need to improve acceleration and the soft break system particularly in the sports car has supported the penetration of the product. Superior strength, low weight and improved visual appeal are the key properties that stimulate the demand for high performance wheels.
The product has been able to penetrate the market by virtue of better wheel designs, improved aerodynamics, and superior material quality. The optimal dimensions of the wheel rim are perfect to ensure better airflow and improve the soft brake system. Moreover, the use of high quality material like carbon fiber brings about fuel efficiency, weight reduction, and better handling. Costly raw material and production process are few restraints for this industry growth.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
On the basis of material, the market is divided into aluminium, steel, carbon fiber, and magnesium. Aluminium market is project to enjoy a sky-rocket growth till 2025. Credit of this growth goes to favourable aluminium properties like low density, lightness, corrosion resistance, and malleability. In addition, appealing appearance of this material has given it the desired boost. Carbon fiber will also pick up the pace because of its strength and light weight. With a focus on lightweight materials especially in the manufacturing of sports and formula cars will bring the boom in carbon fiber material.
On the basis of vehicle, the market is segmented into Sedan and SUV. Among these two, Sedan has captured the market by taking highest revenue. Change in living standard and demand of luxury vehicles will propel this market in near future. The rise in the demand for luxury vehicles along with technological advancements in the models of contemporary vehicles will facilitate the rise in industry demand. Changing trends in lifestyle and vehicle style along with shifting preference for safety and comfort will provide impetus to the product development.
Europe accounted for the significant revenue share. In Europe, the increased use of premium vehicles along with the favorable government initiatives to promote light vehicles are the key factors that improve product penetration. The recovery of the economic recession has also improved the stability of Europe’s auto industry.
Technological advancements, strong presence of manufacturers and the easy availability of raw material are the key factors that support the industry development in North America. The strict emission protocols that promote the reduction of vehicle weight and the improvement of fuel efficiency will activate regional demand in the U.S., supporting the regional growth.
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Wide availability of resources coupled with rising manufacturing facilities, especially in China and India, will boost the growth of the industry in Asia Pacific region. Increasing demand for luxury cars and supercars have further fostered the penetration of the product.
Key Vendor Takeaway
ALCAR Group, Carbon Revolution, Steel Strips Limited, OZ S.p.A, Mandrus Company, Nutek Forged, Topy Industries Ltd., Euromax and Accuride Corporation are some of the key vendors of this market. For global market expansion, key players like BBS Kraftfahrzeugtechnik AG, United Group, Konig, and Enkei are emphasizing more on product innovation and portfolio expansion.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY MATERIAL
MARKET, BY VEHICLE
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
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