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High Performance Wheels Market Drivers, Restraints, Potential Growth Opportunities, Product Size, Application Estimation, Vendor Competitive Landscape, Trends 2026

Author : Ronak Bora | Published Date : 2020-08-25 

High performance wheels Market is likely to reach USD 19.5 billion by 2026. Rising premium vehicle demand around the world and introduction of new product series by the manufactures shall drive product market growth during forecast period.

Some major findings of the high performance wheels market report include:

The rise demand of premium vehicles can be witnessed around the globe, especially in the emerging economies people are preferring premium vehicles than entry level vehicles. For example, in India, in 2018, premium compact segment sold around 408,000 unit, more than entry level cars.

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In 2016, U.S. Energy Department announced USD 137 million investment in commercial and passenger vehicles. Such initiatives likely to open new avenues for the new product development.

Middle east and Africa are witnessing degrowth in economy however, government initiatives to boost private sector shall stabilize the economy. Region is very important market for high performance wheels.

Recovering European auto sector shall drive the product demand over the forecast timeframe.

Key players involved in the industry are Iochpe-Maxion, Konig Wheels, OZ S.p.A, Carbon Revolution, Alcoa Wheels, HRE Performance Wheels, Konig Wheels, BBS ALCAR Holding, Euromax Wheels, etc. Increasing production capacity and new product launches are major strategies adopted by manufacturers.

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Wheels are not profitable until they attain over 65% capacity utilization. High performance wheel production is not labor-exhaustive and raw materials and energy costs form a significant part of the total cost. As wheels are light weighted, transport costs become an important factor, making it uneconomic to be transported over long distances. In automotive wheel production, the investment cost is not as high but still significant. Weight reduction concern and developing aesthetic looks are also the factors favoring product market growth.

High demand for premium compact vehicles, sports and luxury vehicles from emerging markets likely to increase product's market penetration. High performance wheels' consumption per vehicle has increased due to changing consumer preferences in style trends. Insurance claim offered after the damage is the reason for the consumption of aftermarket replacement segment. Insurance claims cannot be made on the original equipment; therefore, there is a tendency of consumer preference shift towards aftermarket. High usage of premium vehicles and development of some regions including GCC countries and Turkey due to rise in disposable income likely to have very positive impact over the industry. Additionally, easy access to finances and cheap natural gas coupled with abundant availability of raw materials, such as aluminum and magnesium, are expected to uplift the production of high-performance wheels.

Aesthetics and performance are very important for wheels. New designs, looks and quality improvement are some of the factor's players are trying to enhance. For instance, in Nov 2016, Wheel Pros LLC and KMC Wheels launch Rockstar which allows customers to customize their wheels with off shelf accessories.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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