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United States High Performance Wheels Market to hit USD 60 billion by 2024

Author : Ronak Bora | Published Date : 2019-03-29 

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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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.

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.

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.

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.

Europe market is also slated to spectate substantial progress in the years ahead, with a revenue record of USD 60 billion by the end of 2024. Spreading awareness related to carbon releases from vehicles along with regulatory compliance imposed by the government is enhancing the high performance wheels market demand in Europe. Presence of leading OEMs in countries such as Germany, Poland, France is also one of the major factors driving the regional share.

High performance wheels market demand is shooting high with the increasing consumer inclination toward customized performance vehicles that offer superior fuel efficiency, quick acceleration, and upgraded braking system. Carbon fiber wheels are gaining a popularity worldwide as its usage in the car enables improved fuel performance and overall weight reduction. Technology has undoubtedly played a vital role in the market’s rapid expansion in terms of wheel designs, wheel materials, and aerodynamics. Concurrently, increasing investment by the market players in research activities to incorporate technological advancements in the premium vehicle models is also catering the industry growth.

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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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org 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. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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