The emergence of technologically advanced and luxurious vehicles will positively impact high performance wheels market. Growing customer preferences toward enhanced comfort, easy handling, and better driving experience will stimulate the product demand. Besides, the product can carry huge loads, accurate fitting, proper replacement, and optimum dimension, which will favorably influence high performance wheels industry share. According to Global Market Insights, Inc., “Worldwide High performance wheels market was valued USD 95 billion in 2015 and will surpass a revenue collection USD 160 billion by 2024 with an annual growth rate of more than 5% over the period of 2016 to 2024.”
High performance wheels market is characterized by fierce competition. Subject to the rapidly growing automotive sector across the globe, many original equipment manufacturers are demanding high performance wheels to maintain their business position and attract more customers. Key players in high performance wheels market include ALCAR Group, Steel Strips Wheels Limited, Mandrus Company, Accuride Corporation, Carbon Revolution, OZ Group, Nutek Forged Wheels, and Topy Industries Ltd.
U.S. High Performance Wheels Market Size, By Material, 2015 & 2024 (Million Units)
Visual appearance, superior strength, and minimal weight are some of selection criteria followed by the industry giants while selecting the type of wheels. OEMs dominated the end use segment of high performance wheels market by covering more than 80% of the revenue share in 2015 and will grow noticeably over the coming seven years. The growth strategies adopted by the market players to increase the plant capacity and availability of advanced manufacturing facilities will also influence high performance wheels industry size considerably.
Europe high performance wheels market will generate a revenue of more than USD 60 billion by 2024. Favorable initiations taken by the government to promote the usage of lightweight vehicle will propel the industry growth. Premium vehicles led the vehicle segment by accounting for over 50% of the total revenue contribution in 2015 and will collect notable revenue over the coming years of 2016 to 2024. Growing adoption of luxury vehicles along with technological enhancements in the automotive sector will influence high performance wheels industry. Moreover, shifting consumer trends toward the vehicle safety and comfort and growing preferences for an aesthetic appearance is anticipated to impact product demand positively.
Increasing spending capability along with surging trends toward the acceptance of supercars and luxury vehicles mainly across APAC will stimulate high performance wheels market size. Asia Pacific high performance wheels industry will register an annual growth rate of more than 7% over the coming years of 2016 to 2024. China and India will contribute significantly to APAC high performance wheels growth, owing to surging availability of manufacturing facilities.
Mid-size luxury vehicle segment in high performance wheels market will record a CAGR of more than 5.5% over the coming seven years. The demand for low weight vehicles has been increasing exponentially, subject to their numerous benefits. day by day. Growing research in material technology to introduce light weight material will fuel carbon fiber material segment. Carbon fiber offers less weight, i.e., about 40% to 50% lesser than other materials. This material is mainly used in sports and racing cars to ensure high performance. Aluminum is another significant material, which helps to improve the performance of the vehicle. Aluminum material segment will grow at an annual growth rate of 6% over the years ahead. This material based vehicle possesses improved fuel efficiency, owing to the notable mechanical properties of aluminum such as corrosion resistance, lightness, malleability, ductility, and low density.
U.S high performance wheels market will exhibit a CAGR of more than 5% over the coming years of 2016 to 2024. The attributing factors towards the industry growth are the availability of a huge manufacturing base, surging technological developments, and ample availability of raw materials. Moreover, the implementation of strict norms regarding reduced vehicle weight and improved fuel efficiency will also augment the product demand noticeably.
Notable growth strategies adopted by the market players include product differentiation, strategic mergers & acquisitions, and considerable research & developments. BBS Kraftfahrzeugtechnik, Alcoa, united Group, RAYS Co. Ltd., SuperAlloy Industrial Company Ltd., Enkei Wheels, and Konig Wheels are the other notable key players in high performance wheels market.