High performance Wheel Market to Reach $32.92 Billion by 2027; Increasing Focus of OEMs to Reduce Emissions & Burning of Fuel will Favor Growth

The global high performance wheel market size is projected to reach USD 32.92 billion by 2027. Most of the OEMs nowadays are aiming to develop vehicles equipped with lightweight components to control emissions and to prevent the excess burning of fuel. Fortune Business Insights™ published this information in a new study, titled, “High performance Wheels Market Size, Share & COVID-19 Impact Analysis, By Material Type (Aluminum, Steel, Magnesium, Carbon Fiber), By Sales Channel Type (Original Equipment Manufacturer (OEM) and Aftermarket), By Vehicle Type (Top-End Luxury, Mid-Sized Luxury and Others), and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 22.38 billion in 2019. It is set to exhibit a CAGR of 8.2% during the forecast period between 2020 to 2027.

Ford Motor Company to Equip 2020 Shelby GT500 with Carbon Revolution’s New Technology

In September 2019, Ford Motor Company multinational automaker headquartered in Michigan announced its plan to continue its partnership with Carbon Revolution, a privately-owned Australian company. It will equip the latter’s carbon fiber wheel technology in the 2020 Shelby GT500. Customers opting for the ‘Carbon Fiber Track Package’ will gain access to 20-inch carbon fiber wheels.

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https://www.fortunebusinessinsights.com/high-performance-wheels-market-104443

Increasing Demand for Safe and Eco-friendly Vehicles to Propel Growth

High performance wheels are extensively used in luxury cars for offering aesthetic appearance. They are also lightweight. The rising shift of customers towards eco-friendly and safe vehicles is further resulting in high increasing sales of luxury cars across the globe. Governments of various countries have implemented stringent rules to curb the spread of COVID-19. They have banned the international travel, which, in turn, is expected to surge the demand for luxury vehicles as people are opting for private vehicles rather than public transportation to prevent transmission. However, the lack of availability of high-end components, such as magnesium and aluminum may obstruct the high performance wheels market growth in the near future.

Key Players Aim to Intensify Competition through Partnerships & Launching Novel Wheels

The market for high performance wheels houses various manufacturers, such as Ronal Group, Steel Strip Wheels, and Maxion Wheels. Out of these, Maxion Wheels is considered to be a notable player as it produces unique high performance wheels for commercial and passenger vehicles. Some of the other companies are also launching new products and partnering up with innovative organizations to strengthen their positions.   

Fortune Business Insights™ lists out the names of the prominent high performance wheels manufacturers present in the global market. They are as follows:

• MAXION Wheels (Michigan, United States)
• Steel Strips Wheels Ltd (Punjab, India)
• ESE Carbon (Florida, United States)
• Accuride Corporation (Indiana, United States)
• Superior Industries International, Inc. (Michigan, United States)
• Iochpe-Maxion (São Paulo, Brazil)
• Trelleborg AB (Trelleborg, Sweden)
• Carbon Revolution (Geelong, Australia)
• Alcoa Wheels (Pennsylvania, United States)

A Significant Industry Development-

• April 2018: Ronal Group, a manufacturer of wheels for cars and commercial vehicles based in Switzerland launched its RONAL R64 wheel. It is a robust light truck wheel that is specially designed for heavy payloads. It has an eye-catching appearance and is striking. Hence, it is best suitable for heavyweight SUVs, vans, family transporters, and light commercial vehicles.

Further Report Findings-

• In 2019, Europe procured USD 15.26 billion in terms of revenue because of the rising inclination of consumers towards luxury vehicles in this region. It is expected to retain its dominant position in the near future because of the early adoption of advanced technologies and implementation of stringent norms by the government.
• Asia Pacific is anticipated to be in the second position owing to the increasing disposable incomes of consumers. Additionally, the rising sales and production in this region would surge the demand for high performance wheels in this region.
• By material type, the carbon fiber held 11.1% in terms of the high performance wheels market share in 2019.
• The aluminum segment is likely to lead the market throughout the forthcoming years fueled by its ability to provide precised braking and pose as high heat conductors.

The global high performance wheel market can be segmented in the following way: