The High Performance Wheels Market size is expected to hit around US$ 19.23 bn by 2026, with CAGR of around 4.9% during the forecast period 2019 to 2026.
LOS ANGELES, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “High Performance Wheels Market (By Vehicle Type: Premium Compact, Entry-level Luxury, Mid-Size Luxury; By Material: Aluminum, Steel, Magnesium, Carbon Fiber, Others; By Sales Channel: OEM, Aftermarket) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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Asia-Pacific dominated the global high performance wheels market in the year 2018. The region has experienced the potential growth owing to the presence of high performance wheels companies such as HRE Performance Wheels, SuperAlloy Industrial Company Ltd, Steel Strips Wheels Limited, and American Eagle Wheels Corporation among others. The presence of a large customer base along with growing aftermarket industry is additionally accelerating the regional market growth. Moreover, stringent government regulations regarding vehicle safety and growing vehicle production and sales are expected to enhance the market growth in the global high performance wheels market in future. Strong economic growth in developing countries such as India, China, Indonesia, and Thailand and rise in consumer spending on vehicle accessories for enhancing the comfort level is further expected to boost the demand for high performance wheels in Asia-Pacific. The Europe region is expected to exhibit a second-largest share in the high performance wheels market. R&D investments in automotive components and parts and growing adoption of luxury and premium vehicles, stringent government regulation to vehicle manufacturers to install light accessories and parts to meet low emission standards in countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global high performance wheels market during the forecast.
North America region is expected to exhibit highest CAGR in the high performance wheels market. Technological advancement in lightweight high performance wheels to improve fuel efficiency, presence of high performance wheels key players, and growing aftermarket industry in Mexico are the major driving factor for the region in the global market. Moreover, the National Highway Traffic Safety Administration (NHTSA) states the regulations for durability, performance in wheels, noise and vibrations release for high performance wheels increases its dominance in the global high performance wheels market in future.
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Growing demand for overall weight reduction in vehicles, increase in demand for fuel efficient vehicles, and increase in application areas of high performance wheels are the main drivers for the market growth of the global high performance wheels market over the forecast period. Furthermore, growing demand for enhanced ride experience and growing consumer focus towards aesthetic appeal and comfort level and growing automotive aftermarket industry further grows the demand for high performance wheels over the forecast the period. Moreover, technological advancement and increase in the number of applications, and growing demand for electric and autonomous vehicles are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw material, high initial set up costs are expected to hamper the growth of the global high performance wheels market during the forecast period.
Aluminum segment have dominated the material segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The material segment further classified into aluminum, steel, magnesium, carbon fiber, and others. Several guidelines and recommendations issued by regulatory authorities and enhance aesthetic appeal and durability with aluminum material further expected to drive the demand for the segment. The manufacturers such as American Eagle Wheels Corporation, Vossen Wheels, Wheel Pros, Carbon Revolution, and Topy Industries Limited are mainly investing in the development of aluminum material for high performance wheels, which expected the lead the market in the coming years.
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Aftermarket segment dominated the high performance wheels market on the basis of sales channel in the year 2018. The major factors that are driving the growth of this segment are growing demand for customized product with design alterations and growing consumer focus towards vehicle modification, and increase in number of service centers and private label shops drives the consumption of high performance wheels in aftermarket. This expected to enhance the dominance of the aftermarket in the global market over the forecast period.
Some of the leading competitors are SuperAlloy Industrial Company Ltd., BBS Kraftfahrzeugtechnik AG., Steel Strips Wheels Limited, American Eagle Wheels Corporation, Wheel Pros, Carbon Revolution, Topy Industries Limited, Vossen Wheels, Enkei Wheels, CiTiCDicastal Wheel Manufacturing Co., Ltd., and HRE Performance Wheels.
Some of the key observations regarding high performance wheels industry include:
- In September 2019, IOCHPE-MAXION, a leading manufacturer of automotive components based in Mexico, opened new research and development centre in Berlin.
- In January 2018, GKN Wheels developed new high-performance wheel to meet the demanding requirements of high-load capacity vehicles, with the new wheel capable of taking tyres with 13 bar pressure.
- In December 2019, Thompson Street Capital Partners acquired Custom Wheel House LLC. The Custom Wheel House LLC designs, manufactures, and sells tires, high performance wheels, and accessories. The acquisition focuses on new products development, enhance its customer base, and expand into new geographic.
- In June 2019, Rio Tinto launched new Revolution-Al, a new aluminium alloy developed to make lighter car wheels. This new product development helps to enhance the strength of high performance wheels and enhance its customer base.
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