PORTLAND, Oregon, October 4, 2018 /PRNewswire/ --
Increase in vehicle production, trend of reducing weight of vehicles to improve fuel efficiency, and technological advancements in the automotive sector would propel the growth of the global automobile wheel market.
Allied Market Research published a report, titled, Automotive Wheel Market by Material Type (Aluminum, Steel, Magnesium, and Carbon Fiber), Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), and End User (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2017-2025. The report provides an extensive analysis of the top impacting factors, driving forces & opportunities, key market segments, market size & forecasts, strategic developments, and competitive landscape. According to the report, the global automotive wheel market generated $30.01 billion in 2017 and is expected to reach $47.35 billion by 2025, registering a CAGR of 5.7% from 2018 to 2025.
Rise in vehicle production and ongoing trend of reducing the kerb weight of vehicles to improve fuel efficiency facilitate the growth of the industry. However, fluctuating prices of raw materials and lack of standardization in manufacturing processes hinder the market growth. On the other hand, rise in adoption of carbon fiber, technological advancements, and heavy inflow of investments to improve wheel design for enhanced aerodynamics create new pathways for the industry.
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Alloy segment to contribute highest revenue share by 2025
The alloy segment contributed nearly half of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. This is due to its high demand as a substitute to steel and increase use of alloy wheels in passenger and commercial vehicles. However, the carbon fiber segment would grow at the fastest CAGR of 7.3% from 2018 to 2025, owing to growing adoption carbon fiber-reinforced plastics (CFRP) technologies in manufacturing processes to achieve reduction in weight and improve stiffness. The steel segment is expected to grow at a moderate rate during the forecast period.
Passenger cars segment to generate the highest revenue, HCV segment to grow the fastest
The passenger car segment contributed more than one-third of the total market share in 2017 and is projected to maintain its lead by 2025, owing to increase in urbanization and rise in premium automobile production worldwide. However, the heavy commercial vehicle (HCV) segment would register the fastest CAGR of 7.2% from 2018 to 2025, owing to increase in usage of HCVs in supply chain and logistics. The light commercial vehicle (LCV) segment is expected to witness steady growth during the forecast period.
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OEM segment to lead in terms of revenue by 2025
The OEM segment contributed more than 90% of the total market share, owing to rise in automobile sales and surge in the number of manufacturers. However, the aftermarket segment would register the highest CAGR of 8.2% from 2018 to 2025, owing to spiraling demand for automotive parts, tires, and wheels from other vendors.
Asia-Pacific to dominate throughout the forecast period
Asia-Pacific contributed nearly half of the total market share in 2017 and would continue its dominance throughout the forecast period. This is due to rise in passenger car and vehicle registrations in populous countries such as India and China. However, Latin America, Middle East and Africa (LAMEA) would register the fastest CAGR of 7.1% from 2018 to 2025, owing to technological advancements and trend of upgrading the safety & security standards for vehicles in the region.
Major market players active in the industry
The leading market players analyzed in the research include Iochpe-Maxion S.A., Hitachi Metals, CITIC Dicastal Wheel Manufacturing, American Eagle Wheels, Steel Strips Wheels, CLN Group, United Wheels Group, Topy Industries Limited, Borbet GmbH, and Accuride Corporation. These market players have adopted various strategies such as collaborations, new product launches, joint ventures, mergers & acquisitions, and others to gain stronghold in the industry.
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SOURCE Allied Market Research