OCEAN VIEW, Delaware, June 29, 2017 /PRNewswire/ --
The 2017 - 2024 automotive wheels market research report by Global Market Insights, Inc. says increasing investments on budget cars by OEM's in emerging countries will drive the industry growth, along with factors such as advancement in technology, tax incentives along with rise in sales of passenger cars.
The research report "Automotive Wheel Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-Use (OEM, Aftermarket), By Vehicle (Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Czech Republic, Poland, Slovakia, Turkey, China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Australia, Philippines, Vietnam, Brazil, Argentina, Mexico, Colombia, Iran, South Africa, Morocco, Egypt, Algeria), Application Potential, Price Trend, Competitive Market Share & Forecast, 2017 - 2024" by Global Market Insights, Inc. says Automotive Wheel Market share is slated to reach USD 91.6 billion by 2024.
Shift in consumer preference on improved driving including enhanced acceleration, quick braking and better performance will support the automotive wheel market growth. Necessity to enhance fuel efficiency due to increasing emission standards will remain key factors driving product demand.
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Enhanced promotions on budget cars by manufacturers will create new opportunities in the forecast year. Global automotive industry witnessed significant growth with vehicle production over 95 million units in 2016.
Regular automotive wheels contribute for over 90% of overall industry share in 2016. Strong demand for cost effective passenger cars and commercial vehicles are expected to propel the industry growth. Technological advancement accompanied by rising demand for corrosion resistance components will drive automotive wheel demand.
Introduction of online portals for vehicle component sales at reasonable price will impact automotive wheel price trend. Stringent regulations on carbon emissions encouraged the OEMs to manufacture lightweight vehicles. High initial investment along with low adoption of the high-performance products may restrain the industry growth.
Passenger cars dominated the overall automotive wheel industry share accounting for more than 80% in 2016. China is among the key contributors with over 24 million units passenger car production in 2016.
Aluminum automotive wheel market will value over USD 76 billion by 2024. Lightweight and innovative designs delivering higher performance is expected to drive product demand. Steel market size is driven by competitive pricing and convenient manufacturing process.
Browse key industry insights spread across 270 pages with 387 market data tables & 13 charts & figures from this 2017 report Automotive Wheel Market in detail along with the table of contents at:
Trailer market will observe growth over 2.5% through 2024. Road transportation industry expansion due to limited railway network particularly in Nordic countries will drive product demand. In addition to this, improved aftersales services to customers will drive the overall industry growth.
OEM automotive wheels market registered over 368 million units demand in 2016. Development in internal combustion engine with introduction of V2V technology are the factors driving the industry demand. Increasing vehicle customization and component replacement due to increasing accident, corrosion and scratches will propel the aftermarket industry.
The U.S. automotive wheel market was worth over USD 10 billion in 2016. Stringent vehicle safety norms associated to efficient braking system will stimulate product demand.
Asia Pacific automotive wheel market, led by China, India and Japan will witness growth over 5% up to 2024. Increasing manufacturing facilities owing to favorable government policies and availability of resources will propel the regional demand. The region expects high growth in buses and coaches segment due to rising government focus on better transportation services.
Global industry share is fragmented in nature with presence of substantial number of domestic players. Key industry players in terms of revenue generation and geographical presence in the automotive wheels market include Magnetto, Ronal Group, Enkei, UNI Group, Borbet, Alcoa, Maxion and Mefro. Other manufacturers include Saint Jean, Alcar, Fondmetals, Otto Fuchs, HRE and Breyton.
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- High Performance Wheels Market Size 2017 - 2024
High Performance Wheels Market size was more than USD 11 billion in 2016 and is set to surpass 60 million units by 2024. Rising demand for luxury vehicles, sports and premium compact vehicles will propel the industry growth. Rolls-Royce, the premium luxury cars have witnessed increased sales, registered for more than 4,000 unit sales in 2016. Shift in automotive trends towards weight reduction, fuel efficiency and vehicle customization will drive the high performance wheels market growth.
- Automotive Multi Wheel Drive (AWD) Systems Market Size 2016 - 2024
Automotive Multi-Wheel Drive Systems Market size is expected to grow at 8% CAGR from 2016 to 2024. The need to alleviate the rising automobile accidents and reduce the impact of crashes on the driver and passengers has led to the development of Multi Wheel Drive (MWD) or All Wheel Drive (AWD) systems. Major players are Borg Warner Inc, Continental AG, ZF Friedrichshafen AG, JTKT Corporation, Magna International Inc. Other players include American Axle Manufacturing, Eaton Corporation, GKN Plc, Dana Holding Corporation, Oerlikon Inc, Mitsubishi Motors.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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