The Wheel is an essential part of the vehicle. Wheels should be powerful enough to bear a sufficient burden. The need for lightweight wheels to reduce vehicle weight and increase vehicle ability gave a new approach towards the automotive wheel market. There is an increase in consumer spending on wheels, which results in the enhancement of market growth. Wheels have to offer vital security functions and must meet up high values of substance. They are stiff, having good strength.
The Global Wheel Market was marked by US$ 33 Billion in 2017 and is expected to exceed by 48 Billion US dollars in 2025 and is growing at a CAGR of 5.7% in the forecasting period of 2017-2025.
The Global Wheel Market Growth and Trends
The primary reason for the wheel market growth is the increasing demand in the demand in the automotive sectors. A rapid increase in vehicle manufacturing is a key factor contributing to high market revenue. There is a huge requirement for light wheels to reduce the weight of the vehicle and increase the overall efficiency and this accelerates the wheel market demand and growth. Technological developments and product innovations in material and design have intern increased the market revenue. Most importantly, an increase in the population and economic development has increased the purchasing power of the consumers increasing the purchase of passenger vehicles thus increasing the demand in the wheel market.
An increase in the demand for the usage of carbon fiber in the automotive industry and huge investments in the design of the wheel for better benefits has augmented the surge in the wheel market trend. Also increase in the commercial and heavy load vehicles has increased the wheel market growth. These heavy vehicles are needed for easy transportation in the construction, food, and oil and gas industry, and continuous development in these sectors has necessitated the increase in the demand for these vehicles directly increasing the wheel market growth and demand. Increasing infrastructural development and industrialization also plays a pivotal role in the increase in the wheel market revenue.
A few limitations to the wheel market growth are the fluctuations in the prices of raw materials and the decrease in the standardization in the manufacturing process.
Analysis by Application
Wheels are used everywhere nowadays. In moving from one place to another place, they are of great importance. People use them as a source of their transportation. There are very important uses of wheels that are utilized by us. The basic use is taken by wheels are in the heavy and medium-duty vehicle. Further uses include the use of wheels in Farm vehicles and Light-Commercial vehicles.
Analysis by Technology
Currently, many different technologies are available for the manufacturing of wheels. Aluminum wheels were introduced for styling reasons to give upper-class people a distinctive personal touch. They are most common today, with a market share of 80%. Cast wheels also provide high dimensional accuracy. Different technologies are used for their manufacturing. nowadays, because of their increased demand, they are manufactured at a high rate.
Analysis by Requirement
The worldwide number of vehicles is increasing day by day, and there is a dire need for a system that can manage all vehicles in a better way, without avoiding the flow of traffic. There is an increase in vehicle production to meet the demand of consumers. Economical price, heavyweight transportation capability, minor weight, and resistance to deterioration from exterior factors are among the well-known features that will continue to aid the manufacturers in gaining improved customer acquirement through the forecast period.
Analysis by Company
Various companies are manufacturing different types of wheels. Some are manufacturing high-strength wheels, and some are manufacturing low-weight wheels. Different companies manufacture wheels of different types and different techniques are used for this purpose.
Analysis by Region
Geographically, the wheel market is segmented into five major regions that are North America, Europe, Latin America, Asia Pacific, and Middle East Africa. The Asia Pacific has the greatest market share in 2018. This region is considered to be having the fastest growth in terms of both volume and value in the market. Europe and North America also shows enhancement in their market growth, and are likely to experience healthy growth in the same period.
• Market Revenue Estimation and Forecast (2017 – 2025)
• Market Sales/Consumption Volume Estimation and Forecast (2017 – 2025)
• Breakdown of Revenue by Segments (2017 – 2025)
• Breakdown of Production by Segments (2017 – 2025)
• Breakdown of Sales Volume by Segments (2017 – 2025)
• Breakdown of Sales Volume by Requirement of the System
• Business Trend and Expansion Analysis
• Regional Analysis and Market Data Breakdown
• Passenger Cars
• Heavy-Duty Vehicle
• Medium-Duty Vehicle
• Farm Vehicle
• Light Commercial Vehicle
• Superior Industries International
• HRE Wheels
• Steel Strip Wheels
• Vossen Wheels
• MAXON Wheels
• Carbon fiber
• In the light commercial vehicle
• In the heavy commercial vehicle
By Region($revenue and regional sales)
• North America
• The U.S
• The UK
• Asia Pacific
• South Korea
• Latin America
• Middle East
• South America
• New Zealand
• Nordic Countries