The Objective of the “Global Automotive Wheel Market” report is to depict the trends and upcoming for the Automotive Wheel industry over the forecast years. Automotive Wheel Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2018 to 2025 mulling over 2017 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.
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.
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 an 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 an 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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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 the 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.
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
• Accuride Corporation.
These market players have adopted various strategies such as collaborations, new product launches, joint ventures, mergers & acquisitions, and others to gain a stronghold in the industry.
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Key questions answered in Automotive Wheel Market research study:
• What is the market growth rate of Automotive Wheel Market from 2018-2025?
• What will be the global market size of the market from 2018 to 2025?
• Who are the leading global manufacturing companies in the Automotive Wheel Market?
• What are the major current trends and predicted trends?
• What are the challenges faced in the Automotive Wheel Market?
• Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?
• Which will be the anticipated growth rates for your own Data Masking economy altogether and also for every segment inside?
• Which will be the Data Masking application and types and forecast accompanied closely by producers?
• What are the conclusions of the Automotive Wheel Market report?
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