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Allied Market Research

Automotive Carbon Wheels Market by Size Type (18 Inch, 19 Inch, and 20 Inch), End User (OEM and Aftermarket), and Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses & Coaches, and Trailers): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11716
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Aug 2021 | 136 Views
   
Author(s) : Sonia Mutreja
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COVID-19

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Automotive Carbon Wheels Market Outlook - 2030

A wheel is a circular metal frame with spokes or a solid disk mounted on a wheel hub. Car tires are mounted on a wheel frame and are also called rims or alloy wheels. These are made from steel, aluminum, magnesium, carbon fiber, or a combination of all these metals. Automobile carbon fiber wheels are light in weight, long in wheel life, and high in strength. Compared with traditional wheels, they have many other advantages, such as high fatigue failure strength and durability, self-vibration damping, better grip, and high heat resistance. In addition, carbon wheels can also improve fuel efficiency and reduce carbon emissions. Strict government regulations to control pollution are expected to strengthen the market for automotive carbon wheels. Due to the existence of large racing manufacturing companies, Germany is the main contributor toward growth of the carbon wheel market. Compared with other vehicles using aluminum wheels, carbon wheels implemented in vehicles can reduce weight by up to 20%. These wheels feature an Araldite structural system CFRP (Carbon Fiber Reinforced Polymer) rim around aluminum alloy center star. Moreover, increase in inclination of people toward advanced automotive products is expected to foster growth of the automotive carbon wheels market.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2030

  Base year considered

  2020

  Forecast period

  2021–2030

  Forecast units

  Value (USD)

  Segments covered

  Size Type, End User, Vehicle Type, and Region

  Regions covered

North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies covered

Iochpe-Maxion (Brazil), Superior Industries International (US), Accuride Corporation (US), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany), and Mangels Industrial (Brazil).

 

COVID-19 Impact analysis

The COVID-19 outbreak severely impacted the automotive sector on a global level, which, in turn, led to considerable drop in automotive sales and insufficiency of raw material. As governments across the globe have declared lockdowns over past few months, demand and supply cycle of many carbon wheels manufacturers is vulnerable. The pandemic have had a negative impact on the carbon wheels market size in the year 2020, a major deviation was noticed in the growth of carbon wheels manufacturers due to coronavirus. Carbon wheels is an evolving sector, which is hampered due to the ongoing pandemic, owing to which all type of production and installation activities across affected countries had been shut down & all operations were disrupted.

Top Impacting Factor

  • Improved vehicle dynamics with increase in use of lightweight materials, increase in demand for luxury & comfort in vehicles, and rise in passenger vehicle sales drive growth of the market.
  • Volatility in raw material prices and stringent policies mandated by governments are expected to hamper growth of the market.
  • Rise in demand for high-performance vehicles and technological innovations in material composition can be seen as an opportunity for market investments.

The automotive carbon wheels market trends are as follows:

Rise in passenger vehicle sales

Passenger vehicles account for largest share of the total vehicle production. In addition, increase in R&D investments by original equipment manufacturers and tier 1 companies to improve quality and efficiency of driving passenger vehicles promote development of the market. Moreover, increase in disposable income of individuals, especially in developing countries such as China, India, and the Middle East is expected to boost growth of the passenger car market. Thus, rise in passenger vehicle sales is anticipated to positively impact the automotive carbon wheels market.

Increase in demand for luxury & comfort in vehicles

Increase in demand for vehicle comfort and luxury as well as noise free cabins have made a significant contribution to growth of the global automotive carbon wheels market. Manufacturers such as BMW, Audi, Mercedes-Benz, Volvo, Jaguar, Rolls-Royce, and Land Rover are the major players in the automotive industry that manufacture majority of the luxury cars. In addition, owing to advances in automotive technology and economic growth in developing countries, it is expected that sales of luxury cars would rise in near future. Moreover, noise, vibration, and performance of vehicles should meet the defined standard ratings to provide more comfort and reduce cabin vibrations. Thus, all these factors collectively boost the growth of the global market.

Key segments covered:

Segments

Subsegments

  Size Type

  • 18 Inch
  • 19 Inch
  • 20 Inch

  End User

  • OEM
  • Aftermarket

  Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Trucks
  • Buses & Coaches
  • Trailers

  Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa


Key benefits of the report:

  • This study presents the analytical depiction of the automotive carbon wheels industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive carbon wheels market.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the automotive carbon wheels market growth scenario.
  • The report provides a detailed automotive carbon wheels market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the automotive carbon wheels market research report:

  • Which are the leading market players active in the automotive carbon wheels market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the automotive carbon wheels market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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