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Automotive wheel cap is used on steel wheels to change the aesthetic appearance of the vehicle. The wheel cap is made of acrylonitrile butadiene styrene (ABS) plastic which is fitted on the wheel rim and are light in weight & less expensive. The steel wheel rim is prone to rust and damage which might affect the looks of the vehicle along with future resale value. The wheel cap acts as a shield for the wheel rims protecting it from outside damage and changing the overall look of the vehicle. The wheel cap is available in various designs and low price so the vehicle owner can change them as per their wish from time to time. Thus, this is one of the advantages over alloy rims since, changing alloy rims can prove to be costly and not feasible. The rise in vehicle demand is going to boost the growth of automotive wheel cap market.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2020–2028 |
Base year considered | 2020 |
Forecast period | 2021–2028 |
Forecast units | Value (USD) |
Segments covered | Product Type, Industry, Sales Channel Types, and Region |
Regions covered | North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, 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 | Cangzhou Xinyou Auto Parts Co. Ltd., CIE Automotive S.A., FALTEC Co. Ltd., KUAN HSINGS, Marui Industrial, Flex-N-Gate Corporation, Molten Corp., ZANINI AUTO GRUP, Suburban Wheel Cover, Swell Marui Automobile |
COVID-19 Impact Analysis:
The vendors in automotive wheel cap industry across the globe has been affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the automotive wheel cap manufacturers worldwide. Since, the governments across the world have declared lockdowns over the past few months, the demand and supply cycle of many automotive wheel cap manufacturers has been disrupted. Automotive wheel cap market is an evolving sector but since, the automobile manufacturing in major countries got halted the demand for automotive wheel cap got hampered due to an ongoing pandemic. Majority of automotive wheel cap manufacturers are facing major issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the production of cars as well.
Top Impacting Factors
Market Trends
Cheaper than alloy wheels
The price of alloy wheels is very high compared to normal steel wheel since, the alloy wheels are made of forged aluminium alloys. Moreover, the manufacturing cost of alloy wheels are very high compared to normal steel wheel. The alloy wheels also increase the price of vehicle so, they are mostly used in the high-end models and the low-end models uses steel wheels to reduce the price of the car. For instance, a particular consumer wants to give an aesthetic look, protect the steel rims of the wheel, and also wants to spend less amount, then the customer can go for automotive wheel cap. The starting price of automotive wheel cap is $2 whereas, starting price of alloy wheel is $20. The lower price of automotive wheel cap is expected to drive the growth of automotive wheel cap market.
Rise in alloy wheels market
Alloy wheels are made from alloys of aluminium and magnesium along with other elements. Alloys wheels have better strength, heat conduction, better appearance, antirust & corrosion resistant and reduce the of weight vehicle to limit the amount of exhaust emission. Since, light weight increases the fuel economy and energy required to move & steer the vehicle thus, saving fuel. For instance, the change in customer preferences for style and aesthetic appearance of vehicle, low maintenance cost of alloy rims and increasing buying power are going to boost the market growth. The rise in passenger vehicle manufacturing and the increasing demand for electric vehicles is also driving the growth of the alloy wheels market thus hampering the growth of automotive wheel-cap market.
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Questions answered in the automotive wheel cap market research report:
Key Market Segments
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