The success of the automotive wheel market is linked to the growth of the automobile sector. Automotive wheels are made of magnesium or aluminum alloys. Due to the higher strength requirement, the material type for automotive wheels is continually being researched. Lightweight and durable materials such as carbon fibers are gaining popularity on account of improved vehicle dynamics and high demand for lightweight solutions. A positive outlook from the developing countries is likely to fuel the growth of the automotive wheel market during the forecast period.
MARKET SCOPE
The "Global Automotive Wheel Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of automotive wheel market with detailed market segmentation by material, vehicle type, and geography. The report provides key statistics on the market status of the leading automotive wheel market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- The global automotive wheel market is segmented on the basis of material, and vehicle type.
- Based on material, the market is segmented as carbon fiber, steel, alloy, and others.
- On the basis of the vehicle type, the market is segmented as off-road and on-road.
MARKET DYNAMICS
Drivers:
- Increased demand for lightweight materials coupled with the growing vehicle production.
- Advancements in vehicle dynamics
Restraints:
- Volatile prices of raw material.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive wheel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive wheel market in these regions.
IMPACT OF COVID-19 ON AUTOMOTIVE WHEEL MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the automotive wheel market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Automotive wheel market market are anticipated to lucrative growth opportunities in the future with the rising demand for Automotive wheel market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the automotive wheel market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Accuride Corporation
- BORBET GmbH
- CITIC Dicastal Co., Ltd
- Enkei Wheels (India) Limited
- MANGELS
- MAXION Wheels
- Steel Strips Group
- Superior Industries International, Inc.
- Vossen Wheels
- Wanfeng Group Co., Ltd.