Vossen Wheels, CITIC Dicastal Wheel Manufacturing Co., Ltd., Automotive Wheels Ltd, and Tuff Industries Ltd., among others, are the major players in the global high performance wheels market.
The industry is expected to grow at a CAGR of about 8% in the forecast period of 2021-2026 to reach a value of around USD 30.5 billion by 2026. As per the analysis by Expert Market Research, the market is expected to be driven by the rising demand for lightweight vehicles with superior acceleration and high braking performance.
There is a significant increase in demand for high-performance and aesthetically appealing automotive vehicles in developed and developing economies. The development of technologically advanced materials that can provide heat dissipation and corrosion resistive properties to the wheels is further expected to fuel the market growth. The government of various countries has taken initiatives to develop environment-friendly vehicles to minimise damage to the environment and get rid of older vehicles as quickly as possible with new regulations, thus driving the rate of replacement of vehicles even higher. Poor driving conditions and weather are the primary reasons leading to the damage of the original wheel, which offers potential for the aftermarket replacement high performance wheels market. With many growing and emerging economies in the Asia Pacific, the region is likely to be the fastest-growing market in the forecast period. Higher living standards, easy availability of manufacturing facilities, cheaper labour, and costs are expected to drive the market forward.
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In a recent judgement, the Supreme Court of India banned sales and registration of motor vehicles not adhering to new emission standards Bharat Stage IV from 1 April 2020. Also, the government has decided to support more than 1.5 million new electric vehicles in India with total budgetary support of 10,000 crores. Gujrat government has also introduced schemes for selling electric two and three-wheelers in the state with subsidies. Auto companies like M&M have decided to invest 3000 crores in the next three years for the development of electric vehicles. Such developments in the industry, along with the favourable government initiatives, are predicted to aid the market growth over the forecast period.
Headquarter: Miami, USA
Vossen Wheels is an American company involved in designing and servicing high performance wheels. Vossen Wheels specialise in manufacturing staggered fitments with sizes ranging from 19" to 24" and widths from 8.5" to 12.5". The wheels offer tire pressure sensor compatibility, along with clearance for most high-performance brake upgrades. It is one of the few companies in the world to manufacture forged wheels entirely in-house. Vossen Wheels has played a significant role in innovating and making concave wheels as popular as they are today. The company has a worldwide distribution in over 40 countries.
Headquarter: Qinhuangdao Economic and Technological Development Zone, Hebei Province, China
CITIC Dicastal is the global leader producer and exporter of aluminium wheels. In addition, the company manufactures an entire range of lightweight aluminium cast components for chassis, automotive powertrain, and body systems. The company has 26 facilities across China, North America, and Europe. The total annual production capacity is 57.7 million aluminium wheels and 108,700 tonnes of aluminium castings. Major customers for lightweight aluminium cast components and parts are Daimler, Bosch, Volkswagen, TRW, and ZF.
Headquarter: Rochester, UK
Automotive Wheels produce and import high-quality automotive products from Europe and the world. The company specialises in importing from the largest alloy wheel manufacturers in Germany. Automotive Wheels is the only company UK credited KBA Type Approval Holder, which means it is the only company that can produce wheels for the German market. The company is also the fastest growing OEM and custom wheel project supplier to vehicle manufacturers in the UK.
Headquarter: La Mirada, CA, USA
Tuff Industries is a leading custom manufacturer of adhesive tape solutions for various industries and applications. Some of the most popular adhesive tapes from the company are polyamide kapton, polyester film, high bond acrylic foam, and speciality double coated tapes. The primary three adhesive materials used are silicone, acrylic, and rubber. Prototyping, slitting, die-cutting, and laminating are some of the primary operations performed by the company. 3M, ABI Tape, and Tesa are the three long term partners of the company.
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