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United States High Performance Wheels Market to Grow at a CAGR of 6.90% During 2022-2027, Aided by the Rising Demand for Luxury Vehicles

According to a new report by EMR titled, ‘United States High Performance Wheels Market Report and Forecast 2022-2027’, the market attained a healthy growth in 2021. The United States high performance wheels industry is further expected to grow at a CAGR of 6.90% between 2022 and 2027.

The high performance wheels industry in the United States is being driven by the rising demand for luxury vehicles. In addition, the rising incidences of road traffic accidents and vehicular damage in the country are propelling the demand for vehicles that provide improved handling and are durable. Meanwhile, the growing consumer demand for fuel efficiency in vehicles is leading to the development of lightweight vehicles, which is projected to support the market growth in the forecast period. The growing research and development activities and the rapid technological advancements in the automotive industry to improve the braking efficiency, acceleration, and visual appeal of the automobiles are anticipated to spearhead the demand for high performance wheels in the country. Furthermore, the inflating disposable incomes and the improved living standards of people are estimated to provide impetus to the market growth in the forecast period. Also, the market is further estimated to be aided by the thriving transportation industry in the country owing to the increasing consumer demand for passenger vehicles.

The growing collaborations among the market players for the development of efficient tyres for safe and sustainable mobility are projected to support the market growth in the forecast period. For instance, In August 2021, Bridgestone Corporation (OTCMKTS: BRDCY) announced that the company has partnered with Fisker Inc. (NYSE: FSR) as the exclusive tyre partner for its all-electric Fisker-Ocean SUV. Under this partnership, Bridgestone will provide its custom developed Potenza Sports tyres that provide optimal handling and low rolling resistance, which is expected to enhance the driving experience of the consumers. Such developments are estimated to support the high performance wheels industry in the forecast period.

Market Breakup by Material, Vehicle Type, and Sales Channel:

  • The market is segmented, based on material, into aluminium, steel, magnesium, and carbon fibre, among others.
  • The significant vehicle types in the market are premium compact, entry-level luxury, and mid-size luxury.
  • On the basis of sales channel, the market can be divided into original equipment manufacturers (OEM) and aftermarket.

Key Findings of the Report:

  • The high performance wheels industry in the United States is being driven by the strong foot hold of major automotive companies, coupled with the rising consumer demand for luxury vehicles in the region.
  • The increasing inclination of consumers towards fuel efficient and lightweight vehicles is anticipated to propel the market growth.
  • The market is projected to be bolstered by the rising incidences of road accidents, which is propelling the demand for tyres that provide optimal handling and low rolling resistance.
  • The growing investments by the leading market players in the research and development of advanced wheel solutions are expected to further support the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the United States market for high performance wheels for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the materials, vehicle types, and sales channels.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the United States high performance wheels market are Enkei International, Inc., Vossen Wheels, HRE Wheels, BBS of America, Inc., Forgeline Motorsports, and Wheel Pros, LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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