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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:
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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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