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The global high performance wheels market is expected to grow at a CAGR of 8% in the forecast period of 2024-2032, to attain a value of nearly USD 48.41 billion by 2032.
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High performance wheels offer reduced weight, high braking and superior acceleration. They are extensively used in premium automotive applications to improve not only the aesthetic appearance but also the performance of the vehicle. As the automotive sector is the major contributor of air pollution, governments of various countries are imposing strict rules and regulations to compel automotive manufacturers to develop environment-friendly components and vehicles. This, in turn, is increasing the production of environmental-friendly vehicles, such as high performance wheels and lightweight products. Hence, prominent companies are trying to keep up with the norms and are developing vehicles that are less likely to cause damage to the environment, further catalysing the growth of high performance wheels industry. Moreover, the growing demand for lightweight vehicles with aesthetic appearance and superior performance is aiding the growth of the high performance wheel industry.
In the automotive industry, high performance wheels are wheels that are made from an alloy of aluminium or magnesium. Alloys are mixtures of a metal and other elements. They generally provide greater strength over pure metals, which are usually much softer and more ductile.
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Based on material, the market is segmented into:
The market can be broadly categorised on the basis of its vehicle type into:
The major sales channels of high performance wheels are:
The EMR report looks into the regional markets of high performance wheels like North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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High performance wheels can enhance the appearance of any car, including sedans, SUVs or hatchback models. Moreover, high performance wheels are lighter, visually appealing, provide better heat conduction and conserve better fuel economy. Vehicle manufacturers are introducing vehicle models pre-equipped with high performance wheels to improve the wear and tear of tyres, which is bolstering the market growth. The rising demand for performance cars with aesthetic appearance and technological advancement is augmenting the industry growth. The rising demand for premium vehicles owing to the evolving consumer preference for safe and sustainable vehicles is expected to boost the market growth over the forecast period. Additionally, 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 report presents a detailed analysis of the following key players in the global high performance wheels market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:l
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Breakup by Material |
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Breakup by Vehicle Type |
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Breakup by Sales Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global high performance wheels market is projected to grow at a CAGR of 8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period 2024-2032 to reach nearly USD 48.41 billion by 2032.
The major market drivers include the growing use of high performance wheels in premium vehicles and the rising preference for lightweight and environmentally-friendly vehicles.
The key trends guiding the market include the rising demand for vehicles with aesthetic appearance and technological advancements in the automotive sector to create more advanced wheels.
The major materials used for the product are aluminium, steel, magnesium, and carbon fibre, among others.
The various vehicle types considered in the market report are premium compact, entry-level luxury, and mid-size luxury, among others.
The leading sales channel in the market are original equipment manufacturers (OEM) and aftermarket.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The leading players in this market are Vossen Wheels, Automotive Wheels Ltd, CITIC Dicastal Wheel Manufacturing Co., Ltd., and Tuff Industries (S) Ltd., among others.
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