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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
United States High Performance Wheels Market Outlook
The United States high performance wheels market is expected to grow in the forecast period of 2024-2032 at a CAGR of 6.90%.
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Increased Demand for Aluminium-based Wheels to Aid the United States High Performance Wheels Industry
Aluminium wheels are light weight and attractive, which make them ideal for an automobile. Aluminium provides greater resistance to rust and corrosion, which bolsters the reliability and efficiency of wheels. In addition to this, aluminium wheels enhance the balance performance and their maintenance cost is fairly low. Over the forecast period, the rising demand for aluminium wheels for premium compact and mid-sized vehicles in order to achieve greater handling and bolster the aesthetics of a car is likely to propel the growth of the segment. Meanwhile, the magnesium segment is anticipated to witness a healthy growth in the forecast period, owing to the fact that magnesium allows the car to attain high speed without compromising on the grip on the road. In addition to this, magnesium can transfer the heat from the brake much efficiently and uniformly. This is a major advantage of this material as it prevents the wheels from getting overheated.
High Performance Wheels: Market Segmentation
High performance wheels are the type of wheels that are strong and exhibit superior mechanical properties. High performance wheels are usually made up of alloys of magnesium, aluminium, steel, or carbon fibre. In addition to this, the product is light weight, has a low chance of galvanic corrosion, and offers excellent braking. Moreover, high performance tyres use less blades and carry stiffer and wider apex to bolster the cornering power.
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Based on material, the market can be segmented into:
- Aluminium
- Steel
- Magnesium
- Carbon Fibre
- Others
On the basis of vehicle type, the market has been divided into:
- Premium Compact
- Entry-Level Luxury
- Mid-Size Luxury
The major sales channels of the product are as follows:
- Original Equipment Manufacturers (OEM)
- Aftermarket
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Thriving Automotive Industry and the Increasing Demand for High Performance Vehicles to Boost the Market for High Performance Wheels in the United States
The high performance wheels industry in the United States is being driven by the thriving automotive industry supported by the presence of major automotive companies in the country, rising disposable income, and rapid advancements in transportation infrastructure. Meanwhile, the growing popularity of car-related sports, such as car racing, drag racing, motorsports, and dirt rallies, which require high performance cars, is likely to be a major driving factor for the market in the forecast period. In addition to this, the increasing inclination of the young population of the country towards aesthetically appealing and durable cars is likely to propel the demand for high performance wheels in the forecast period. Moreover, the growing efforts by the key automotive manufacturers to improve handling, bolster acceleration, and reduce the weight of high performance cars are anticipated to provide impetus to the market. The market in the country will further be aided by the presence of skilled designers and engineers in the region.
Key Industry Players in the United States High Performance Wheels Market
The report gives a detailed analysis of the following key players in the United States high performance wheels market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Enkei International, Inc.
- Vossen Wheels
- HRE Wheels
- BBS of America, Inc.
- Forgeline Motorsports
- Wheel Pros, LLC
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| 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:
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| Breakup by Materials |
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| Breakup by Vehicle Types |
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| Breakup by Sales Channels |
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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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Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 6.90% between 2024 and 2032.
The major drivers of the market include the expansion of the automotive industry, rising disposable income, rapid urbanisation, strong presence of major automotive companies, and rapid advancements in technology.
The technological advancements in the automotive industry aimed towards boosting the comfort of consumers amidst the rising cases of road accidents are expected to be a key trend guiding the growth of the industry.
Aluminium, steel, magnesium, and carbon fibre, among others are the different materials based on which the market has been segmented.
Premium compact, entry-level luxury, and mid-size luxury are the different vehicle types considered within the market report.
Original equipment manufacturers (OEM) and aftermarket are the different sales channels considered in the market report.
The major players in the industry are Enkei International, Inc., Vossen Wheels, HRE Wheels, BBS of America, Inc., Forgeline Motorsports, and Wheel Pros, LLC, among others.
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