Asia Pacific automotive wheel market to garner a massive chunk of the global industry over 2017-2024, shifting trends toward lightweight vehicles to boost the product demand
The escalating development in global automobile sector is poised to generate commendable growth avenues for automotive wheel market in the ensuing years. Automobile producers have been adopting new manufacturing techniques to comply with emission control regulatory norms. Researchers have also been implementing novel product designs and improvised concepts to increase the fuel efficiency of vehicles, which in turn, will boost automotive wheel industry size. Another pivotal factor making a significant impact on the product demand is the rising spending capabilities of consumers. Of late, consumers have been prioritizing comfort, durability, and product design, which has undoubtedly provided a significant impetus to global automotive wheel industry size. As per the estimates, automotive wheel market was pegged at USD 80.8 billion in 2016 and is projected to exceed a valuation of USD 105 billion by 2024.
North America Automotive Wheel Market, By Material, 2013-2024, (Thousand Units)
Major automotive manufacturers across North America and Europe are treading toward the production of lightweight vehicles, owing to the increasing concerns over environmental pollution. Aluminum is one of many materials that is used to construct these light weight vehicles, and has also been gaining immense popularity of late, pertaining to its benefits such as low weight, improved design, and excellent performance. As per estimates, aluminum-based automotive wheel market will surpass a revenue collection of USD 55 billion by 2024.
Speaking of the geographical aspects, North America and Europe have been experiencing massive expansion of automotive wheel industry over the recent years. As per estimates, North America and Europe automotive wheel industry are projected to register a CAGR of 4.5% and 4% respectively over the coming seven years. One of the major factors that has significantly influenced the regional trends is the implementation of strict regulatory norms to reduce carbon emissions by the government entities. Elaborating further on the U.S., automotive wheel market trends, the country’s excessive deployment of vehicle safety policies, rising need for efficient braking systems, heavy investments in technological advancements, and large-scale R&D activities by the manufacturing giants are few of the major factors providing a remarkable push to the regional industry growth. Some of the renowned participants in the competitive hierarchy of automotive wheel market include Alcoa, Maxion wheels, Ronal Group, Borbet, UniGroup, magnetto wheels, Fondmetals, Enkei Wheels, and Trelleborg.
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Surging innovations in product design have generated lucrative opportunities for various OEMs to penetrate automotive wheel market. In fact, automotive wheel market from OEMs in 2016, registered sales of over 368,512.5 thousand units. Emergence of the V2V technology and significant changes in the IC engine will stimulate market size positively. OEMs have also benefitted from supportive manufacturing policies implemented by numerous Asian countries. On that note, Asia Pacific market is estimated to collect a significant revenue worth USD 53 billion by 2024, with China and India as the chief revenue pockets.
Rapid urbanization trends across the globe have changed the consumer standards of living, on account of which people have been giving preferences to personal cars. In fact, subject to this factor, passenger cars have made a humongous contribution toward the overall automotive wheel market size. As per the estimates, passenger cars vehicle segment is expected to account for more than 75% of the global automotive wheel market share by 2024 generating a notable valuation of USD 77 billion.
Apart from passenger cars, LCVs (light weight commercial vehicles) have also been gaining prominence among consumers. Research states that automotive wheel market from LCVs will register a significant growth rate over 2017 to 2024, owing to the growing urbanization and goods transportation. The EU has deployed emission norms such as Euro 6/VI and 6 for heavy duty and light duty vehicles respectively, which will subsequently influence this segment. Spain, Germany, Belgium, Austria, Netherlands, and Finland are the major contributors of the Europe regional automotive wheel industry growth, which was valued at USD 20 billion in 2016.
The business landscape is expected to be highly characterized with strategic collaborations between OEMs and suppliers coupled with plethora of innovations with regards to product design and manufacturing processes. In terms of market size, Global Market Insights, Inc. projects the worldwide automotive wheel market to surpass a volume of 643 million units by 2024.
Author Name : Sunil Hebbalkar