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Global automotive wheels aftermarket is projected to grow at a CAGR of 3.53% from USD 3.5 billion in 2018 to reach USD 4.5 billion by 2025. The growth of the automotive wheels aftermarket is influenced by factors such as accident rates, changing consumer preferences for stylish wheels, and the growing number of automobile enthusiasts in Europe and North America.
Passenger cars estimated to account for the largest market size during the forecast period
Passenger cars estimated to account for the largest market size during the forecast period
The passenger cars segment is estimated to be the largest of the global automotive wheels aftermarket in 2018. The rising number of enthusiasts and growing demand for passenger vehicles in emerging and developed countries have contributed to the growth of the automotive wheels aftermarket for passenger vehicles. Carbon fibre wheels are widely used in high-performance vehicles and racing cars. These are now gaining popularity in the luxury vehicle segment because of their lightweight, strength, and rigidity, which helps enhance vehicle performance and fuel efficiency.
By coating type, powdered coating is expected to be the largest contributor in the automotive wheels aftermarket during the forecast period
By coating type, powdered coating is expected to be the largest contributor in the automotive wheels aftermarket during the forecast period
Powdered coating is predominantly used in the global automotive wheels aftermarket. The key factors driving the growth of the powdered coating segment are reduced wastage and increasingly stringent environmental regulations for zero or non-VOC coatings. Powdered coatings are ecofriendly and are anticipated to experience rapid growth because of unique features such as high corrosion resistance, chipping, high-quality finish, and abrasion. It also offers protection from moisture, heat, and chemicals. Further, powdered coatings emit only a small amount of VOCs.
In material type, alloy is expected to grow at the fastest rate during the forecast period
In material type, alloy is expected to grow at the fastest rate during the forecast period
The alloy is the largest and the fastest growing segment for material type in the global automotive wheels aftermarket as it offers high durability and tensile strength. An alloy is a mixture of multiple metals or metals with non-metals which are mixed in pre-determined proportions to achieve desirable properties such as corrosion resistance, durability, tensile strength, density, ductility, and malleability. The two major or commonly used components in the making of alloy wheels are aluminum and magnesium.
Key market players:
Key market players:
The global Automotive Wheels Aftermarket is dominated by major players such as RONAL Group (Switzerland), BORBET Gmbh (Germany), Enkei Corporation (Japan), Carlstar (US), and Maxion Wheels (US). These companies have strong distribution networks at the global level. In addition, these companies offer an extensive product range in the aftermarket. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
Asia Pacific: China is expected to lead the Asia Pacific market
Asia Pacific: China is expected to lead the Asia Pacific market
The Asia Pacific region is estimated to be the fastest growing market. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is home to key suppliers of automotive wheels such as Enkei (Japan) and Zhejiang Wanfeng Auto Wheel (China). Factors such as the availability of cheap labor and favorable government policies help undertake mass production of automotive components in Asia Pacific, which results in lower prices. In addition, high investments by major OEMs in advanced technologies are providing growth opportunities for the aftermarket wheels manufacturers in this region.
Recent developments:
Recent developments:
- In January 2018, Carlstar introduced a new Cragar S/S wheel, which was also known as the “King of the Road” in the past. The mission is to produce a wheel that honored the Cragar reputation of premium quality that performed at the racing level.
- In September 2018, the RONAL R56 was offered as an ECE wheel for the new BMW X3/X4. The RONAL R56 will also be offered as an ECE wheel in crystal silver, matt black, and matt black front copied surfaces in 7.5×19 inch size and 5×112 mounting hole diameter for the new BMW X3 and X4.
Sources:
https://automotiveresearch.home.blog/2019/02/19/automotive-wheels-aftermarket/
http://automotive-market-research.over-blog.com/2019/02/automotive-wheels-aftermarket.html
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