Automobile wheels come in a range of materials and combinations (magnesium, aluminum, steel, carbon fiber), product type (regular and high performance), and categories including end-use and manufacture (OEM--Original Equipment Manufacturers--and aftermarket), and vehicle application (passenger cars, commercial vehicles, trucks).
The upward-trending market for all these kinds of wheels will mean a market value of USD 91.6 billion by 2024, according to a new research report from Global Market Insights, Inc.
For perspective, the U.S. automotive wheel market was worth over USD 10 billion in 2016, according to the research firm.
Propelling that growth says the report are increasing investments in budget cars by OEMs in emerging countries, and additional factors such as technological advances, tax incentives, and a rise in sales of passenger cars. Passenger cars dominated the overall automotive wheel industry share, accounting for more than 80% in 2016. China is a key contributor with 24 million+ passenger car units produced in 2016.
The report further cites factors including strict regulations on carbon emissions that encourage the manufacture of lightweight vehicles and major components like lightweight magnesium and aluminum alloy wheels, and a rising demand for corrosion resistance components, among those that will continue to drive automotive wheel demand.
Lightweight and innovative designs--available in products like forged magnesium wheels that deliver higher performance—are also expected to drive product demand. (see more at https://smwwheels.com/)
The research report is all-inclusively titled, “Automotive Wheel Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-Use (OEM, Aftermarket), By Vehicle (Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Czech Republic, Poland, Slovakia, Turkey, China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Australia, Philippines, Vietnam, Brazil, Argentina, Mexico, Colombia, Iran, South Africa, Morocco, Egypt, Algeria), Application Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024."
Request a sample of this report @ https://www.gminsights.com/request-sample/detail/1706
You are also invited to browse a related research report,
“High Performance Wheels Market Size 2017 – 2024.”
The market size was more than USD 11 billion in 2016 and is set to surpass 60 million units by 2024, due to rising demand for luxury vehicles, sports and premium compact vehicles, the shift in automotive trends towards weight reduction, fuel efficiency and vehicle customization are also considered key drivers of the high performance wheels market growth.
Browse this report at https://www.gminsights.com/industry-analysis/high-performance-wheels-market
Global Market Insights, Inc. is a U.S.-based, global market research and consulting service provider; offering syndicated and custom research reports and growth consulting services.
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