Global Automotive Wheel Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
30 Jul, 2021
The automotive wheel market consists of sales of automotive wheels by entities (organizations, sole traders, and partnerships) that manufacture automotive wheels. The wheel is an essential component of every vehicle. It counteracts all of the forces that the vehicle is subjected to during operation, balancing the entire weight of a vehicle. A spoke, rim, and hub are essential parts of an automobile wheel. It is responsible for turning, operating, and directing the direction and speed of the vehicle.
Global Automotive Wheel Market Size And Drivers:
The global automotive wheel market is expected to grow from $29.37 billion in 2020 to $30.41 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%. The growth in the automotive wheel market is mainly due to the growing demand for vehicles fueled by growing urbanization. The market is expected to reach $44.28 billion in 2025 at a CAGR of 9.8%. Growing vehicle production is expected to propel the growth of the automotive wheel market.
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Trends In The Global Automotive Wheel Market
Advancements in technology are shaping the automotive wheels market. Major players operating in the sector of the automotive wheel are focused on developing technologically advanced solutions for automotive wheels to strengthen their position in the industry. For instance, in April 2021, Bucci Composites, a manufacturer of composite materials and structures for automotive, marine, aerospace, and industrial applications announced the completion of the construction of a 22-inch fully carbon fiber automotive wheel rim based on high-pressure resin transfer molding (HP-RTM) technology. The process was optimized and the technology employed was of a high grade, resulting in significant cost savings while still meeting the production rates of the automobile sector.
Global Automotive Wheel Market Segments:
The global automotive wheel market is further segmented based on material, vehicle class, vehicle type, rim size and geography.
By Material: Steel, Alloy, Carbon Fiber, Others
By Vehicle Class: Economy, Mid-Priced, Luxury-Priced
By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
By Rim Size: 13-15", 16"-18", 19"-21", Above 21"
By Geography: The global automotive wheel market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the automotive wheel market in 2020.
Read More On The Report For The Global Automotive Wheel Market At:https://www.thebusinessresearchcompany.com/report/automotive-wheel-global-market-report
Automotive Wheel Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides automotive wheel market overviews, analyzes and forecasts market size and growth for the global automotive wheel market, automotive wheel market share, automotive wheel market players, automotive wheel market segments and geographies, automotive wheel market’s leading competitors’ revenues, profiles and market shares. The automotive wheel market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.