SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Automotive Wheel – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 487
Companies: 127 – Players covered include Accuride Corporation; Alcar Holding Gmbh; Borbet GmbH; Citic Dicastal Co., Ltd.; Enkei Corporation; Hitachi Metals Ltd.; HRE Performance Wheels; Iochpe-Maxion S.A.; Mangels Industrial; Ronal AG; Steel Strips Wheels Ltd.; Superior Industries International; ThyssenKrupp AG; Topy Industries, Ltd.; Vossen Wheels; Zhejiang Wanfeng Auto Wheel and Others.
Coverage: All major geographies and key segments
Segments: Material (Steel, Alloys, Other Materials); Vehicle Type (Passenger Vehicle, Commercial Vehicle)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Automotive Wheel Market to Reach $38.9 Billion by 2024
An automotive wheel is as the cylindrical part where the tire is installed. It includes the rim and disc plate and the complete assembly is called a wheel. The rim is the outermost part of the wheel that accommodates the tire. The disc, on the other hand, is that part of the rim which is fixed to the axle hub. Typically, an automotive wheel comes designed with ventilated holes around the circumference to enable cooling. The mounting face of the wheel has a budged shape to create space for the brakes. The wheel hub is the central part of the wheel that actually interfaces with the axle and the braking system. The brake rotors and hub assemblies rest against the wheel hub. The wheel structure and function is an important engineering aspect of an automotive as it influences handling and safety of the automobile. An unsung hero of the automotive, wheels are important, since a damaged, bent or broken wheel can puncture the tire leading to blowout and increasing the risk of vehicle crashes.
In addition, they can also trigger mechanical issues such as loss of control of the car. Potholes are the primary reasons for rim and wheel damage on automobiles, in addition to corrosion and salted winter roads and driving on a flat tire. Given that the primary purpose of a wheel, especially the rim, is to provide a firm base to the tire and also as a support to the vehicle, significant R&D has been expended into the modelling and fatigue analysis of automotive wheels manufactured from various materials such as steel, aluminium, magnesium, and carbon-fiber etc. the wheel rim is subject to heavy stress and static loads as the vehicle travels cross diverse terrain. Identifying the maximum stress point for in the rim is vital for designing safe wheels.
Amid the COVID-19 crisis, the global market for Automotive Wheel market is projected to reach US$38.9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.6% over the analysis period. China represents the largest regional market for Automotive Wheel, accounting for an estimated 21.5% share of the global total. The market is projected to reach US$10.2 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 8.3% over the analysis period. Easy availability of information on the Internet, price transparency is creating a more informed and empowered customer. This pushes up the challenge for manufacturers to meet customer expectations and generate value by offering products with the best price to value ratio. In the aftermarket, demand for wheels stems from new wheel replacement and refurbished wheel fitment. A key trend in this regard is the popularity of powdered coating. These wheels are especially popular in the aftermarket because they are cheaper to manufacture; have lower cost of production due to lesser material wastages; eco-friendly as they have zero VOC emissions which is important given the stringent emission regulations; higher aesthetic appeal; non-porous surface of power coatings gives higher levels of resistance to dirt, dust and corrosion; lower risk of chipping; better durability; cost-effective and curing time for power coasting is significantly lesser than for traditional paint; and compatibility with different wheel materials. In terms of material alloy wheels are popular in the aftermarket. More
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SOURCE Global Industry Analysts, Inc.