Automotive carbon wheels market is expected to grow by 2030 due to growing emphasis on improving fuel efficiency & reducing vehicle weight. OEM sub-segment is expected to be highly lucrative. Market in the Europe region to be highly beneficial.
NEW YORK, July 19, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Automotive Carbon Wheels Market by Vehicle Type (Passenger Cars, Commercial Vehicles, and Two Wheelers), Distribution Channel (OEM and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030″.
According to the report, the global automotive carbon wheels market is anticipated to generate a revenue of $1,481.5 million by 2030, growing at a CAGR of 9.9% during the forecast period 2022-2030.
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Dynamics of the Automotive Carbon Wheels Market
Drivers: The growing emphasis on reducing vehicle weight and improving fuel efficiency are the prime factors estimated to drive the growth of the global automotive carbon wheels market during the forecast period. In addition, carbon fiber is a composite material that can provide faster acceleration and deceleration, improved suspension, and is extremely lightweight, thus making it a suitable alternative than aluminum wheels. These factors are expected to boost the market growth by 2030.
Opportunities: Increasing demand for luxury vehicles and continuous advancements in the automotive technology are some factors predicted to create ample growth opportunities for the global automotive carbon wheels market by 2030. Moreover, high disposable income of people and economic growth in the developing countries are also projected to boost market development during the analysis years.
Restraints: High initial cost of manufacturing carbon fiber material is the prime factor to impede the market growth.
Covid-19 Impact on the Automotive Carbon Wheels Market
The covid-19 catastrophe has had a negative impact on the global automotive carbon wheels market just like most businesses and industries. To curb the spread of the corona virus, governments across the globe imposed strict lockdowns and travel bans that forced several manufacturing industries to shut down. Moreover, disruptions in supply chains for vital components like semiconductors and others in manufacturing carbon fiber resulted in the reduced sales of automotive in 2020. All these factors are anticipated to decrease the demand for automotive carbon wheels among people.
Segments of the Automotive Carbon Wheels Market
The report has segmented the market into a few segments based on vehicle type, distribution channel, and regional analysis.
- By vehicle type, the passenger cars sub-segment of the global automotive carbon wheels market is estimated to have a dominant market share and generate a revenue of $691.5 million by 2030 due to the rising demand for improving fuel efficiency and reducing the weight of passenger cars by utilizing composite materials like carbon fiber. Moreover, the growing demand for luxury cars among people is boosting the passenger cars’ sales, thus propelling the sub-segment’s growth during the forecast years.
- By distribution channel, the OEM sub-segment is expected to have a significant growth rate and surpass $828.5 million during the analysis timeframe due to the large-scale production of passenger and commercial vehicles, low replacement rates, and high installation expertise requirements. Moreover, multiple market players have expanded their production plants, thus augmenting the sub-segment’s growth by 2030.
- By region, the automotive carbon wheels market in the Europe region is predicted to hold a noteworthy market share and grow at 9.6% CAGR during the 2022-2030 forecast period due to the presence of major auto manufacturers like Mercedes Benz, Audi, BMW, Ferrari, Porsche, etc. Moreover, the growing emphasis on developing light composite materials like carbon fiber for manufacturing automobiles and strategic partnerships and acquisitions by prominent market players are some factors projected to further uplift the market development rate by 2030.
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Major Automotive Carbon Wheels Market Players
Some major market players are
- HITACHI METALS, LTD.
- Phoenix Wheel Company, Inc.
- Dymag Group Limited
- ROTOBOX d.o.o.
- Litespeed Racing LLC
- ESE Carbon
- Thyssenkrupp AG
- Ronal Group
- Carbon Revolution
- Rolko Kohlgrüber GmbH
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. Buy Full Report at $2999 (Read-Only)
For example, in For instance, in May 2022, Ford Motor Company, an American multinational automobile manufacturer, launched its brand-new Ford Mustang Shelby GT500 with carbon-fiber wheels, track tires, and aerodynamic aids. The Mustang also comes with a Recaro seat, a larger rear wing, and a carbon-fiber interior rim.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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