ALBANY, N.Y, Oct. 6, 2020 /PRNewswire/ -- The global automotive wheel market is estimated to gain lucrative avenues during the forecast period of 2020 to 2030. One of the important factors attributed to this growth is noteworthy increase in the production as well as sales of vehicles in all worldwide locations.
Depending on material used in the manufacturing, there are three types of products available in the market for automotive wheel, namely, steel wheel, carbon fiber wheel, and alloy wheel.
Analysts at TMR highlight that the automotive wheel market will experience highest revenue generating opportunities in Europe. Numerous market vendors are focused on incorporation of latest design tools and new materials in their production activities. Therefore, they are growing alliances with worldwide research talents. This move is helping them achieve the manufacturing of highly efficient products.
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Key Findings of Automotive Wheel Market Report
- The global automotive wheel market is projected to grow at a CAGR of around 4% during 2020–2030.
- In the material segment of the automotive wheel market, vendors are expected to gain extensive revenues from alloy wheels segment during assessment period.
- On regional front, Asia Pacific and Europe are expected to show rapid growth in automotive wheel market during the forecast period
Explore 274 pages of top-notch research, incisive insights, and detailed country-level projections on Automotive Wheel Market (Material: Alloy Wheel, Steel Wheel, and Carbon Fiber Wheel; Rim Size: 12"-17", 18"-21", and More than 22"; Vehicle Type: Passenger Vehicle and Commercial Vehicle; and Sales Channel: OEM and Aftermarket) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/automotive-wheel-market.html
Automotive Wheel Market: Key Driving Factors and Promising Avenues
- Several industry leaders are concentrated on the development of technologically advanced products. To achieve this motive, they are spending high amount of money in research activities. Apart from this, many players are incorporating new manufacturing technologies as well as new materials. All these factors are fueling the growth of the global automotive wheel market.
- Major vendors operating in the automotive wheel market are growing focus on strengthening their production abilities. They are investing noteworthy amount of money to develop high-tech TUV-approved plants. This strategy is helping vendors to gain recognition at international level.
- Growing efforts of leading players to offer validated steel wheels for mobility vehicles at cheaper prices is likely to boost the sales in the automotive wheel market.
- Many players in the automotive wheel market are incorporating advanced machineries into their plants. As a result, they are able to offer automotive wheels with tinted gloss black and other finishes. At the same time, many enterprises are eyeing the development of superior quality deep-dish wheels. All these activities are expected to boost the expansion of the global automotive wheel market in the forthcoming years.
Analyze global automotive wheel market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Automotive Wheel Market: Competitive Assessment
Majority of players in the global automotive wheel market are growing focus on strengthening their market position. To achieve this aim, they are using diverse organic as well as inorganic strategies. One of the key strategies on top of the list of stakeholders is mergers and acquisitions.
Many players in the market for automotive wheel are entering into partnership and collaboration agreements. These moves are helping them in achieving their goal of regional expansion. This aside, several enterprises are growing focus on technological advancement. All these activities are indicative of stupendous growth of the global automotive wheel market in the period of assessment.
Some of the important companies working in the automotive wheel market are CITIC Dicastal Wheel Manufacturing Co., BORBET GmbH., ARCONIC, Enkei, MAXION Wheels, BBS Alloy Wheel, Fuel Off Road Wheels, MHT Luxury Wheels, RONAL Group, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd, WHEELPROS LLC, Superior Industries International Inc., and TSW Wheels.
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The segmentation of the automotive wheel market is performed as follows:
- Passenger Vehicle
- Commercial Vehicle
- Alloy Wheel
- Steel Wheel
- Carbon Fiber Wheel
- More than 22"
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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