Automotive Carbon Wheels Market

Market Synopsis:

The Global Automotive Carbon Wheels Market was valued at USD 673.42 Million in the year 2022 and is forecast to reach a value of USD 1391.90 Million by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.50% over the forecast period.

A wheel is a hub-mounted, spherical metal frame with spokes or a solid disc as its spokes. Car tires are mounted on wheel frames, which are also referred to as rims or alloy wheels. These are made of steel, aluminum, magnesium, carbon fiber, or a mixture of these metals. Automobile carbon fiber wheels are robust, lightweight, and extended wheel life. They outperform conventional wheels in several additional ways, including increased fatigue damage strength and stability, self-vibration cushioning, improved grip, and high heat rigidity. Automotive carbon wheels are meant to be used in high-performance automobiles like sports cars and SUVs, where the wheels' strength, weight, and vibration-dampening characteristics are essential criteria.

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People's purchasing power has expanded due to increased disposable income, which has enhanced their preference for luxury goods like sports cars. The main factors anticipated to increase demand for automotive carbon wheels and increase the market size for these wheels are the desire to reduce vehicle weight and enhance fuel efficiency. Automotive industry players are concerned about lowering vehicle weight since it improves performance and efficiency. The benefits of lighter wheels are improved mobility, a quieter and smoother ride, quicker acceleration and deceleration, better suspension, and ongoing fuel efficiency improvements. All of these considerations drive the market for carbon wheels for automobiles. However, the need for aftermarket automotive carbon wheels will also increase as a result of continued efforts by vehicle owners to increase productivity, success, and aesthetic appeal. As a result, it is anticipated that all of these factors will benefit automobile carbon wheels.

Market Segmentation:

The Automotive Carbon Wheels Market is segmented on the basis of Size, Vehicle, and Sales Channel. Based on Size, the market is segmented into 19, 20, 21, and Other Sizes. Based on vehicles, the market is segmented as Passenger vehicles, Luxury/ Premium Vehicles, Mid-segment Vehicles, Entry-class Vehicles, and Commercial Vehicles. Finally, based on Sales Channel, the market is segmented as OEM and Aftermarket.

Based on Sales Channel:

On the basis of Sales Channel, the OEM is that according to projections, the OEM sub-segment will dominate the global market. This sub-segment is expanding due to the increased focus on increasing engine power in electric vehicles compared to vehicle weight in both passenger and commercial electric vehicles. In addition, using carbon wheels is anticipated to lower the vehicle's weight, which will help increase the vehicle's power output.

Based on Vehicle:

On the basis of vehicles, the passenger vehicles sub-segment is anticipated to command the largest market share and generate significant income shortly. Furthermore, this sub-growth segment is expected to be aided in the foreseeable future by rising consumer demand for increased passenger car fuel efficiency and growing efforts by automakers to lighten their vehicles.

Europe is Projected to Grow at the Fastest CAGR During the Forecast Period

Europe is accounted to grow at the fastest CAGR during the forecast period. As a result, Europe dominated the global market for automotive carbon wheels, and it is anticipated that it will continue to hold the top spot during the forecast period. Furthermore, the use of carbon fiber composite materials in vehicles by leading automakers in the Europe region, including Porsche, BMW, Ferrari, Mercedes-Benz, Audi, and Lamborghini, as well as a strong focus on materials engineering for the development of light automotive composite materials, such as carbon fiber automotive rims and wheels, are anticipated to support the growth of the carbon wheels market in the Europe region during the forecast period.

Competitive Landscape:

The key players in the Global Automotive Carbon Wheels market include- Carbon Revolution, Dymag Group Limited, ESE Carbon, HRE Wheels, LiteSpeed Racing, Rolko Kohlgrüber GmbH, Thyssenkrupp AG, and others.

Segmentation of the Global Automotive Carbon Wheels Market: