In terms of revenue, the Global Automotive Carbon Wheels Market is expected to reach USD 1071.9 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.7% from 2022 to 2028.
The growing demand for luxury vehicles in the four-wheeler segment and the rising adoption of carbon-based wheels by automakers drive the Automotive Carbon Wheels Market’s growth during the forecast period.
Key Highlights from Report:
- The OEM segment held a significant share in 2021. This segment is expanding due to a growing emphasis on enhancing engine power in electric vehicles relative to vehicle weight in both passenger and commercial electric vehicles. Carbon wheels are projected to help increase the vehicle’s power output by reducing the vehicle’s weight.
- The passenger cars segment is projected to grow at a considerable CAGR during the forecast period. The rise of the passenger vehicle sub-segment has been boosted by increased demand for passenger vehicles in emerging economies such as China and India as a result of economic development.
- Europe is expected to grow at the fastest CAGR during the forecast period, owing to the rising demand for SUVs and LCVs, as well as an increased presence of automotive manufacturers in the region.
Market Dynamics:
The need to improve fuel efficiency and reduce vehicle weight is projected to boost demand for automotive carbon wheels and expand the market size of the automotive carbon wheels market. Vehicle weight reduction, which leads to increased efficiency & performance, is an important priority for automakers. Reduced wheel weight enhances mobility, provides a quieter & smoother ride, accelerates faster, slows down faster, improves suspension, and increases fuel efficiency. As a consequence of these benefits, composite materials are now used in different areas of automobiles. Carbon fiber reinforced plastics have several functional advantages as well as being attractive. As a result, carbon fiber is being used to make wheels by several OEMs and Tier 1 suppliers. Traditional aluminum or steel alloy wheels weigh about half as much as these wheels.
The high initial cost of manufacturing carbon fiber material, on the other hand, may limit the growth of the automotive carbon wheels market in the following year. Carbon wheels are only available in a few sizes, and the expensive price of these wheels restricts their use to select vehicle segments. As a result, it hampers the expansion of the global Automotive Carbon Wheels Market during projected years.
Europe held the largest shares of Automotive Carbon Wheels Market in 2021. The presence of key car manufacturers in the Europe region that use carbon fiber composite materials in their vehicles as well as a strong emphasis on materials engineering for developing light automotive composite materials such as carbon fiber automotive rims and wheels are expected to aid the growth of the carbon wheels market in this region during the forecast period.
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