Automotive Wheel Market Overview:
The Automotive Wheel market analysis provides a full insight into the competition, including the market share and company profiles of the key worldwide rivals. The scope of the research covers a thorough investigation of the Automotive Wheel Market, as well as the causes for variances in the industry’s growth in different regions.
Global Automotive Wheel : is expected to reach US$ 10.24 Bn by 2027, at a CAGR of 13% during the forecast period.
Market Scope:
Following the completion of market engineering, which comprised market statistics calculations, estimations of market size, market projections, market breakdown, and data triangulation, major primary research was conducted to obtain information and verify and validate critical numbers. Top-down and bottom-up strategies, as well as several data triangulation procedures, were often used throughout the market engineering process to perform market estimating and forecasting for the overall market segments and sub-segments discussed in this research. In order to give vital information throughout the report, extensive qualitative and quantitative analysis is done on all data gathered throughout the market engineering process.
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Segmentation:
Global Automotive Wheel Market is segmented by rim size, material, vehicle type, vehicle class, off highway and region. Rim size is classified as compact size (13 inch – 16 inch), mid-size (17 inch – 21 inch), large size (21 inch and above). Materials are divided into steel, alloy, carbon fibre, magnesium. Vehicle type are sub segmented into passenger vehicle, light commercial vehicle, heavy commercial vehicle. Vehicle class are classified as economy, mid-priced, luxury-priced. Off-highway are splits into construction & mining, agriculture tractors. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
On the basis of vehicle type, Passenger vehicles segment is estimated to hold the largest market share during the forecast period. So, the increase in R&D investment by OEMs and Tier 1 players to improve the drive quality and efficiency of passenger vehicles will drive the automotive wheel market in this segment. However, the rise in disposable income, particularly in developing countries such as China, India, Mexico, and others, will drive the automotive wheel market in the passenger vehicle segment.
Key Players:
• Iochpe-Maxion
• Superior Industries International
• Accuride Corporation
• Steel Strips Wheels
• Hitachi Metals
• Enkei
• Citic Dicastal
• Zhejiang Wanfeng Auto Wheel
• Borbet
• Mangels Industrial
• Mefro Wheels
• Euromax Wheel
• MHT Luxury Wheels
• Status Wheels, Inc.
• Wheel Pros, LLC
• Fuel Off-Road Wheels
• SOTA Offroad
• Enkei Wheels India Ltd.
• Ronal AG
• Uniwheels
• BBS Kraftfahrzeugtechnik AG.
Primary and secondary research is used to identify market leaders, and primary and secondary research are used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers’ annual and financial reports. Secondary data is used to determine percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary data.
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Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Automotive Wheel analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Automotive Wheel Market:
End-user industries where Automotive Wheel are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Automotive Wheel manufacturers, influencing the development of the Automotive Wheel in 2020. End-user business demand for Automotive Wheel has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.
Key Questions Answered in the Automotive Wheel Report are:
- In 2021, which segment held the highest proportion of the Automotive Wheel market?
- What is the Automotive Wheel market’s competitive landscape?
- What are the primary drivers assisting Automotive Wheel growth?
- Which region has the most market share in the Automotive Wheel market?
- What will be the Automotive Wheel market’s CAGR throughout the projected period (2022-2027)?
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