The High Performance Wheels Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Performance Wheels Global Market Report 2024, The high performance wheels market size has grown strongly in recent years. It will grow from $20.59 billion in 2023 to $21.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased demand for high-performance vehicles, increasing demand for customized wheels, growing interest in motorsports, expansion of the automotive industry, rising disposable income.
The high performance wheels market size is expected to see strong growth in the next few years. It will grow to $27.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rising luxury car sales, electrification of vehicles, growing interest in customization, increasing demand for fuel efficiency, growing interest in racing and performance events. Major trends in the forecast period include innovative high-performance wheel solutions, advancements in vehicle technology, off-road capable wheels, growing interest in sustainability.
The rising sale of luxury cars is significantly contributing to the growth of the high-performance wheel market going forward. Luxury cars provide increased performance, status, comfort, and quality compared to regular vehicles for an increased price. High-performance wheels are used in luxury vehicles to provide better grip and cornering ability and dissipate heat much faster than standard rubber. For instance, in January 2023 according to a report released by Rolls Royce, a UK-based luxury vehicle manufacturer, the sales of Rolls Royce luxury cars increased from 5,586 in 2021 to 6,021 in 2022. Therefore, the rising sale of luxury cars will drive the high-performance wheels market.
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The high performance wheels market covered in this report is segmented –
1) By Product Type: Aluminum, Steel, Magnesium, Carbon Fiber
2) By Coating: Painted, Polished, Chromed, Machined
3) By Manufacturing Process: Gravity Casting, Low-Pressure Casting, High-Pressure Die Casting
4) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket
5) By Application: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses And Coaches, Trailers, Motorcycles, Motorsports
Top Major Players:
Topy Industries Ltd.
Maxion Wheels GmbH
Accuride Corporation
Steel Strips Wheels Ltd
Wheel Pros LLC
Europe was the largest region in the high-performance wheels market in 2023.
Product innovation is the key trend gaining popularity in the high-performance wheels market. Major companies operating in the high-performance wheels market are focusing on increasing the metallurgical properties of their high-performance wheel’s offerings. For instance, in September 2022, Maxion Wheels, a Germany-based vehicle parts manufacturer, launched a new assortment of 22.5×11.75 steel wheels for trucks and trailers that are weight-optimized. The new innovative high-performance wheels save up to four kilograms of weight per wheel compared to prior wheel types. The weight of a typical tractor-trailer combination is lowered by up to 32 kg. The lightweight wheels provide fuel savings without sacrificing performance or service life. Various stress-optimized rim contours, the exclusive use of high-strength low-alloy steels, and a reworked wheel design allow for weight savings.
The high performance wheels market report table of contents includes:
1. Executive Summary
2. High Performance Wheels Market Characteristics
3. High Performance Wheels Market Trends And Strategies
4. High Performance Wheels Market – Macro Economic Scenario
5. Global High Performance Wheels Market Size and Growth
…
32. Global High Performance Wheels Market Competitive Benchmarking
33. Global High Performance Wheels Market Competitive Dashboard
34. Key Mergers And Acquisitions In The High Performance Wheels Market
35.High Performance Wheels Market Future Outlook and Potential Analysis
36. Appendix
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