Overview and Scope
High-performance wheels are wheels that give superior braking than other wheels, are light in weight, compact, and have a very low likelihood of galvanic corrosion. They can lessen unsprang weight, lessening the unpleasant vibrations that vehicles experience. High-performance wheels improve a vehicle’s fuel economy and performance due to their lightweight.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Europe was the largest region in the high-performance wheels market in 2023. The regions covered in the high performance wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the high performance wheels market report are Topy Industries Ltd., Maxion Wheels GmbH, Accuride Corporation, Steel Strips Wheels Ltd., Wheel Pros LLC, Alcoa Wheels, Weds Co. Ltd., ALCAR Holding GmbH, SuperAlloy Industrial Co. Ltd., Enkei Wheels Limited, Carbon Revolution Ltd., OZ S.p.A, American Eagle Wheels, Forgeline Motorsports, HRE Performance Wheels, Vossen Wheels , TSW Alloy Wheels, Raceline Wheels, Nutek Forged Wheels, RAYS Co. Ltd., Ultra Wheels Inc., CITIC Dicastal Co. Ltd., Konig Wheels, Automotive Wheels Ltd., Schott Wheels, Mubea Performance Wheels Gmbh, Euromax Wheels, Fikse Wheels, Green Manufacturing Inc., Work Wheels USA.
The high performance wheels market report table of contents includes:
1. Executive Summary
- High Performance Wheels Market Characteristics
- High Performance Wheels Market Trends And Strategies
- High Performance Wheels Market – Macro Economic Scenario
- Global High Performance Wheels Market Size and Growth
.
- Global High Performance Wheels Market Competitive Benchmarking
- Global High Performance Wheels Market Competitive Dashboard
- Key Mergers And Acquisitions In The High Performance Wheels Market
- High Performance Wheels Market Future Outlook and Potential Analysis
- Appendix
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