CHICAGO, January 21, 2019
CHICAGO, January 21, 2019 /PRNewswire/ --
According to the new market research report "Automotive Wheels Aftermarket by Aftermarket (New Wheel Replacement & Refurbished Wheel Fitment), Vehicle (PC, CV), Coating (Liquid, Powdered), Material, Rim Size (13-15 Inch, 16-18 Inch, 19-21 Inch, Above 21 Inch), and Region - Global Forecast to 2025". Global Automotive Wheels Aftermarket is projected to grow at a CAGR of 3.53% from USD 3.5 billion in 2018 to reach USD 4.5 billion by 2025. The growth of the Automotive Wheels Aftermarket is influenced by factors such as accident rates, changing consumer preferences for stylish wheels, and the growing number of automobile enthusiasts in Europe and North America.
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Passenger Cars: Increased passenger car sales and better vehicle handling is expected to drive the Automotive Wheels Aftermarket
The passenger cars segment is the largest of all segments of the Automotive Wheels Aftermarket and is expected to witness significant growth during the forecast period. The growing trend of engine downsizing and vehicle weight reduction without compromising vehicle performance has accentuated the need for wheels made of advanced materials. Passenger cars are now using lightweight alloy wheels that improve the performance of the vehicle. Also, the use of lightweight wheels has resulted in improved vehicle dynamics and performance compared to conventional wheels.
Alloy: Improves the appearance of the wheels
Alloy is expected to be the fastest market for global Automotive Wheels Aftermarket. The growth is due to factors such as corrosion resistance, durability, high tensile strength, density, ductility, and malleability. The two major or commonly used components in the making of alloy wheels are aluminum and magnesium. Aluminum is a lightweight material and is ductile, durable, and corrosion-resistant. Cars manufactured using aluminum are lightweight, fuel efficient, and emission efficient.
Asia Pacific: China is expected to lead the Asia Pacific market
The Asia Pacific region is estimated to be the fastest growing market. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is home to key suppliers of automotive wheels such as Enkei (Japan) and Zhejiang Wanfeng Auto Wheel (China). Factors such as the availability of cheap labor and favorable government policies help undertake mass production of automotive components in Asia Pacific, which results in lower prices. In addition, high investments by major OEMs in advanced technologies are providing growth opportunities for the aftermarket wheels manufacturers in this region.
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The global Automotive Wheels Aftermarket is dominated by major players such as RONAL Group (Switzerland), BORBET Gmbh (Germany), Enkei Corporation (Japan), Carlstar (US), and Maxion Wheels (US). These companies have strong distribution networks at the global level. In addition, these companies offer an extensive product range in the aftermarket. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
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