The global automotive carbon wheels market size was US$ 626 million in 2021. The global automotive carbon wheels market size is estimated to reach US$ 1464 million by 2030, growing at a compound annual growth rate (CAGR) of 9.9% during the forecast period from 2022 to 2030.
A wheel is a round metal frame with a solid disc attached to the spokes or hub. Car tires, also known as alloy wheels or rims, are ascended on the wheel frame which is made up of metals such as aluminum, steel, carbon fiber, magnesium, or a combination of them. Automobile carbon fiber is lightweight wheels that have long wheel vitality, and are incredibly powerful. They also have various other benefits compared to conventional wheels, such as self-vibration cushioning, higher thermal hardness, stronger grip, and higher fatigue damage strength and durability.
Factors Affecting Market Growth
The demand to decrease vehicle weight and enhance fuel efficiency are the major driving factors anticipated to boost the global market.
Reduced wheel weight enhances maneuverability, and quicker acceleration delivers a softer ride, improved suspension, and persistent fuel efficiency advancements. All these factors boost the global market.
The increased initial expenditure on manufacturing carbon fiber material and the limited number of carbon wheel sizes may hinder the global market.
Impact Analysis of COVID-19
Covid-19 had negatively impacted the global market. The global decrease in automotive sales in 2020 due to lockdowns and restrictions had a major effect on the global market. Troubles in global supply chains for necessary elements utilized in automotive carbon wheels like semiconductors impacted the global market. On the other hand, manufacturing costs will continue to be a significant limitation on innovations to improve performance while reducing vehicle weight for better fuel efficiency, along with the profitability and financial viability of the industry.
Europe has the highest global market in 2021. The existence of main car manufacturers in the region such as BMW, Porsche, Ferrari, Audi, Mercedes-Benz, and Lamborghini utilize carbon fiber composite material in their cars, and the main focus is on materials engineering for creating light automotive compound materials such as automotive rims, carbon fiber, and wheels, are anticipated to boost the global market in the region.
The prominent players in the automotive carbon wheel market are:
Phoenix Wheel Company Inc.
HITACHI METALS LTD
Litespeed Racing LLC
Rolko Kohlgrber GmbH
Dymag group limited
The global automotive carbon wheels market focuses on Vehicle Type, Distribution Channel, and Region.
Segmentation on the basis of Vehicle Type
Segmentation on the basis of Distribution Channel
Original Equipment Manufacture
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America