Ocean View, Delaware, Oct. 09, 2017 (GLOBE NEWSWIRE) --
Global Automotive Wheel Market is set to cross USD 105 Billion by 2024; according to a new research report by Global Market Insights, Inc. Growth in global automobile production to meet the rising vehicle demand remains the key driver for automotive wheel market growth. As per analysis, global vehicle production reached around 95 million in 2016. Changing income trends along with improving living standards are the kay factors driving the industry demand.
Increasing capital investment and R&D spending by the OEMs particularly on passenger cars will drive the automotive wheel market size. Global passenger car sales surpassed 69 million in 2016. Moreover, rising operating margins for OEMs coupled with recovery of automobile industry has enhanced the product demand.
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Necessity for lightweight wheels to reduce the vehicle weight and enhance fuel efficiency will propel the automotive wheel market. Technological advancement and product innovations in material, design and aerodynamics have further enhanced the industry growth.
Regular automotive wheel market generated over 410 million units in 2016. Increase in consumer spending on vehicles along with growing population will drive the industry demand. Inclination towards nuclear families due to rapid urbanization will propel the product penetration.
Emergence of lightweight materials including magnesium and carbon fiber offering relatively high strength has enhanced the industry growth. Increasing product usage in premium compact vehicles will drive the product demand.
Expansion in global transportation industry accompanied by rise in frequency of public travelling are among the major factors fueling the industry demand. High production costs due to comprehensive manufacturing process may affect the price trend. Availability of substitute alloy materials along with high product prices may restrain the industry growth.
Browse key industry insights spread across 490 pages with 780 market data tables & 19 charts & figures from the report Automotive Wheel Market in detail along with the table of contents at:
Aluminum material accounts for more than 54% of the overall demand in 2016. Stringent regulations pertaining to vehicle weight reduction and carbon emissions will drive the industry growth. Rising demand for driving comfort, high speed and quick acceleration are the key fueling factors of product penetration.
High performance automotive wheel market was worth over USD 11.4 billion in 2016. Rise in demand for sports, premium and luxury vehicles particularly in Europe and North America will support the industry demand. Enhanced acceleration, smooth braking and improved comfort are the driving factors for product scope in high-performance vehicles.
Aftermarket is set to witness gains around 5% up to 2024. Growth in auto components industry along with increasing consumer awareness regarding safety and convenience will drive the business growth. Shifting consumer preference for customized and high-performance vehicles will drive the automotive wheel market.
Passenger cars market will worth over USD 77 billion by 2024. Changing lifestyles and increasing disposable income are the major driving factors of industry size. Heavy R&D along with emergence of cost efficient passenger cars have further encouraged the product demand.
Asia Pacific automotive wheel market is anticipated to value over USD 53 billion by 2024. Increasing vehicle production particularly in China and India remains the key driving factor for industry growth. Increasing manufacturing facilities, owing to favorable socio-economic conditions will drive the regional demand.
Europe automotive wheel market will witness growth over 4% up to 2024. Rising demand for premium vehicles coupled with recovery from economic recession are the key factors supporting the industry growth. Presence of key industry players provides a positive outlook for the regional demand.
Ronal Group, Maxion, Alcoa, Dicastal, Steel Strips and Enkei are the major industry players. Global industry share is highly fragmented due to presence of large number of regional manufacturers. Product innovations, new product launches offering large number of product choices for customers are the major strategies adopted by industry players.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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