Pune, India, Dec. 07, 2020 (GLOBE NEWSWIRE) -- The global automotive wheel rims market size is expected to reach USD 33.33 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period. The increasing sales of passenger cars will contribute positively to the growth of the market, states Fortune Business Insights, in a report, titled “Automotive Wheel Rims Market Size, Share & COVID-19 Impact Analysis, By Material Type (Alloy, Steel, Carbon Fiber), By Sales Channel Type (Original Equipment Manufacturer (OEM) and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2020-2027.” The market size stood at USD 19.18 billion in 2019.
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The report on the automotive wheel rims market incorporates:
- Greater insights into the market
- In-depth analysis of the market
- Market drivers and restraints
- Comprehensive information about key players
- Leading regions in the market
- COVID-19 impact
Market Driver:
Heavy Demand for Automobiles to Boost Market
The booming automotive industry is expected to enable speedy expansion of the market. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the automotive sector is expected to reach 100 million units in 2019. The growing focus of manufacturers towards technologically advanced components will have an excellent impact on the market. Similarly, the OEMs are also producing components to meet emission standards set by government bodies. The ongoing R&D investments by key players for the development of inexpensive cars for low-income nations will further incite the development of the market. The rising disposable income and population are expected to contribute impetus to market growth. The introduction of technologically advanced vehicles by prominent companies will further boost the growth of the market in the forthcoming years. For instance, Ford and General Motors hold 25% of global vehicle production which in turn makes North America one of the largest vehicle manufacturers.
Diminished Automotive Demand to Thwart Growth Amid Coronavirus
COVID-19 outbreak has disrupted the production of cars in the automotive industry. Moreover, the lockdown imposed in various countries has led to the temporary closure of automotive production plants. Furthermore, the declined sale of passenger cars and commercial vehicles has negatively impacted the growth of the market for automotive wheel rims. However, the high utilization of personal vehicles during coronavirus will consequently uplift the market. This factor will further boost the sales of passenger cars and commercial vehicles, which, in turn, will aid the expansion of the market.
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Regional Analysis:
Surging Automotive Production to Promote Market in Asia Pacific
The market for automotive wheel rims in Asia pacific is expected to dominate the global market during the forecast period. The growth in the region is attributed to the increasing production of automobiles in countries such as China and India. The expanding automobile industry will have a tremendous impact on the market in Asia Pacific. Europe is expected to hold a significant share during the forecast period. The growth in the region is attributed to the well-established automotive companies in countries such as Germany, France, the UK, Sweden, and others. North America is expected to account for a considerable share owing to the increasing disposable income in the U.S and Canada. The increasing demand for luxury cars to boost the growth of the market in North America.
Key Development:
September 2019: Maxion wheels collaborated with ZF OPENMATICS for wheel connectivity solutions. The multi-service sensors will analyze and capture vital data such as wheel load, tire pressure, and temperature, and other performance factors of tires.
The Report Lists Top Companies in the Automotive Wheel Rims Market:
- MAXION Wheels (Michigan, United States)
- Steel Strips Wheels Ltd (Punjab, India)
- ESE Carbon (Florida, United States)
- Accuride Corporation (Indiana, United States)
- Superior Industries International, Inc. (Michigan, United States)
- Ronal Group (Härkingen, Switzerland)
- Trelleborg AB (Trelleborg, Sweden)
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/automotive-wheel-rims-market-102032
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- COVID-19 Impact
- Global Automotive Wheel Rims Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Sales Channel Type
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Material Type
- Alloy
- Steel
- Carbon Fiber
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued…!
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