Title: Automotive Wheel Market in North America to grow at over 4.5%CAGR by 2024
1Automotive Wheel Market Price, Trends, Industry
Outlook Forecast 2017-2024
2Key Insights from Automotive Wheel Market
- 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 RD 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. - 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.
3Continued...
- 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. - 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.
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5North America Automotive Wheel Market, By
Material, 2013-2024, (Thousand Units)
6Major Companies in Automotive Wheel Market
- Ronal Group
- Maxion
- Alcoa
- Dicastal
- Steel Strips
- Enkei
- United Wheels Group
- Otto Fuchs
- Trelleborg
7Industry Coverage
8Regional Insights in Automotive Wheel Market
- 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. - 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.
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