The global automotive carbon wheels market was valued at US$ 126.03 Billion in 2020 and is expected to reach US$ 267.46 Billion by 2030, growing at a CAGR of 7.7% from 2021 – 2030.
Wheels are circular components that are fixed on any vehicle and they rotate on an axle making movement or transportation easier. These are made of aluminum, steel, magnesium, carbon fiber, or a combination of all these compounds. Automotive carbon wheels are specialized and advanced wheels that are manufactured using carbon fiber and resin. Carbon fibers can be molded into any shape even such shapes that cannot be built with traditional methods. These wheels are more convenient, light in weight, highly durable, long-lasting, and show immense strength. Automotive wheels have several advantages over conventional wheels such as self-vibration damping, high fatigue failure strength, better road grip, better heat resistance, and provide very high durability. Automotive Carbon wheels are also very efficient in improving fuel efficiency and reducing carbon emissions thereby driving the global automotive carbon wheels market.
Hike in the demand and sale of motorsports cars, rising disposable incomes, increasing expenditure in the automotive sector, stringent government policies to curb out the pollution, improved vehicle performance, growing demand for luxury vehicles, hike in the demand of passenger vehicles, and improved aerodynamics are the major reasons boosting the global automotive carbon wheels market. At present, most of the carbon fiber automotive parts are used in high-end sports cars and European supercars. Parts of the vehicle such as wheels, body components, and rims, and interior finishes use carbon fiber for better performance and design. However, the high costs attributed to the carbon fibers and low abundance & availability restrict the market growth especially in developing regions. Additionally, the rising demand for luxurious cars, extraordinary comfort, and noise-free cabins in cars such as BMW, Volvo, Rolls-Royce, Land Rover, Audi, and others are highly driving the global market growth.
The global automotive carbon wheels market is fragmented on the basis of Size Type, Vehicle Type, End-user, and region. The Size Type segment is further bifurcated into 18 Inch, 19 Inch, and 20 Inch. By Vehicle Type, the scope of the report covers Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses & Coaches, and Trailers. The End-user segment is divided into OEM and aftermarket. Among End-user, the OEM segment dominates the market.
However, key companies are adopting strategies such as collaborations, partnerships, and product development for better customer satisfaction. Additionally, key market players & original equipment manufacturers are investing in R&D to bring out the best quality performance in the global automotive carbon wheels market.
Based on Region, the global automotive carbon wheels market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is further classified into the U.S., Canada, and Mexico. Europe is further segmented into Germany, the U.K., France, Italy, Spain, Russia, and the rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, South Korea, and the rest of APAC. The RoW includes South & Central America, the Middle East, and Africa. Germany is the highest contributor in the global automotive carbon wheels market because it is the manufacturing hub of racing vehicles. However, APAC is dominating the global automotive carbon wheels market among all the geographies in terms of market share. The core reason for the immense growth of APAC is the presence of an expanded automotive industry, and the strong presence of prominent key players such as Carbon Revolution Pty. Ltd.
Prominent players of the global automotive carbon wheels market are Superior Industries International, Iochpe-Maxion, Zhejiang Wanfeng Auto Wheel, Steel Strips Wheels, Hitachi Metals, Enkei, Citic Dicastal, Accuride Corporation, Borbet, and Mangels Industrial, among others.
Market Segmentation and Scope of the Global Automotive Carbon Wheels Market
By Size Type
By Vehicle Type
Prominent Players of the Global Automotive Carbon Wheels Market