Newark, May 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 800 million in 2023 global carbon wheels market will reach USD 2074.99 million in 2033. Carbon fibre composite materials are used to make carbon wheels. Due to its exceptional stiffness-to-weight ratio, carbon fibre is a lightweight, highly durable material widely used in high-performance industries such as sports equipment, automotive, and aerospace. Compared to conventional metal wheels, carbon wheels provide several benefits, such as lighter weight, more rigidity, and better aerodynamics. These advantages may result in improved handling, quicker acceleration, and higher efficiency.
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Scope of Carbon Wheels Market
| Report Coverage | Details |
| CAGR | 10% from 2024 to 2033 |
| Market Size in 2023 | USD 800 Million |
| Market Size by 2033 | USD 2074.99 Million |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Vehicle Type and Distribution Channel |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Global Carbon Wheels Market
North America will dominate the market during the forecast period.
The region is home to innovative businesses and research facilities that are advancing the field of carbon fibre technology. This knowledge results in ongoing advancements in wheel design, manufacturing techniques, and materials. High-end cycling goods have a sizable market in North America as well. Prominent local manufacturers contribute to the market's expansion as well.
In 2023, the commercial vehicles segment dominated the market with the largest market share of 44% and revenue of 352 million.
The vehicle type segment is divided into passenger cars, commercial vehicles, and two-wheelers. In 2023, the commercial vehicles segment dominated the market with the largest market share of 44% and revenue of 352 million.
In 2023, the OEM segment dominated the market, with a 74% market share and revenue of 592 million.
The distribution channel segment is divided into OEM and aftermarket. In 2023, the OEM segment dominated the market with the largest market share of 74% and revenue of 592 million.
Advancement in Market
The Optimus, Sylvan, and Grappler Mountain bike wheel series, together with Race Carbon and Race Alloy rims, have replaced E*Thirteen's full wheel lineup. The Optimus wheels now have a new 28mm internal width rim, while the Sylvan wheels, which cater to the all-mountain and lightweight eMTB sectors, use E*Thirteen's first asymmetric rim with a 30mm internal width.
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Market Dynamics
Driver: The growing need for environmentally friendly solutions.
Environmental concerns largely drive the increased demand for carbon wheels. Carbon fibre production procedures are more energy-efficient and produce fewer greenhouse emissions than older ones, making carbon wheels more environmentally friendly. Furthermore, reducing carbon wheels' weight improves energy efficiency by using less fuel, which aligns with environmental objectives. Furthermore, by minimizing the need for frequent repairs and lowering the use of raw materials, the lifetime and durability of carbon wheels contribute to sustainability. Carbon wheels will, therefore, become more and more in demand as the need for sustainable and eco-friendly solutions grows. Carbon wheels lower emissions and provide long-lasting, recyclable, and energy-efficient economic solutions.
Restraints: The price of carbon fibre wheels.
The main component used to make carbon wheels is carbon fibre, which is more expensive to produce and handle than materials like steel or aluminium. Complex procedures are needed to produce carbon fibre, which raises the price. The manufacturing processes needed to produce carbon also raise the cost of production. Quality control procedures are necessary to guarantee carbon wheels' performance and structural integrity, which raises manufacturing costs. The high cost of carbon wheel technology is partly a result of the research and development that goes into their creation and improvement. Innovation, testing, and research must be heavily invested in for breakthroughs to occur, which is reflected in the product's ultimate cost. Because they are known for their high performance and quality standards, well-known brands frequently fetch high prices. Furthermore, warranty coverage, customer service, and aftermarket services could impact how much carbon wheel producers charge. Thus, the market's growth will be hampered by the cost of carbon wheels.
Opportunities: Developments in technology.
The market will rise due to technological developments in carbon wheels that affect materials, aerodynamics, design, and manufacturing procedures. Because of advancements in carbon fibre materials, wheel structures are now stronger, lighter, and more long-lasting. These developments make it possible to create wheels with improved performance. Furthermore, advances in production procedures, such as robotics and automated layup machines, guarantee uniform precision and quality in every wheel manufactured. The global market for carbon wheels has advanced overall due to this consistency and dependability. Thus, over the projection period, the market's expansion will be driven by continuous technological advancements in carbon wheel technology, which will broaden its applications and aid in widespread adoption across various sectors.
Challenges: Repairability of carbon wheels.
Concerns regarding the durability of carbon wheels will challenge the market's growth. Carbon fiber can suffer from fractures or delamination, potentially leading to costly repairs or replacements. Moreover, repairing damaged carbon wheels can be complex and expensive, requiring specialized knowledge, equipment, and materials. These concerns about durability and repairability may deter consumers from investing in carbon wheels when prioritising equipment longevity and ease of maintenance.
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Some of the major players operating in the global carbon wheels market are:
• Zipp Speed Weaponry
• Roval Components
• Reynolds Cycling
• Mavic DT Swiss
• Fulcrum Wheels
• ENVE Composites
• Easton Cycling
• Carbon Revolution Ltd.
• Campagnolo
• Bontrager
Key Segments Covered in the Market:
By Vehicle Type
• Passenger Cars
• Commercial Vehicles
• Two Wheelers
By Distribution Channel
• OEM
• Aftermarket
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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