New York, USA, March 15, 2022 (GLOBE NEWSWIRE) -- A new report on the global automotive carbon wheels market has been added by Research Dive to its repository. As per the report, the market is expected to garner $234 million by 2028, growing at a CAGR of 7.8% from 2021 to 2028. This report provides thorough insights into the present condition and future outlook of the global industry. The report is drafted by professional market analysts and assures to be a reliable source of data and detailed market insights for new players, investors, prevailing market players, stakeholders, shareholders, etc.
Factors Impacting the Automotive Carbon Wheels Market Growth:
The increasing necessity for improved fuel efficiency of vehicles is boosting the growth of the global automotive carbon wheels market. Furthermore, growing demand for luxury vehicles in the four-wheeler segment and rising adoption of carbon-based wheels by automakers are projected to give rise to profitable opportunities for market growth during the forecast period. However, the absence of standardization of the market and the dearth of regulatory measures in emerging as well as undeveloped nations is anticipated to hinder the market growth.
COVID-19 Pandemic Impact on the Automotive Carbon Wheels Market:
The abrupt rise of the COVID-19 pandemic has negatively impacted the growth of the global automotive carbon wheels industry. In the pandemic period, automobile manufacturers faced various challenges in production due to a shortage of raw materials. Moreover, the sales of automobiles have considerably dropped amidst the crisis period. This has decreased the demand for automotive carbon wheels, thus declining the global market growth significantly. However, as soon as the pandemic situation resolves, the manufacturing of automobiles will resume and the demand for automotive carbon wheels is likely to rise, thus boosting the market growth.
The report segments the global automotive carbon wheels market into vehicle type, distribution channel, and region.
Passenger Vehicles Sub-Segment to Observe Widespread Growth
Among vehicle type segments, the passenger vehicles sub-segment is expected to experience significant growth and garner $150.2 million during the forecast period. The growth of this sub-segment is mostly because of the rising demand for enhancing the fuel efficacy of vehicles and car alignment for decreasing the weight of vehicles by using carbon fiber.
Original Equipment Manufacturers Sub-Segment to Experience Highest Growth
Among the distribution channel segments, the original equipment manufacturers sub-segment is projected to observe the highest growth by garnering $138.5 million by 2028. This is mostly because of the rising large-scale manufacturing of vehicles in several categories like commercial and passenger vehicles with the growing focus on fuel efficacy.
Asia-Pacific Region to Observe Significant Growth
The report analyzes the global automotive carbon wheels market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia Pacific region market is expected to grow with a CAGR of 8.4% during the estimated timeframe. The growth of this regional market is mainly owing to the rising urbanization and growing need for mobility in the emerging markets like India & China in the region.
Major Players in the Automotive Carbon Wheels Market:
The report lists some of the leading players functioning in the global automotive carbon wheels industry including
- Thyssenkrupp AG
- Carbon Revolution
- Dymag Group Limited
- Ronal Group.
- ESE Carbon
- ROTOBOX d.o.o.
- HITACHI METALS, LTD.
- Phoenix Wheel Company, Inc.
- Litespeed Racing LLC
- Rolko Kohlgrüber GmbH, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. - Check Which companies in the automotive carbon wheels do acquisitions to gain major market share
For instance, in November 2021, Litespeed Racing, a company focused on the constant pursuit of weight reduction for race & streetcars, launched the world's lightest carbon fiber wheel the “Carbon One”.
Related Article Links:
- Global Automotive Carbon Wheels Market to Witness Enormous Growth with the Increasing Use of Carbon Wheels in Automobile Industries
- How Automotive Carbon Wheels Add Purposeful Features to the Vehicles to Experience Enhanced Overall Performance and to Save Energy?
- Global Automotive Carbon Wheels Market Anticipated To Generate A Revenue Of $234 Million, Growing At A CAGR Of 7.8% From 2021 To 2028
