New York, USA, June 07, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global automotive carbon wheels market is predicted to rise at a tremendous CAGR of 9.9%, thereby garnering a revenue of $1,481.5 million in the 2022-2030 timeframe. This integrated report presents a brief outlook of the current framework of the automotive carbon wheels market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2030. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing necessity to improve the fuel efficiency of the automobile is expected to become the primary growth driver of the automotive carbon wheels market in the forecast period. Also, automobile manufacturers across the globe are looking for ways to reduce the weight of the vehicle, which is predicted to push the market further in the forecast timeframe.
Opportunities: Automotive carbon wheels are in great demand due to increasing sales of luxury vehicles which is expected to create huge growth opportunities for the market in the analysis timeframe. Furthermore, increasing innovation to improve the speed efficiency of the automobile is anticipated to create massive investment opportunities in the market.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the reduction in production of vehicles, which might prove to be a restraint for the automotive carbon wheels market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The automotive carbon wheels, too, has faced tremendously negative impact of the pandemic. Due to the lockdowns, the global supply chains were disrupted on a huge scale affecting the supply of raw materials required for manufacturing automotive carbon wheels and the distribution and sale of the manufactured products was also disrupted. Both these factors affected the automotive carbon wheels market on the whole.
Segments of the Market
The report has divided the automotive carbon wheels market into certain segments based on type, distribution channel, and region.
Type: Passenger Cars Sub-segment to be the Most Profitable
By type, passenger cars sub-segment is expected to have the most dominant market share and garner a substantial revenue of $691.5 million by 2030. Increasing demand for improving the fuel efficiency of the passenger car as well as growing efforts by car manufacturers to reduce the weight of the vehicle are expected to boost the growth of this sub-segment in the forecast timeframe.
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Distribution Channel: OEM Sub-segment to be the Most Dominant
By distribution channel, OEM sub-segment of the automotive carbon wheels market is expected to have the highest market share and register a revenue of $828.5 million by 2030. Growing production of commercial as well as passenger vehicles along with increasing demand to improve fuel efficiency of these vehicles are predicted to be the main factors behind the growth of this sub-segment.
Region: Market in the Europe Region to be the Most Lucrative
By regional analysis, the automotive carbon wheels market in Europe region is predicted to generate the maximum revenue and register $566.5 million by 2030. Presence of large automobile manufacturer such as Mercedes Benz, Audi, Ferrari, Porsche, etc. and the continuous research done by these vehicles in order to reduce the weight of the automobiles are the two main growth drivers of the market in this region.
Prominent Market Players
Some of the prominent players of the automotive carbon wheels market are Carbon Revolution, ROTOBOX d.o.o., Phoenix Wheel Company, Inc., Dymag Group Limited, Litespeed Racing LLC, Rolko Kohlgrüber GmbH, ESE Carbon, Thyssenkrupp AG, HITACHI METALS, LTD., and Ronal Group, among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in August 2021, Action Composites, an Austrian company specializing in carbon fiber products, announced the acquisition of Thyssenkrupp Carbon Components, a German carbon fiber products manufacturing giant. This acquisition is predicted to help Action Composites in a huge way as it will expand the company’s business globally and will substantially enhance its market share over the years.
Finally, the report also summarizes many crucial aspects of the automotive carbon wheels market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
Some Trending Article Links:
- How are Automotive Carbon Wheels Better Than the Conventional Wheels?
- How Automotive Carbon Wheels Add Purposeful Features to the Vehicles to Experience Enhanced Overall Performance and to Save Energy?
- Product Launches and Strategic Partnerships by Market Players, such as Litespeed Racing, Dymag, and Others to Foster the Growth of the Global Automotive Carbon Wheels Market
