PORTLAND, ORAGON, UNITED STATES, September 1, 2022 /EINPresswire.com/ — The global automotive wheel market was valued at $30,011.3 million in 2017, and is projected to reach $47,355.3 million by 2025, registering a CAGR of 5.7% from 2018 to 2025. Asia-Pacific is the highest contributor to the global market, registering a CAGR of 6.0% during the forecast period.
Alloy wheels are becoming popular due to their aesthetic appeal. They are light weight and dissipate heat from tires and brakes more effectively as compared to steel wheels. Moreover, increase in capital investment and R&D spending by OEMs, particularly on passenger cars boosts the market growth. The automotive wheel market is powered by shifting trend toward light weighted aesthetically appealing cars and has witnessed considerable growth in the developed as well as developing regions. Automotive giants are increasingly focusing on manufacturing light weight vehicles in response to growth in concern for environmental pollution.
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The major players operating in the global automotive wheel market are Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.
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The automotive wheel market is segmented based on material type, vehicle type, end user, and region. Alloy, steel, and carbon fiber are studied under the material segment. Based on the vehicle type, the market is divided into passenger car, light commercial vehicle, and heavy commercial vehicle. Based on end user, the market is classified into original equipment manufacturer (OEM) and aftermarket. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Increase in vehicle production, rise in trends toward weight reduction, technological advancements, and volatility in raw material prices are the significant factors that affect the growth of the global automotive wheel market. These factors are anticipated to either drive or hamper the market growth.
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Key Benefits for Automotive Wheel Market:
tytical depiction of the global automotive wheel market along with the current trends and future estimations to depict the imminent investment pockets.This study comprises an anal
The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the automotive wheel industry.
The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global automotive wheel market.
Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.
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