Automotive Carbon Wheels Market Predicted to Reach US$234 million by 2028
The global automotive carbon wheels market size is anticipated to be valued at $234 million by 2028, surging from $130.1 million in 2020, at a noteworthy CAGR of 7.8%.
Analysis of Covid-19 Impact on Automotive Carbon Wheels Market
The Covid-19 impact on automotive carbon wheels market demand has been negative. The imposed lockdown measures across the world affected the automobile industry for the sales of new vehicles as well as reduced in mobility of passengers and reduced driving time were witnessed globally. The reduced demand for vehicles led to reduction in automobile production, affecting the automotive carbon wheels market.
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Global Automotive Carbon Wheels Market Analysis
The increasing demand in the commercial vehicles sector for the reduction the weight of the vehicle and improving operational performance is expected to aid the growth of automotive carbon wheels market. According to the International Organization of Motor Vehicle Manufacturers, an international trade association, headquartered in Paris, France, the global sales of commercial vehicles were 26,693,300 in 2019 and 24,372,388 in 2020. Sales of commercial vehicles fell only 8.69% in 2020, while passenger vehicles fell drastically from 15.89% in the passenger car segment, indicating strong global demand for commercial vehicles. These factors are expected to aid the growth of this market in the forecast period.
The unorganized market structure in developing countries has also become a major obstacle to market growth. Independent and unorganized dealers sell automotive components without any warranty or product standardization. These factors can hamper the growth of the market.
The rise in utilization of electric passenger cars for mobility all over the world is expected to open new scope of opportunities for the automotive carbon wheels market. “Global EV Outlook” report by “International Energy Agency”, in 2020, sales of electric mobility cars reached 2.1 million units globally in 2019. The adoption of carbon wheels in electric vehicles is expected to reduce the wight of the electric vehicles and aid in improving the vehicles’ efficiency, making them more environment friendly. These factors are expected to positively impact the automotive carbon wheels market and open new scope of opportunities in the forecast period.
Global Automotive Carbon Wheels Market, Segmentation
The global automotive carbon wheels market is segmented based on vehicle type, distribution channel, and region.
Vehicle Type:
The vehicle type segment is further classified into passenger cars, commercial vehicles, and two-wheelers. Among these passenger cars sub-segment is anticipated to have the dominating market share in the forecast period and surpass $150.2 million by 2028, with an increase from $84.7 million in 2020.
The growing demand for passenger vehicles in the emerging economies such as China and India due to rise in per capita income from economic development has aided the growth of the passenger vehicle sub-segment. The growing demand for premium cars due to the rapid pace of urbanization and economic development has led to the utilization of automotive composites, since automotive composites such as carbon fiber are mostly utilized in luxury vehicles, hence supplementing the demand for automotive carbon wheels. These factors are expected to aid the growth of this sub-segment.
Distribution Channel:
The distribution channel segment is further divided into original equipment manufacturers and aftermarket. The original equipment manufacturers sub-segment is projected to be most dominating in the global market and register a revenue of $138.5 million during the forecast timeframe of 2021-2028.
The increasing emphasis on improving the engine power in electric vehicles with respect to the weight of the vehicle in passenger and commercial electric vehicles are contributing to the growth of this sub-segment. The utilization of carbon wheels is expected to reduce the weight of the vehicle and hence aid in increasing the power output of the vehicle. The focus on research and development in developed vehicle markets such as North America and Europe by the original equipment manufacturers in different categories in passenger cars such as hatchback, ic engine vehicles, SUV, and others is aiding the growth of original equipment manufacturer sub-segment in the forecast period.
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Region:
The automotive carbon wheels market forecast for the Asia-Pacific region was $28.4 million in 2020 and is further projected to reach up to $53.6 million by 2028. The Asia-Pacific region is expected to be the most lucrative region for the automotive carbon wheels market in the forecast period. The increase in the per capita income in the developing countries such as Vietnam, China, India, and others, with increased expenditure for luxury vehicles are expected to grow the market in the region. As per the International Organization of Motor Vehicle Manufacturers, an international trade association, headquartered in Paris, France, the passenger cars sales in the year 2020 was around 30 million in the Asia-Pacific region. This shows the high utilization of vehicles in the region supplementing the consumption of automotive goods and aiding the growth of automotive carbon wheels market share the Asia-Pacific region.
Key Players in the Global Automotive Carbon Wheels Market
- Carbon Revolution
- Dymag Group Limited
- ESE Carbon,
- ROTOBOX d.o.o.
- Litespeed Racing LLC
- HITACHI METALS, LTD.
- Phoenix Wheel Company, Inc.
- Rolko Kohlgrüber GmbH
- Thyssenkrupp AG
- Ronal Group
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.