The Automotive Wheel Market size is set to exceed USD 144 billion by 2026. This, according to a new research report by Global Market Insights, Inc.
The growing use of innovative manufacturing processes to meet consumer demand will induce significant growth potential in the industry landscape, the report says. In March 2018, Borbet announced the incorporation of ACSYS laser system for exclusive wheel designs in the fully-automated production process. Furthermore, industry manufacturers are investing in R&D to introduce products that prevent damage to wheel assembly.
The traditional automotive wheel segment is anticipated to register around 5.5% growth through 2026 due to growing economic car sales in emerging economies. Minimal maintenance, cost-effectiveness, and high durability are the key properties offered by regular wheels. Easy availability of these wheels at automotive outlets in conjunction with the optimum performance, will drive the segment penetration over the forecast period. OEMs are expected to remain the largest consumer segments for regular wheels owing to a significant emphasis on offering economical vehicle models for price-sensitive consumer segment.
Magnesium wheels will witness significant growth owing to superior manufacturability and lightweight. Magnesium is approximately 30% lighter than aluminum and 70% than steel. High vibration damping capacity, strength, and reduced overheating make the material suitable for high-speed applications. Magnesium wheels are majorly applied to premium vehicles for better acceleration. However, high acquisition costs as compared to aluminum and steel wheels will limit the product adoption.
Passenger cars leads the global market on account of the high penetration of these vehicles in overall automotive production. Rising disposable income and availability of easy credit have positively influenced the passenger cars sales, thereby supporting the segment growth. Moreover, availability of multiple choices in wheel designs and material composition will support the aftermarket for these vehicles.
