Research Nester assesses the growth and market size of the global Automotive Wheel Market, anticipated to be on account of rising sales of lightweight vehicles with the growing need for advanced features
Research Nester’s recent market research analysis on “Automotive Wheel Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitor’s analysis and an overview of the global Automotive Wheel Market in terms of market segmentation by material type, vehicle type, end user, and by region.
Growing need for lightweight vehicles with advanced features to Promote Global Market Share of the Automotive Wheel Market
The global Automotive Wheel Market has witnessed remarkable growth in recent years owing to the rising demands for enhanced vehicle performance, safety measures, and efficient technology. Manufacturers strive to incorporate innovation and advanced techniques into the wheel that offer an outstanding overall driving experience for consumers by making the vehicle fuel-efficient with apt vehicle handling methods and advanced features.
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Some of the key growth factors and challenges of the global Automotive Wheel Market include:
Growth Drivers:
· Growing focus on vehicle safety and performance
· Expanding global vehicle production
Challenges:
The fluctuations in raw material prices pose a critical challenge for the Automotive Wheel Market as the changes in the key materials such as aluminum, steel, alloys, and carbon fiber can compel manufacturers to modify their pricing strategies clubbed with negotiation with consumers.
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The aluminum segment is expected to register a significant CAGR during the forecast period owing to increasing inclination towards lightweight vehicles with advanced features and availability of a wide range of wheel types including customized designs, and enhanced safety measures.
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By region, the Asia Pacific Automotive Wheel Market is to generate the highest revenue of 33.2% by the end of 2037 owing to the region’s consistently expanding production base, the existence of prominent players clubbed with rising demand for passenger and commercial vehicles. The favorable business dynamics have attracted foreign investments, fostering growth and innovation in the market. For instance, Ronal Group inaugurated a new facility in Shiyan, China in 2022, with an investment of 33.2 million to produce high-quality aluminum, catering to fulfill the increasing inclination towards premium vehicles.
This report also provides the existing competitive scenario of some of the key players of the Ronal Group, Enkei Corporation, TOPY Industries Limited, Rane Group, MRF Limited, Wheels India, and others.
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