WASHINGTON, July 12, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Automotive Carbon Wheels Market finds that the increasing need to improve fuel efficiency & reduce vehicle weight, the growing need to enhance carbon wheels efficiency & performance, and the provision of potential features of these wheels are expected to boost the growth of the Automotive Carbon Wheels Market during the forecast period. However, the high initial cost of manufacturing is hampering the development of the Automotive Carbon Wheels Market in the coming years. The Global Automotive Carbon Wheels Market revenue is expected to reach a value USD 1071.9 Million in the year 2028.
The Global Market revenue stood at a value USD 615.1 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period; states Vantage Market Research, in a report, titled “Automotive Carbon Wheels Market Size, Share & Trends Analysis Report by Size (19, 20, 21, Other Sizes), by Vehicle (Passenger Vehicle, Luxury/ Premium Vehicles, Mid-Segment Vehicles, Entry-Class Vehicles), by Sales Channel (OEM, Aftermarket), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Automotive Carbon Wheels market is predicted to grow at a CAGR of roughly 9.7% during the forecast period.
The Automotive Carbon Wheels market was estimated to be worth roughly USD 615.1 Million in 2021 and is expected to reach USD 1071.9 Million by 2028; based on primary research.
On the basis of region, Europe is projected to dominate the worldwide Automotive Carbon Wheels market.
Increased Vehicle Efficiency and Performance Drives the Market
There is a significant concern for automotive players that the weight reduction of the vehicle results in enhanced efficiency and performance. The vehicle wheels whose weight has been reduced provide better maneuverability, a quieter and smoother ride experience, faster acceleration, quicker deceleration, enhanced suspension, and improved fuel efficiency. These benefits have provoked the utilization of composite materials in different parts of an automobile. For instance, carbon fiber reinforced polymer offers an array of functional benefits that are well performed and aesthetically appealing. Similarly, several OEMs and T1 suppliers use carbon fiber to manufacture wheels. The weight of these wheels is around 50% less than conventional aluminum or steel alloy wheels.
Additionally, in May 2016, Ford Motor Company and its partner Carbon Revolution developed carbon wheels, which offered Shelby GT350R, Ford GT, and Mustang Shelby GT500 models. These models used carbon wheels in their vehicles. Therefore, reducing weight and other related benefits are driving the growth of the Automotive Carbon Wheels Market across the globe.
Increasing Leading Player’s Initiative to Improve Vehicles Efficiency Drives the Market
Nowadays, many leading players started launching technologically advanced products in the market, which is expected to fuel the growth of the Automotive Carbon Wheels Market in the next five years. For instance, the united based company “Litespeed Racing” launched the world’s lightest carbon fiber wheel. It is named “Carbon One wheel,” which weighs 14.2 pounds for 20X9.5 inches and makes it the most golden 20-inch wheel in the world. In addition, carbon wheels are lightweight and robust wheels made from carbon fiber reinforced polymers. Thus, these wheels are widely used in luxury and premium sports vehicles to improve speed efficiency.
Furthermore, rising ownership of premium and luxury vehicles, as well as an increase in the number of ultra-high and high net worth individuals (HNWI), will support Automotive Carbon Wheels Market industry growth. Moreover, ongoing initiatives by vehicle owners to improve efficiency, achievement, and aesthetic appeal will drive up demand for aftermarket automotive carbon wheels. This is also positively impacted the Automotive Carbon Wheels Market growth in upcoming years.
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Segmentation of the Global Automotive Carbon Wheels Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the effect of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Automotive Carbon Wheels Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
The Report on Automotive Carbon Wheels Market Highlights:
Historic Data, Estimates, and Forecast
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Automotive Carbon Wheels Market Size, Share & Trends Analysis Report by Size (19, 20, 21, Other Sizes), by Vehicle (Passenger Vehicle, Luxury/ Premium Vehicles, Mid-Segment Vehicles, Entry-Class Vehicles), by Sales Channel (OEM, Aftermarket), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Europe Anticipated Potential Market Growth
Europe mentioned substantial growth of the Automotive Carbon Wheels Market in 2021. The large presence of car manufacturers in this region, such as Lamborghini, BMW, Ferrari, Porsche, Audi, & Mercedes-Benz, and the high usage of carbon fiber composite material in their vehicles are expected to witness positive Automotive Carbon Wheels Market growth during the forecast period in this region. In addition, increasing efforts in producing light automotive composite materials such as carbon fiber automotive rims and wheels are also augmented the growth of the Automotive Carbon Wheels Market in this region.
List of Prominent Players in the Automotive Carbon Wheels Market:
May 2022: ESE Carbon Co. introduced E2 one-piece carbon fiber composite wheels into the market for the aftermarket segment. The initial E2 launch includes 19 x 8.5-inch wheels, servicing Tesla Model S, Tesla Model 3, and Subaru WRX STI vehicles.
October 2018: Nissan inaugurated a new business unit in Latin America. The increasing availability of premium and luxury vehicles will support the industry expansion.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Automotive Carbon Wheels Market?
How will the Automotive Carbon Wheels Market change in the upcoming six years?
Which application and product will take a lion’s share of the Automotive Carbon Wheels Market?
What is the Automotive Carbon Wheels market drivers and restrictions?
What will be the CAGR and size of the Automotive Carbon Wheels Market throughout the forecast period?
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Market Size Provided for Years
Rest Of Middle East & Africa
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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