Automotive Carbon Wheels Market to Garner $1.5 Billion by 2030: Allied Market Research
Increase in need to improve fuel efficiency and reduce vehicle weight, improved efficiency and performance provided by carbon wheels, and the growing popularity of electric vehicles in various countries are expected to drive the growth of the global automotive carbon wheels market. Based on distribution type, the OEM segment held the largest market share in 2021. By region, the Asia-Pacific region is expected to cite the fastest CAGR by 2030.
Portland, OR, July 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive carbon wheels market generated $626.00 million in 2021, and is projected to reach $1.5 billion by 2030, growing at a CAGR of 9.9% from 2022 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in need to improve fuel efficiency and reduce vehicle weight, improved efficiency and performance provided by carbon wheels, and the growing popularity of electric vehicles in various countries are expected to drive the growth of the global automotive carbon wheels market. On the other hand, high cost of manufacturing carbon fibre material is expected to hinder the growth to some extent. However, persistent technological advancements in automotive carbon wheels market are expected to create ample opportunities for the industry.
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The outbreak of COVID-19 has had a negative impact on the growth of the global automotive carbon wheels market, owing to the presence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various industrial operations in the automotive industry and adversely decreased the demand for automotive carbon wheels. This is majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus.
However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global automotive carbon wheels market based on vehicle type, distribution type and region.
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Based on distribution channel, the OEM segment held the largest market share in 2021, holding nearly three-fifths of the global market. The aftermarket segment, on the other hand, is predicted to cite the fastest CAGR of 10.2% during the forecast period.
Based on vehicle type, the passenger cars segment held the majority share in 2021, garnering nearly half of the global market. The commercial vehicles segment, on the other hand, is expected to cite the fastest CAGR of 11.0% during the forecast period.
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Based on region, the market across Europe held the lion’s share in 2021, holding nearly two-fifths of the global market. The North America region, on the other hand, is predicted to exhibit the fastest CAGR of 10.4% during the forecast period.
The key players analyzed in the global automotive carbon wheels market report include 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, and Ronal Group.
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