LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive carbon wheels market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global market for automotive carbon wheels is expected to grow at a CAGR of close to 30% during the forecast period. The market currently is in a stage where technological progress and cost optimization are the primary concerns for the vendors operating in the market.
“The increasing demand for performance and sports vehicles owing to their advanced and unique characteristics has driven the application of materials such as carbon fiber. The carbon wheel has captured the attention of the automotive industry with major players investing in the technology to enhance the performance characteristics of their offerings. Hyper car, super car, sports car, and performance car manufacturers are the prospective customers for carbon wheels,” says Amey Vikram, a lead analyst at Technavio for wheels and tires research.”
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The top three emerging market trends driving the global automotive carbon wheels market according to Technavio research analysts are:
- Increasing use of carbon fiber in the SUV segment
- Use of high-pressure RTM technology for manufacturing
- Rise in demand for high-quality materials in standard vehicles
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Increasing use of carbon fiber in the SUV segment
The carbon wheels currently have their application in the sports cars, racing cars, hyper cars, and a few high-performance cars. There are many advantages of carbon wheels in heavy segments such as SUVs. SUVs are now no longer all-terrain vehicles as they are taking the position of daily commute vehicles.
The current trend towards weight reduction is increasing in all the segments of the automotive industry to enable better fuel efficiency. This may lead to the increased adoption of carbon wheels during the forecast period.
Use of high-pressure RTM technology for manufacturing
The current invention of one-piece carbon fiber wheel by the dry fiber high-pressure RTM technology is the latest advancement in carbon wheels. The advanced material property of carbon fiber to withstand fatigue and impact of the highest levels has led to its development. The way of manufacturing has developed and changed to a more cost optimum method.
Carbon Revolution uses carbon fiber in the dry form, which is widely used in aerospace and motorsports. The process has saved the lead time of manufacturing and reduced manual labor input, leading to the production of about 50,000 units/year in 2016. This is a notable number in terms of carbon wheel production. Carbon Revolution intends to optimize this manufacturing technique to take the mass production to 250,000 units/year.
Rise in demand for high-quality materials in standard vehicles
The consumer expects premium quality materials and best aesthetics while buying a vehicle in the standard vehicles segment as well. The average spending preference for a car has seen a rise by 30% over the past five years. The highest sales are observed in the above average segments.
“OEMs are developing models with a mindset to increase quality standards even in the lowest segment of vehicles. If the carbon fiber technology trickles down from the performance to the middle and economy segments of the automobile industry, then it can capture higher selling segments by the end of the forecast period,” says Amey.
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