The report presents a comprehensive research of the global passenger vehicle wheels market by material type, including alloy, steel, and carbon. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing demand for vehicles in emerging countries
In emerging countries such as China and India, there has been constant growth in the automotive industry. Increase in the sale of passenger cars is directly proportional to the increase in demand for passenger vehicle wheels. They also have less penetration of passenger cars when compared with the developed economies like the US and Europe. Thus, passenger vehicle wheel manufacturers are concentrating on meeting the demand for these components mainly from automotive markets in China and India.
According to a senior analyst at Technavio for wheels and tires research, “The rise in disposable incomes in emerging nations will drive the demand in the automotive industry and will lead to an increase in the number of first-time buyers. Such factors are expected to contribute towards the rapid growth of the passenger vehicle wheels market during the forecast period.”
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Market trend: adoption of advanced technologies to manufacture steel wheels
OEMs are focusing on reducing the weight of the steel wheels to enhance fuel economy and reduce costs. To achieve this weight and cost reduction, advances in technology have played a key role in the manufacturing process of steel wheels. Such technologies will help the automobile manufacturers to reduce the weight of the car thus, increasing fuel economy and at the same time reducing emissions. Also, the new manufacturing processes will allow the adoption of upgraded wheel trims that enhances the aesthetic appeal.
OEMs are implementing simulation tools that can measure wheel stiffness accurately to develop upgraded steel wheels. Laser welding technology and laser welded semi-products technology plays an important role in manufacturing lighter, high strength steel wheels. Moreover, the material used for manufacturing steel wheels has evolved from mild steel to high-strength low-alloy (HSLA) steel to multi-phase steel, over the last three decades. Factors such as advances in technology and improvised materials have led to the development of high-strength steel wheels with lesser weight.
Market challenge: high cost of manufacturing carbon wheels
The production of carbon fiber products entails large lead time, expensive raw materials as input, labor-intensive manufacturing process, and availability of carbon fiber experts and this leads to higher cost being incurred. Carbon Revolution reduced the carbon wheel manufacturing time by a specific proprietary process. The prime objective of this technology was cost optimization. It focused on innovating low-cost carbon fiber raw material, reducing product development lead time, and reducing manual workforce requirement to reduce costs.
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