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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
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.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Technavio’s best deals of the month!
Mark the beginning of spring with Technavio. Get 30% discount on all energy reports. Offer valid from 12th March for a limited period.
Get 20% off on all media and entertainment services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.